Free Markets, Free People
Economic Statistics for 1 Feb 13
The following US economic statistics were announced today:
It was another lackluster jobs report. Non-farm payrolls increased by 157,000 net new jobs in January. Average weekly hours were unchanged at 34.4, while average hourly earnings rose $0.04 to $23.78. The unemployment rate rose a tick to 7.9%. The labor force participation rate remained unchanged at 63.6%. The number of persons reporting themselves to be unemployed rose by 126,000 to 12,332. Those not in the labor force rose 169,000 to 89.008 million. The U-6 unemployment rate, the broadest gauge of unemployment the BLS produces, remained steady at 14.4%. Calculating the unemployment rate at the historical average of labor force participation, gives a real unemployment rate of 11.5%, up 0.1% from December.
The Reuters/University of Michigan’s consumer sentiment index for January rose 2.5 points to 73.8.
The final PMI Manufacturing Index for January rose 1.8 points to 55.8.
The ISM manufacturing index continued to move into positive territory, up 2.4 points to 53.1 in January.
Construction spending jumped 0.9% in December, and is up 7.8% on a year-over-year basis.
Car manufacturers are reporting monthly sales for January today. Ford, GM, and Chrysler all saw double-digit sales increases. GM: 15.9%, Ford: 22%, Chrysler: 16%. Other sales results today saw Volkswagen with a 7% increase, and Toyota with 27%. Overall, automakers are on track to sell 15 million to 15.5 million vehicles this year.