Free Markets, Free People

Economic Statistics for 4 Sep 14

The US trade deficit in July shrank $0.3 billion to $-40.5 billion. Exports rose 0.9%, while imports rose 0.7%.

Nonfarm productivity growth for the 2nd Quarter of 2014  rose at a 2.3% annualized rate, as unit labor costs fell -0.1%.

The ISM’s Non-Manufacturing Index rose 0.9 points in August, to 59.6.

The JP Morgan Global Composite PMI fell -0.4 points to 55.1 in August, while the Global Services PMI fell -0.5 points to 55.5.

Chain stores are reporting mostly rising rates of year-on-year sales growth in August compared to July, due to solid back-to-school sales.

Challenger’s Job Cut Report layoff count for August totals 40,010, vice 46,887 in July and 50,462 a year ago.

ADP estimates that private payroll growth in August was 204,000 jobs.

Gallup’s U.S. Payroll to Population employment rate fell -0.2% to 44.9%.

Weekly initial jobless claims rose 4,000 to 302,000. The 4-week average rose 3,000 to 302,750. Continuing claims fell 64,000 to a new recovery low of 2.464 million.

The Bloomberg Consumer Comfort Index rose 0.4 points to 37.7 in the latest week.

The Fed’s balance sheet rose $1.9 billion last week, with total assets of $4.416 trillion. Total reserve bank credit fell by $-2.5 billion.

The Fed reports that M2 money supply rose $14.5 billion in the latest week.

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4 Responses to Economic Statistics for 4 Sep 14

  • In any event, no matter how you spin it, today’s data was bad: because not only did the headline data disappoint, the labor force participation rate dropped once again to 62.8% from 62.9%, matching the lowest since 1978, as a result of the people not in labor force rising once again, and hitting a new all time high record of 92,269,000, up 268,000 from the prior month. In fact, in August the number of people not in the labor force increased by nearly double the number of people who found jobs, which as we reported previously, was only 142K.

  • I wonder if Erpie would like to discuss the jobs thingie again.
    I mean WHO could have anticipated they’d adjust the prior months estimates downward!

  • So the real unemployment/under-employment figure is really more like 37% but thats also counting people who choose not to participate in the labor market.

    I wish there was some way of honestly counting those who want to work but can’t find: 1) work in their qualified profession 2) enough hours to live on and cover benefits 3) any sort of work what-so-ever…

    I think we would see figures in the low to mid 20’s, more inline with what Europe is reporting.

    • Hey, once we start paying $15.00 for burger flipping and fry shaking, things will be great!