Free Markets, Free People
Economic Statistics for 31 May 12
The following statistics were released today on the state of the US economy:
The Commerce Department has revised 1st Quarter GDP down to an annualized 1.9% from the initial 2.2% estimate. In other words, the 1st quarter was even more lackluster, and the economy even more moribund than it initially appeared.
Initial jobless claims rose 10,000 to 383,000. The 4-week moving average rose 3,750 to 374,500.
Last week’s massive 27,000 layoff announcement from HP swelled the Challenger Job-Cut Report to 61,887 layoffs for May.
ADP estimates that May private payrolls rose 133,000 vs. its revised rise of 113,000 for April. We’ll see how close that estimate is to reality tomorrow morning.
Corporate profits in 1Q 2012 grew to $1.669 trillion annualized, compared to $1.494 trillion in 4Q 2011.
The Chicago Purchasing Manager’s Index came in well below analysts’ expectations at 52.7, the lowest reading since September 2009.
Consumers are reporting their personal finances are in better shape, leading the Bloomberg Consumer Comfort Index to a 4-week high at -39.3.