Economic Statistics for 10 Jan 14
Wholesale inventories rose by 0.5% in November, while a 1.0% rise in sales lowered the stock to sales ratio to 1.17, the first decline in 3 months.
A disappointing Employment Situation report shows only 74,000 new jobs were created in December. The average workweek declined a tick to 34.4 hours, while average hourly earnings rose 0.1%. The unemployment rate declined to 6.7%, though this was due to a decline in labor force participation. The labor force participation rate, at 62.8, is the lowest since March, 1978. While the civilian non-institutional population rose by 178,000 during the month, the labor force declined by 347,000. The real unemployment rate stands at 11.48%. The following chart of the employment-to-population ratio tells us everything we need to know about the labor market in this "recovery":