U.S. Industrial Production rose by 0.4% (month-over-month) in March, 2013. The rise was mainly due to a 5.3% jump in the output of utilities. Manufacturing output, which accounts for approximately 75% of the total, fell by 0.1%. Within manufacturing, however, the output of motor vehicles and parts rose by 2.9%. Mining production fell by 0.2%. Year-over-year, industrial production rose by 3.5%.
U.S. Housing Starts rose by 7.0% (month-over-month) in March, 2013 to an annual rate of 1,036,000. Single-family homes, which account for approximately 70% of construction,fell by 4.8%, while structures with 5 units or more rose by 26.9%. Building permits, which measure future building activity, fell by 3.9%. Economists believe that a healthy housing market requires housing starts to grow at an annual rate of approximately 1.2 million.
U.S. Unemployment fell to 7.7% in February, 2013. Non-farm payrolls rose by 236,000. The private sector grew by 246,000, while government employment fell by 10,000. Non-farm payrolls in January were revised lower from +157,000 to +119,000.
U.S. Initial Jobless Claims fell by 7,000 to 340,000 in the week ending March 2nd, 2013. The 4-week moving average fell by 7,000 to 348,750, its lowest level since March 2008. The previous jobless claims number was upwardly revised to 347,000. A weekly jobless claims number below the 350,000 mark is usually an indicator of job growth.
U.S. Initial Jobless Claims fell by 22,000 to 344,000 in the week ending February 23rd, 2013. The 4-week moving average fell by 6,750 to 355,000. The previous jobless claims number was upwardly revised to 366,000. A weekly jobless claims number below the 350,000 mark is usually an indicator of job growth.
U.S. Gross Domestic Product increased at an annual rate of 0.1% (quarter-over-quarter) in the October-December, 2012 period. The 0.2 percentage point increase in the second estimate was primarily due to an upward revision in exports and nonresidential fixed investment.
U.S. Durable Goods Orders fell by $11.8 billion or 5.2% (month-over-month) in January, 2013 to $217.0 billion. The decline was due to a $14.71 billion (-9.8%) decrease in transportation equipment. Within transportation equipment, defense aircraft and parts fell by $5.1 billion (-63.8%). However, excluding volatile transportation, new orders rose by 1.9%.
The U.S. Consumer Confidence Index rose by 11.2 points (month-over-month) in February, 2013 to 69.6 points. According to Lynn Franco, Director of Economic Indicators at The Conference Board, the rebound was primarily due to consumers adjusting to the fiscal cliff uncertainty and to the payroll tax cut that expired in the beginning of the year. The Present Situation Index increased to 63.3 from 56.2, while the Expectations Index rose to 73.8 from 59.9. A reading of 90 indicates a healthy economy.
U.S. Existing Home Sales rose by 0.4% (month-over-month) in January, 2013 to an annual rate of 4.92 million. First time buyers accounted for 30% of the sales, unchanged from December. From the houses sold, distressed properties accounted for 23% of the sales compared to 24% in December. Inventory declined by 4.9% to 1.74 million. The median price for all housing types was $173,600, a year-over-year rise of 12.3%. Year-over-year, existing home sales rose by 9.1%. Existing home sales in December were revised lower to an annual rate of 4.90 million.
U.S. Initial Jobless Claims rose by 20,000 to 362,000 in the week ending February 16th, 2013. The 4-week moving average rose by 8,000 to 360,750. The previous jobless claims number was upwardly revised to 342,000. A weekly jobless claims number below the 350,000 mark is usually an indicator of job growth.
The U.S. Producer Price Index rose by 0.2% (month-over-month) in January, 2013. Three quarters of the rise was due to a 0.7% increase in the index for consumer foods, with a 39% spike in the price for fresh and dry vegetables leading the way. Energy goods fell by 0.4%, mainly due to a 2.1% drop in the price for gasoline. Core PPI, which excludes foods and energy, rose by 0.2%, led by a 2.5% increase in the index for pharmaceutical preparations. Year-over-year, PPI rose by 1.4%.
U.S. Housing Starts fell by 8.5% (month-over-month) in January, 2013 to an annual rate of 890,000. Single-family homes, which account for approximately 70% of construction, increased by 0.8%, while structures with 5 units or more fell by 26.1%. Building permits, which measure future building activity, rose by 1.8%. Economists believe that a healthy housing market requires housing starts to grow at an annual rate of approximately 1.2 million.
U.S. Industrial Production fell by 0.1% (month-over-month) in January, 2013. Manufacturing output, which accounts for approximately 75% of the total, fell by 0.4%. Within manufacturing output, durable goods declined by 0.5%, mainly due to a 3.2% drop in the production of motor vehicles and parts, and a 2.6% decline in the production of primary metals. Mining production fell for the first time since August 2012 by 1.0% while the output of utilities rose by 3.5%. Year-over-year, industrial production rose by 2.1%.
U.S. Initial Jobless Claims fell by 27,000 to 341,000 in the week ending February 9th, 2013. The 4-week moving average rose by 1,500 to 352,500. The previous jobless claims number was upwardly revised to 368,000. A weekly jobless claims number below the 350,000 mark is usually an indicator of job growth.
U.S. Retail Sales rose by 0.1% (month-over-month) in January, 2013 to $416.6 billion. The meager rise was supported by an increase in sales at general merchandise stores (1.1%), non-store retailers (0.9%), and grocery stores (0.6%). Retail sales were expected to be limited after a temporary 2 percentage point cut in the Social Security payroll tax expired on January 1st, 2013. Year-over-year, retail sales rose by 4.4%.
U.S. Initial Jobless Claims fell by 5,000 to 366,000 in the week ending February 2nd, 2013. The 4-week moving average fell by 2,250 to 350,500. The previous jobless claims number was upwardly revised to 371,000. A weekly jobless claims number below the 400,000 mark is usually an indicator of job growth.
U.S. Unemployment rose to 7.9% in January, 2013. Non-farm payrolls rose by 157,000. The private sector grew by 166,000, while government employment fell by 9,000. Non-farm payrolls in December were revised higher from +155,000 to +196,000.
U.S. Initial Jobless Claims rose by 38,000 to 368,000 in the week ending January 26th, 2013. The 4-week moving average rose by 250 to 352,000. The previous jobless claims number was unrevised at 330,000. A weekly jobless claims number below the 400,000 mark is usually an indicator of job growth.
The Federal Open Market Committee announced that it will maintain the federal funds rate at 0 to .25%. The FOMC blamed a large part of the recent sluggish economic activity to “weather-related disruptions and other transitory factors.” Employment has continued to expand moderately, despite an elevated unemployment rate, while the housing sector has shown improvement. The inflation rate is below the FOMC’s longer-run objective. The FOMC will continue to maintain the federal funds rate at an exceptionally low level until the unemployment rate drops below 6.5%.
U.S. Gross Domestic Product fell at an annual rate of 0.1% (quarter-over-quarter) in the October-December period. Fourth quarter GDP was weighed down by a 15% drop in federal government spending, a 5.7% decline in net exports, and a drop in private inventory investment. On a positive note, personal consumption rose by 2.2%, while nonresidential fixed investment jumped by 8.4%. The second estimate will be released on February 28th, 2013.
The U.S. Consumer Confidence Index fell by 8.1 points (month-over-month) in January to 58.6. This is the lowest the index has been since November 2011. The decline is in part due to the increase in the Social Security payroll tax. The Present Situation Index decreased to 57.3 from 64.6, while the Expectations Index fell to 59.5 from 68.1. A reading of 90 indicates a healthy economy.
U.S. Durable Goods Orders rose by $10.0 billion or 4.6% (month-over-month) in December to $230.7 billion. The rise was mainly due to a 11.9% increase in transportation equipment, with military and commercial aircraft orders rising 56.4% and 10.1%, respectively. Excluding transportation, new orders increased by 1.3%.
U.S. Initial Jobless Claims fell by 5,000 to 330,000 in the week ending January 19th. The 4-week moving average fell by 8,250 to 351,750. The previous jobless claims number was unrevised at 335,000. A weekly jobless claims number below the 400,000 mark is usually an indicator of job growth.
U.S. Existing Home Sales fell by 1.0% (month-over-month) in December to an annual rate of 4.94 million. First time buyers accounted for 30% of the sales, unchanged from November. From the houses sold, distressed properties accounted for 24% of the sales compared to 22% in November. Inventory declined by 8.5% to 1.82 million. The median price for all housing types was $180,800, a year-over-year rise of 11.5%. Year-over-year, existing home sales rose by 12.8%. Existing home sales in November were revised lower to an annual rate of 4.94 million.
U.S. Initial Jobless Claims fell by 37,000 to 335,000 in the week ending January 12th. The 4-week moving average fell by 6,750 to 359,250. The previous jobless claims number was upwardly revised to 372,000. A weekly jobless claims number below the 400,000 mark is usually an indicator of job growth.
