Weekly Economic Update: February 3-7, 2014

Feb 10 2014

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Auto sales fell slightly to an annual rate of 15.24 million in January 2014. The ISM index slowed significantly in January 2014, down 5.2 points to 51.3. Construction spending inched up 0.1% for December 2013. Factory orders fell 1.5% in December 2013. The ISM services index increased 1.0 point to 54.0 for January 2014. The U.S. trade deficit widened $4.1 billion to $38.7 billion for December 2013. Productivity increased an annualized 3.2% in the 4th quarter of 2013. The economy added 113,000 nonfarm payroll jobs January 2014, and the unemployment rate ticked down to 6.6%. Consumer credit increased $18.8 billion in December 2013 to $3.106 trillion. Initial jobless claims fell 20,000 to 331,000 for the week ended 2/1.

• Auto sales fell slightly (down 1%) to an annual rate of 15.24 million in January 2014. Sales are virtually unchanged (up 0.08%) from a year ago.

• The ISM index slowed significantly in January 2014, down 5.2 points to 51.3. This is the lowest reading since May 2013 and the sharpest drop over the month since May 2011.

• Construction spending inched up 0.1% for December 2013. Construction spending is up 5.3% from a year ago.

• Factory orders fell 1.5% in December 2013. Excluding transportation, orders are up 0.2%.

• The ISM services index increased 1.0 point to 54.0 for January 2014.

• The U.S. trade deficit widened $4.1 billion to $38.7 billion for December 2013. Exports declined 1.8% in December and imports edged up 0.3%.

• Productivity increased an annualized 3.2% in the 4th quarter of 2013. Unit labor costs were down 1.6%. On a year-ago basis, productivity was up 1.7% and unit labor costs were down 1.3%.

• The economy added 113,000 nonfarm payroll jobs January 2014, and the unemployment rate ticked down to 6.6%. Private payrolls grew 142,000. The labor force rebounded by 523,000 and household employment jumped 638,000.

• Consumer credit increased $18.8 billion in December 2013 (0.6%) to $3.106 trillion. Revolving credit (i.e., credit cards) was up $5.0 billion (0.6%) while non-revolving credit (i.e., auto loans) increased $13.8 billion (0.6%).

• Initial jobless claims fell 20,000 to 331,000 for the week ended February 1st.

 

 

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