Free Markets, Free People

Economic Statistics for 3 May 12

The following statistics were released today on the state of the US economy:

Initial claims for unemployment fell 27,000 to a much lower-than-expected level of 365,000.

Nonfarm productivity fell -0.5% in the first quarter on slower output and more hours worked. Unit labor costs rose 2.0% for the quarter.

The ISM’s non-manufacturing composite index slowed to 53.5 from 56.0 in March.

Chain stores are reporting their sales today. In general, sales have been solid, and some retailers are raising earning guidance as a result.

The Bloomberg Consumer Comfort Index fell to -37.6 from -35.8 the prior week.

The Challenger Job-Cut Report shows the layoff count rose to 40,559 in April from 37,880 in March and 36,490 last year.

Dale Franks
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3 Responses to Economic Statistics for 3 May 12

  • They’re clearly fudging numbers – but they can’t fudge them all.   Which is why some things look ‘better’ but others look ‘slightly unexpectedly not better’ (which in the real world, we call worse).  Look for the lower than expected unemployment number to be re-adjusted in the slightly not better direction, quietly, in two to three weeks.
    They’re lying today, and sort of telling the truth 3 weeks later when it’s clear the lies can’t be covered any more, but they’ve bought 3 more weeks of “we love Obama, and we’re lucky to have him”.

  • Initial claims for unemployment fell 27,000 to a much lower-than-expected level of 365,000″
    Well, that didn’t take long….
    “First, initial claims took a big dive last week, dropping 27,000 to 365,000. You can all breathe now. It’s not all sun and roses, of course. Last week’s initial claims were revised higher, as they are seemingly every week, to 392,000, a distressing number. The four-week average nudged up by 750 to 383,000, still too high.”