Weekly Economic Update: June 2-6, 2014

Jun 10 2014

Associated Image

The ISM index was corrected to 55.4 for May. Construction spending increased 0.2% in April. Vehicle sales increased 4.4% to a 16.77 million annual rate in May. Factory orders are up 0.7% for April. The U.S. trade deficit widened $3 billion (6.8%) to $47.2 billion for April. Nonfarm productivity fell an annualized 3.2% in the 2nd estimate for the 1st quarter of 2014. The ISM services index increased to 56.3 in May. The economy added 217,000 nonfarm payroll jobs in May while the unemployment rate remained unchanged at 6.3%. Consumer credit increased $26.85 billion (0.85%) to $3.18 trillion in April. Initial jobless claims rose 8,000 to 312,000 for the week ended 5/31.

• The ISM index was corrected to 55.4 for May. The correction was related to seasonal adjustments, reversing the original report results towards slight acceleration.

• Construction spending increased 0.2% in April. Over the year, spending is up 8.6%.

• Vehicle sales increased 4.4% to a 16.77 million annual rate in May. Over the year, sales are up 8.3%.

• Factory orders are up 0.7% for April.

• The U.S. trade deficit widened $3 billion (6.8%) to $47.2 billion for April. Exports fell 0.2% and imports rose 1.2%.

• Nonfarm productivity fell an annualized 3.2% in the second estimate of the 1st quarter of 2014. Unit labor costs are up 5.7%.

• The ISM services index increased to 56.3 in May.

• The economy added 217,000 nonfarm payroll jobs in May while the unemployment rate remained unchanged at 6.3%. Private payroll increased 216,000. The net revisions for April and March are down 6,000. The number of unemployed persons remained unchanged (up 46,000) at 9.8 million, the number of employed increased 145,000, and the labor force increased by 192,000. The number of long-term unemployed remained roughly unchanged at 3.4 million (34.6% of unemployed). The labor force participation rate was unchanged at 62.8%, and the employment-to-population ratio remained unchanged at 58.9%.

• Consumer credit increased $26.85 billion (0.85%) to $3.18 trillion in April. Revolving credit (i.e., credit cards) increased $8.83 billion while non-revolving credit (i.e., auto loans, student loans) increased $18.01 billion.

• Initial jobless claims rose 8,000 to 312,000 for the week ended May 31st.

Bookmark and Share