Economic Report: Non-Farm Payrolls – January 2009
Nonfarm payrolls in the US fell for the 13th straight month, as another 598,000 jobs were lost in January. The job losses, the greatest in 35 years, signal an ongoing weakening labor market, as 3.0 million jobs were lost in all of 2008. That’s the most since 1945, when the US economy began demobilizing following the end of WWII. The decline has been .. read more
Economic Report: Factory Orders
New orders for manufactured goods in the US plunged 3.9% in the month of December, a record 5th straight monthly decline. The contraction follows a downwardly-revised record 6.5% drop in orders in November and a 6.0% drop in October. The data, first reported by the Commerce Department, is worse than expected, as economists were expecting a number closer to 3.3%. Orders .. read more
Economic Report: Initial Jobless Claims
The number of people filing for first time unemployment benefits spiked higher in the latest week, continuing a sharp upward trend that began during the first part of this new year. This comes after witnessing tempered declines during the holiday-shortened weeks, according to the US Department of Labor. For the week ending January 31st, initial jobless claims came in at 626,000, an increase of 35,000 from the .. read more
Economic Report: Pending Home Sales – NAR
The pending home sales index, an index tracking the level of sales contracts on previously owned homes, gained a surprising 6.3% for the month of December, as increased affordability and lower interest rates spurred demand. The index came in at 87.7, up from 82.5 the previous month. Economists were expecting a reading of 82.3, so today’s report is quite .. read more
Economic Report: New Home Sales
Sales of new homes in the US declined to their lowest levels in 46 years, after a lackluster December in which sales fell by a stomach-wrenching 14.7%. Sales fell to a seasonally adjusted annual rate of 331,000, the lowest ever since the series began in 1963. The report was far below expectations, as economists were predicting a number closer to 390,000. The government estimates that .. read more
Economic Report: Initial Jobless Claims
The number of people filing for first time unemployment benefits was higher in the latest week, following massive spikes during the first part of the new year. This comes after witnessing tempered declines during the holiday-shortened weeks, according to the US Department of Labor. For the week ending January 24th, initial jobless claims stood at 588,000, an increase of 3,000 from the previous downwardly-revised reading .. read more
Economic Report: Existing Home Sales
Resales of homes and condos in the US spiked higher in December, led by record price declines and a surge of sales in the West. The US housing market as a whole improved significantly during the last month of the year, as both inventories and mortgage rates plunged. Sales rose from a seasonally-adjusted annualized rate of 4.45 million in November .. read more
Economic Report: Leading Indicators
The Conference Board reported an expansion in the index of leading economic indicators in December, mainly due to the continued and very large positive contribution from real money supply. The US leading indicators index increased 0.3% for the month, after a 0.4% drop in November and a 1.0% decline in October. Economists were expecting a reading of -0.3%. The index .. read more
