Key Economic Indicators – June 4, 2012

*          Total non-farm payroll employment rose 69 thousand in May, following an increase of 77 thousand in the previous month.

*          The unemployment rate increased to 8.2% in May, from 8.1% in the previous month.

*          The average workweek decreased by 0.1 to 34.8 hours. Average hourly earnings increased to $23.41, while average weekly earnings decreased to $805.30.

*          The advance figure for initial claims for unemployment insurance increased 10 thousand to 383 thousand in the week ending May 26.

*          Real GDP increased at an annual rate of 1.9% in the first quarter of 2012, after increasing at 3.0% in the previous quarter. In the advance estimate, released a month ago, the increase in real GDP was 2.2%.

*          Corporate profits from current production increased $11.4 billion in the first quarter, after an increase of $16.8 billion in the previous quarter.

*          Personal income increased 0.2% in April, while personal consumption expenditures increased 0.3%. The price index for personal consumption expenditures held steady in April, while the core index increased 0.2%.

*          April construction spending increased 0.3%. Private construction increased 1.2%, while public construction decreased 1.4%.

*          The Pending Home Sales Index decreased 5.5% to a reading of 95.5 in April.

*          The 30-year fixed mortgage rate for the week ending May 31 was down to its all-time record low of 3.75%.

*          The Conference Board’s consumer confidence index, which had declined slightly in April, fell further in May.

*          The Institute for Supply Management’s (ISM) manufacturing survey indicated that the manufacturing sector expanded (exceeded 50.0%) in May for the 34th consecutive month.

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