Economic Statistics for 6 Mar 13
The following US economic statistics were announced today:
The MBA reports that mortgage applications surged by 14.8%, with both purchases and re-fis up 15.0%.
ADP reports that private payroll jobs increased by 198,000 last month, compared to a revised 215,000 in January.
New Orders for factory goods fell -2.0% in January, but that was sharply skewed by a drop in aircraft orders. Ex-transportation, orders rose 1.3%. Ex aircraft capital goods rose 7.2%.
The Fed’s Beige Book reports "that economic activity generally expanded at a modest to moderate pace since the previous Beige Book." Both the Boston and Chicago districts report slow growth. Price pressures remain moderate, according to the report.
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The $85 billion in across-the-board sequestration cuts is not enough in deficit reduction to forestall another downgrade of the nation’s “AAA” credit rating, say top credit ratings agencies.
Fitch Ratings says even after the sequester, America still needs another $1.6 trillion in deficit reduction to be on a sustainable path and another $3 trillion to put the nation’s debt-to-GDP ratio on a downward trajectory.
Fitch’s comments echo those Standard & Poor made when it lowered the nation’s credit rating.
“The political discord around this process was a factor in lowering the credit rating,” said S&P spokesperson John Piecuch. “We believe that the events since then have validated our opinion.”
While Fitch and Moody’s Investors Service still give the U.S. their top credit rating, both have placed the U.S. on a negative outlook.
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