Free Markets, Free People

Dale Franks

Dale Franks’ QandO posts

Economic Statistics for 3 Jun 16

May’s Employment Situation is very disappointing, with only 38,000 net new jobs created. Labor force participation dropped -0.2% to 62.6% as 458,000 workers left the labor force. Overall, the number of people not in the labor force grew by 664,000. These negatives are hidden, of course, by the clearly meaningless “unemployment” rate which plunged by -0.3% to 4.7%. Average hourly earnings rose 0.2%, but the average workweek fell -0.1 hours to 34.4 hours. Still, congratulations to the Bureau of Labor Statistics, who’ve managed to create a method of calculating the unemployment rate that is completely unmoored from any actual labor market condition.

The nation’s trade deficit unexpectedly narrowed to $-37.4 billion in April.

Factory orders rose 1.9% in April, due to civilian aircraft orders. Core capital goods orders actually fell a disappointing-0.6%.

The PMI Services Index fell -1.5 points to 51.3 in May, while the ISM Non-Manufacturing Index dropped -2.8 points to 52.9.


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Economic Statistics for 2 Jun 16

Chain stores that reported sales today reported just slightly less strength in year-on-year sales than in April.

The Challenger Job-Cut Report shows that Layoff announcements during May were a relatively low 30,157 vs. April’s 64,141. 

ADP’s May Employment Report came in in at 173,000 net new jobs, compared to a revised 166,000 for April. 

May’s Gallup Good Jobs rate was 45.5%, up slightly from April’s 44.9% and the highest May rate since Gallup began measuring it in 2010.

Initial weekly jobless claims fell 1,000 to 267,000. The 4-week average fell 1,750 to 276,750. Continuing claims rose 12,000 to 2.172 million.

The Bloomberg Consumer Comfort Index rose 1.2 points to 43.2 in the latest week.

The Fed’s balance sheet rose $0.3 billion last week, with total assets of $4.461 trillion. Reserve bank credit fell $-9.4 billion.

The Fed reports that M2 money supply rose by $21.0 billion in the latest week.


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Economic Statistics for 1 Jun 16

May motor vehicle sales kept pace with April, at a 17.5 million annual rate, with North American vehicles selling at a 13.8 million pace.

The Fed’s Beige Book seems to indicate the economy is slowing, characterizing the nation’s economic growth as generally “modest”.

Construction spending fell -1.8% in April, with the year-on-year rate falling to 4.5%, the lowest since June, 2013.

The PMI Manufacturing Index for May fell -0.1 points to 50.7, but the ISM Manufacturing index rose 0.4 points to 51.3.

Gallup’s U.S. Job Creation Index rose 3 points to 33 in May.

Redbook reports that last week’s retail sales growth rose to an anemic 0.9% on a year-ago basis, from the previous week’s even weaker 0.4%.

The MBA reports that mortgage applications fell -4.1% last week, with purchases down -5.0% and refis down -4.0%.


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Economic Statistics for 31 May 16

In April, Personal income rose 0.4%, Consumer spending rose 1.0%, and the PCE Price index rose 0.3%. The Core PCE Price index rose 0.2%.

The S&P/Case-Shiller home price index for March rose 0.9%, and is up 5.4% on a yer-over-year basis.

The Chicago purchasing Manager’s Index slipped into a contractionary reading of 49.3 in May, from April’s 50.7.

The University of Michigan’s consumer sentiment index fell -2.1 points to a lower-than-expected 92.6 in May.

The State Street Investor Confidence Index fell -2.0 points to 106.6 in May.

The Dallas Fed Manufacturing Survey turned strongly negative, falling from 5.8 to -13.1 in May.


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Economic Statistics for 19 May 16

The Philadelphia Fed survey went into slightly more negative territory in May, down -0.2 to -1.8.

Conversely, the Chicago Fed National Activity Index turned positive, rising 0.55 points to 0.10 for May.

The Conference Board’s  index of leading economic indicators shot up 0.6% in April. 

Initial weekly jobless claims fell 16,000 to 278,000. The 4-week average rose 7,500 to 275,750. Continuing claims fell 13,000 to 2.152 million.

The Bloomberg Consumer Comfort Index rose 0.9 points to 42.6 in the latest week.

The Fed’s balance sheet fell $-4.7 billion last week, with total assets of $4.474 trillion. Reserve bank credit rose $8.9 billion.

The Fed reports that M2 money supply fell by $-9.7 billion in the latest week.


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