Key Economic Indicators – June 8, 2015

  • Total non-farm payroll employment rose 280 thousand in May, following an increase of 221 thousand in the previous month.   Private-sector payrolls increased by 262 thousand in the month, while government employment increased by 18 thousand.
  • The unemployment rate edged up to 5.5% in May, from 5.4% in April.
  • The average workweek of all employees on private nonfarm payrolls was unchanged at 34.5 hours.
  • Average hourly earnings of all employees on private nonfarm payrolls increased by 8 cents to $24.96. Over the past 12 months, average hourly earnings were up 2.3%.
  • The advance figure for initial claims for unemployment insurance decreased 8 thousand to 276 thousand in the week ending May 30. The 4-week moving average was 274.75 thousand, an increase of 2.75 thousand from the previous week’s average.
  • First quarter productivity decreased 3.1% (seasonally adjusted annual rate) in the non-farm business sector, following a 2.1% decrease in the previous quarter. Unit labor costs increased 6.7%, following a 5.6% increase in the previous quarter. Productivity in the non-farm business sector increased 0.3% from the first quarter of 2014, while unit labor costs increased 1.8%.
  • Personal income increased 0.4% in April, while personal consumption expenditures decreased less than 0.2%. The price index for personal consumption expenditures held steady, while the core index increased 0.1%. The price index for personal consumption expenditures was up 0.1% from April 2014, while the core index was up 1.2%
  • Sales of domestic cars increased 11.9% in May, while total light vehicle (cars and light trucks) sales increased 7.6%. Total vehicle sales were 17.7 million units in May, at a seasonally adjusted annual rate, compared to 16.7 million in May of 2014.
  • New orders for manufactured goods decreased 0.4% in April, while shipments held steady. Year-to-date new orders were down 5.6%, and shipments were down 3.4%.
  • In April international trade deficit was $40.9 billion, $9.8 billion less than the revised March figure. The cumulative deficit was $171.1 billion for the first four months of 2015, compared with a deficit of $169.7 billion for the same period of the previous year.
  • April consumer credit outstanding increased at an annual rate of 7.3%. Revolving credit increased 11.6%, while non-revolving credit increased 5.8%.
  • April construction spending was up 2.2% from the previous month, and was up 4.8% from a year ago. Private construction increased 1.8%, while public construction increased 3.3%.
  • The results of Freddie Mac’s Primary Mortgage Market Survey showed average fixed mortgage rates remaining near their highest level for the year. The 30-year fixed mortgage rate averaged 3.87% for the week ending June 4, unchanged from last week. A year ago at this time, the 30-year fixed mortgage rate was 4.14%.
  • Mortgage applications decreased 7.6% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending May 29th.
  • The Institute for Supply Management’s (ISM) manufacturing survey indicated that the manufacturing sector expanded in May for 29th consecutive month, and the overall economy grew for the 72nd consecutive month.
  • In May, the Institute for Supply Management’s (ISM) non-manufacturing survey results indicated growth in the non-manufacturing business activity for the 64th consecutive month.
  • The FED’s “Beige Book” indicated that overall economic activity expanded during the reporting period from early April to late May.

Comments are closed.