Economic Statistics for 30 Apr 14
Real economic growth slowed to an annualized 0.1% in the 1st Quarter of 2014, well short of expectations. The GDP Price Index rose an annualized 1.3%. The ongoing sub-par economic growth we predicted in 2009 continues into its fifth year. As of yet, we have experienced no real recovery from the economic crash that began in October, 2008.
The Employment Cost Index hit a record low increase of 0.3% for 1Q 2014, a level only seen twice before in the 32 years of this index. On a year-over-year basis, the index is up 1.8%.
The Chicago Purchasing Managers Index made a big jump in April to 63.0 from 55.9 in March.
The MBA reports that mortgage applications plummeted -5.9% last week. Purchases fell -4.0% and re-fis -7.0%.
The Federal Open Markets Committee left interest rates unchanged today, with a Federal Funds Rate Target Level of 0% to 0.25%.
ADP’s estimate for private payroll growth in April is for 220,000 net new jobs.