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Friday, December 6, 2013

Unemployment falls to 7%

The United States lost 8.7 million jobs in the aftermath of the financial crisis. As of November, it had gained about 7.4 million of those jobs back.
http://money.cnn.com/2013/12/06/news/economy/november-jobs-report/index.html



Saturday, August 31, 2013

GDP Growth Better Than Earlier Believed

Real GDP growth for the second quarter was raised to an annualized rate of 2.5 percent compared to the initial estimate of 1.7 percent and compared to a fourth quarter rise of 1.1 percent. Expectations were for 2.2 percent.

The upward revision to GDP growth was mainly due to a sharp upward revision to net exports. Also, there were improvements to inventories and nonresidential structures investment.

Comparisons to the first quarter of the year showed that the increase in real GDP in the second quarter primarily reflected positive contributions from personal consumption expenditures, exports, private inventory investment, nonresidential fixed investment, and residential fixed investment that were partly offset by a negative contribution from federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.

Headline inflation rates when annualized remain quite tame.


Monday, January 28, 2013

Durable Goods Orders Surprise Everyone

Manufacturing momentum is accelerating again. While civilian aircraft added huge lift to December durable goods orders, the gains were broad based. New factory orders for durable goods in December jumped a whopping monthly 4.6 percent, following a boost of 0.7 percent in November. 

The market forecast was for only a 1.6 percent increase. The transportation component on the index spiked 11.9 percent. Excluding transportation, durable goods orders increased 1.3 percent, following a rise of 1.2 percent in November. The consensus called for a 0.4 percent rise in orders excluding transportation.

Outside of transportation, the index increases were led by primarily metals, up 3.6 percent, and computers & electronics, up 3.3 percent. Also rising were fabricated metals and machinery.

Thursday, January 17, 2013

Initial Jobless Claims Plunge

Initial unemployment claims in the January 12 week plunged 37,000 to 335,000 for a recovery low and massively below anybody's expectations.  The consensus predicted for the week had been 368,000. There are no unusual factors skewing the latest data although some seasonal adjustments may play a role.

The four-week average is down 6,750 to 359,250 which is about 10,000 below the mid-December level.

Improvement continues in the jobs market, and this report continues to point to a longer term trend leading to more robust jobs growth this year.




Friday, January 4, 2013

Jobs Grow For 34 Straight Months

Today’s report from the Bureau of Labor Statistics (BLS) shows that private sector businesses added 168,000 jobs in December. Total non-farm payroll employment rose by 155,000 jobs last month. The economy has now added private sector jobs for 34 straight months, and a total of 5.8 million jobs have been added over that period, taking account of the preliminary benchmark revision. In 2012, private businesses added two million payroll jobs, taking account of the preliminary benchmark revision.

Wednesday, January 2, 2013

US Stocks Follow the World New Year Rally Thanks to DC

The US stock market rallied on Wednesday - the first day of the trading new year. Gains were broad. Financial shares and tech stocks fared exceptionally well. The US rally followed a broad world stock surge that begin as lawmakers finalized voting late Tuesday evening in Washington DC. Investors were cheering that late year deal which keeps tax cuts in place for most Americans but raises the tax rate on individuals earning more than $400,000 a year and married couples earning over $450,000 a year. Lawmakers in DC also extended federal emergency unemployment insurance benefits for another year as the jobs marketing continues to improve.

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