Free Markets, Free People
Economic Statistics for 8 Aug 12
The following statistics were released today on the state of the US economy:
2nd Quarter nonfarm productivity rose an annualized 1.6%, primarily on a slowing in hours worked. Unit labor costs rose an annualized 1.6% on slower compensation growth.
The MBA reports mortgage applications fell by -1.8%. Purchase apps fell -1.0%, while re-financing apps fell -2.0%.
Total consumer credit outstanding rose $6.5 billion in June, driven by students who are aggressively—and probably unwisely—taking out loans.