Weekly Economic Update: April 1-5, 2013

Apr 08 2013

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Auto sales are unchanged in March at an annual rate of 15.27 million. ISM index slowed 2.9 points to 51.3 in March. Construction spending increased 1.2% in February. Factory orders rose 3.0% in February. ISM services index fell 1.6 point to 54.4 in March. Nonfarm payrolls increased 88,000 in March as the unemployment rate edged down to 7.6%. The trade deficit unexpectedly narrowed to $43.0 billion in February. Consumer credit jumped $18.1 billion in February to $2.8 trillion for the largest increase in almost 13 years. Initial jobless claims rose 28,000 to 385,000 for the week ended 3/30.

• Auto sales are essentially unchanged in March at an annual rate of 15.27 million. On a year-over-year basis, auto sales were up 8%.

• ISM manufacturing index slowed 2.9 points to 51.3 in March.

• Construction spending increased 1.2% in February. Construction spending is up 7.9% from a year ago.

• Factory orders rose 3.0% in February.

• ISM services index fell 1.6 points to 54.4 in March.

• Nonfarm payrolls increased 88,000 in March as the unemployment rate edged down to 7.6%. The labor force declined by 496,000 as the labor force participation rate edged down to 63.3%. The number of unemployed persons declined slightly to 11.7 million, from 12.0 million in February.

• The trade deficit unexpectedly narrowed to $43.0 billion in February. Exports rose 0.8% and imports were unchanged.

• Consumer credit jumped $18.1 billion in February to $2.8 trillion for the largest increase in almost 13 years. Revolving credit (i.e., credit cards) increased by $0.5 billion while non-revolving credit (i.e., auto loans and student loans) rose $17.6 billion.

• Initial jobless claims rose 28,000 to a level of 385,000 for the week ended March 30th, the highest level of the year.

 

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