March 11th, 2016
- Sales of merchant wholesalers in January were down 1.3%, while inventories were up 0.3%. The inventories/sales ratio was 1.35, compared with 1.33 in the previous month and 1.28 in January of 2015.
- The federal government budget ran a deficit of $192.6 billion in February, after a surplus of $55.2 billion in the previous month. The cumulative deficit for the first five months of fiscal year 2016 was $353.0 billion, compared with a deficit of $386.6 billion for the same period of the previous fiscal year.
- Domestic non-financial debt rose at a seasonally adjusted annual rate of 8.6% in the fourth quarter of 2015, following an increase of 2.1% in the previous quarter. Domestic non-financial debt outstanding was $45.1 trillion at the end of 2015, of which household debt was $14.2 trillion, nonfinancial business debt was $12.8 trillion, and total government debt was $17.1 trillion.
- In January, consumer credit increased at a seasonally adjusted annual rate of 3.6%. Revolving credit decreased 1.3%, while non-revolving credit increased 5.4%.
- The import price index decreased 0.3% in February, following a 1.0% decrease in the previous month. The export price index decreased 0.4% in February, following a 0.8% decrease in the previous month. The import price index decreased 6.1% from February 2015, while export prices decreased 6.0%.
- The advance figure for initial claims for unemployment insurance decreased 18 thousand to 259 thousand in the week ending March 5. The 4-week moving average was 267.5 thousand, a decrease of 2.5 thousand from the previous week’s revised average. The advance number for seasonally adjusted insured unemployment during the week ending February 27 was 2,225 thousand, a decrease of 32 thousand from the previous week.
- Employer costs for employee compensation for civilian workers averaged $33.58 per hour worked in December 2015, according to the U.S. Bureau of Labor Statistics. Wages and salaries averaged $23.06 per hour worked and benefits averaged $10.52.
- The results of Freddie Mac’s Primary Mortgage Market Survey showed average fixed mortgage rates moving higher for the second week in a row. 30-year fixed-rate mortgage averaged 3.68% for the week ending March 10, up from last week when it averaged 3.64%. A year ago at this time, the 30-year fixed-rate averaged 3.86%. 15-year fixed-rate mortgage averaged 2.96%, up from last week when it averaged 2.94%.
- Mortgage applications increased 0.2% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending March 4th.
- U.S. commercial crude oil inventories increased 3.9 million barrels to 521.9 million barrels for the week ending March 4, according to the U.S. Energy Information Administration. Total motor gasoline inventories decreased by 4.5 million barrels from the previous week, while distillate fuel inventories decreased by 1.1 million barrels.
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March 4th, 2016
- Total non-farm payroll employment rose 242 thousand in February, following an increase of 172 thousand in the previous month. Private-sector payrolls increased by 230 thousand in the month, while government employment increased by 12 thousand.
- The number of unemployed persons decreased by 24 thousand to 7,815 thousand in February. The unemployment rate was unchanged at 4.9%.
- The average workweek decreased from 34.6 hours in January to 34.4 hours in February, while average hourly earnings decreased by 3 cents to $25.35. Over the past 12 months, average hourly earnings were up 2.2%, and average weekly earnings were up 1.6%.
- The advance figure for initial claims for unemployment insurance increased 6 thousand to 278 thousand in the week ending February 27. The 4-week moving average was 270.25 thousand, a decrease of 1.75 thousand from the previous week’s average.
- Fourth quarter productivity decreased 2.2% (seasonally adjusted annual rate) in the non-farm business sector, following a 2.0% increase in the previous period. Hourly compensation increased 1.1%, while unit labor costs increased 3.3%. From the fourth quarter of 2014 to the fourth quarter of 2015, productivity increased 0.5%. In the year 2015, productivity was up 0.7% from 2014. Unit labor costs increased 2.1% in 2015, following a 2.0% increase in the previous year.
- In 2015, annual average unemployment rates declined in 47 states and the District of Columbia, increased in 2 states, and were unchanged in 1 state, according to the U.S. Bureau of Labor Statistics. Employment-population ratios increased in 35 states and the District of Columbia, and decreased in 15 states. The U.S. jobless rate decreased by 0.9 percentage point to 5.3% in 2015, while the national employment-population ratio increased by 0.3 point to 59.3%.
- Sales of domestic cars decreased 0.7% in February, while total light vehicle (cars and light trucks) sales decreased 0.1%. Total light vehicle sales were 17.4 million units in February, at a seasonally adjusted annual rate, compared with 17.5 million in the previous month, and 16.3 million in February of 2015.
- New orders for manufactured goods increased 1.6% in January, while shipments increased 0.3%. Excluding transportation, new orders were down 0.2%, while shipments were down 0.7%. New orders for January were down 3.3% from January 2015, while shipments were down 4.0%.
- January construction spending was up 1.5% from the previous month, and was up 10.4% from January 2015. Private construction increased 0.5% in January, while public construction increased 4.5%.
- ·The Pending Home Sales Index, a leading indicator of housing activity, for January was down 2.5% from the previous month, but was up 1.4% from a year ago, according to the National Association of Realtors.
- The results of Freddie Mac’s Primary Mortgage Market Survey showed average fixed mortgage rates moving higher for the first time in two months. 30-year fixed-rate mortgage averaged 3.64% for the week ending March 6, up from last week when it averaged 3.62%. A year ago, the 30-year rate averaged 3.75%. 15-year fixed-rate mortgage averaged 2.94%, up from last week when it averaged 2.93%. A year ago, the 15-year rate averaged 3.03%.
- Mortgage applications decreased 4.8% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending February 26th.
- In January international trade deficit was $45.7 billion, $1.0 billion less than the revised December figure. January exports were down $3.8 billion from December, while imports were down $2.8 billion.
- The Institute for Supply Management’s (ISM) manufacturing survey indicated that the manufacturing sector contracted in February for the fifth consecutive month, while the overall economy grew for the 81st consecutive month.
- In February, the Institute for Supply Management’s (ISM) non-manufacturing survey results indicated growth in the non-manufacturing business activity for the 73rd consecutive month.
- The FED’s “Beige Book” indicated that overall economic activity expanded in most Districts from early January through mid-February.
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February 26th, 2016
- Real GDP increased at an annual rate of 1.0% in the fourth quarter of 2015, according to the “second” estimate released by the Bureau of Economic Analysis, after increasing at 2.0% in the previous quarter. In the advance estimate, released a month ago, the increase in real GDP was 0.7%.
- The price index for gross domestic purchases increased 0.4% in the fourth quarter, compared to an increase of 1.3% in the previous quarter.
- Personal income increased 0.5%, in January, following a 0.3% increase in the previous month. Personal consumption expenditures increased 0.5%, following a 0.1% increase in the previous month. Real disposable personal income and real personal consumption expenditures both increased 0.4% in January.
- The price index for personal consumption expenditures increased 0.1% in January, following a 0.1% decrease in the previous month. The core index, which increased 0.1 in December, increased 0.3% in January. The price index for personal consumption expenditures was up 1.3% from January 2015, while the core index was up 2.1%
- New orders for manufactured durable goods increased 4.9% in January while shipments increased 1.9%.
- January existing home sales were up 0.4% from the previous month, and were up 11.0% from January 2015. The median sales price of existing houses sold was $213.8 thousand, 8.2% above January 2015.
- January new home sales were down 9.2% from December, and were down 5.2% from January of 2015. The median sales price of new houses sold was $278.8 thousand, 4.5% below January 2015.
- U.S. House prices rose 0.4% on a seasonally adjusted basis from November to December, after a 0.6% increase in the previous period, according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index. For the 12 months ending in December, U.S. prices rose 5.7%.
- The S & P/Case-Shiller National U.S. Home Price Index posted an annual increase of 5.4% in December, compared with a 5.2% increase in November. The index levels for the U.S. National, 10-city and 20-city composite indices are back to their winter 2007 levels, and are approximately 11-13% below the June/July 2006 peak,
- The results of Freddie Mac’s Primary Mortgage Market Survey showed average fixed mortgage rates moving lower. 30-year fixed-rate mortgage averaged 3.62% for the week ending February 25, down from last week when it averaged 3.65%. A year ago at this time, the 30-year fixed rate averaged 3.80%.
- Mortgage applications decreased 4.3% from a week earlier week, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending February 19.
- The advance figure for initial claims for unemployment insurance increased 10 thousand to 272 thousand in the week ending February 20. The 4-week moving average was 272 thousand, a decrease of 1.25 thousand from the previous week’s average.
- Fifth District manufacturing and service sector activity both slowed in February, according to the Federal Reserve Bank of Richmond.
- The Conference Board’s consumer confidence index, which had increased moderately in January, declined in February.
- The Thomson Reuters/University of Michigan Index of Consumer Sentiment decreased to 91.7 in February, from 92.0 in January. The index was 95.4 in February 2015.
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February 19th, 2016
- Total Industrial production increased 0.9% in January, following a 0.7% decrease in the previous month. The index, which stands at 106.8 (2012=100), was down 0.7% from January 2015. The rate of capacity utilization for total industry was 77.1%, a level 2.9 percentage points below its 1972-2015 average, and 1.6 percentage points below its level in January 2015.
- Housing starts in January were down 3.8% from December, but were up 1.8% from January 2015. Building permits in January were down 0.2% from December, but were up 13.5% from January 2015.
- The housing market index of National Association of Home Builders (NAHB) and Wells Fargo decreased 3 points to 58 in February. The index was 55 in February of 2015.
- The results of Freddie Mac’s Primary Mortgage Market Survey for the week ending February 18th showed average fixed mortgage rates unchanged from the previous week, and remaining near their 2015 lows. 30-year fixed-rate mortgage averaged 3.65%, unchanged from last week. A year ago at this time, the 30-year fixed rate averaged 3.76%.
- Mortgage applications increased 8.2% from a week earlier week, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending February 12.
- The producer price index for final demand (headline index) increased 0.1% in January, following a 0.2% decrease in the previous month. The index for final demand less foods, energy, and trade increased 0.2% in January, the same increase as in the previous month. The producer price index for final demand was down 0.2% from January 2015 to January 2016, while the index for final demand less foods, energy, and trade was up 0.8%.
- The consumer price index (headline index) was unchanged in January, following a 0.1% decrease in the previous month. The core index increased 0.3%, following an increase of 0.2% in the previous month. The consumer price index increased 1.4% for the 12-month period ending in January, while the core index rose 2.2%.
- Real average hourly earnings for all employees increased 0.4% from December to January. This result stems from a 0.5% increase in average hourly earnings combined with no change in the consumer price index for all urban consumers.
- The advance figure for initial claims for unemployment insurance decreased 7 thousand to 262 thousand in the week ending February 13. The 4-week moving average was 273.25 thousand, a decrease of 8 thousand from the previous week’s average.
- The February Empire State Manufacturing Survey indicated that business activity continued to decline for New York manufacturers.
- The Philadelphia FED manufacturing business outlook survey for February reported continued weakness in business conditions.
- The Conference Board index of leading economic indicators decreased 0.2% January, following a 0.3% decrease in the previous month. Over the six-month span through January, the leading index increased 0.3% (annual rate of 0.6%), with five out of ten components advancing. The coincident index increased 0.3%, following a 0.1% increase as in the previous month. During the six-month period through January, the coincident index increased 1.0% (annual rate of 2.0%), with three out of four components advancing.
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February 12th, 2016
- Advance estimates of retail and food services sales for January were up 0.2% from December, and were up 3.4% from January 2015.
- Total manufacturing and trade sales decreased 0.6% in December, while inventories increased 0.1%. Sales of manufacturers’ were down 1.4%, while sales of retailers’ held steady. The total business inventories/sales ratio was 1.39 at the end of December, compared with 1.33 at the end of December 2014.
- Sales of merchant wholesalers, except manufacturers’ sales branches and offices, decreased 0.3% in December, while inventories decreased 0.1%, according to the U.S. Census Bureau.
- The federal government budget ran a surplus of $55.2 billion in January, after a deficit of $14.4 billion in the previous month. The cumulative deficit for the first four months of the fiscal year 2016 was $160.4 billion, compared with a deficit of $194.1 billion for the same period of the previous fiscal year.
- The import price index decreased 1.1% in January, while export prices decreased 0.8%. The fuel import price index decreased 12.4%, while the non-fuel import price index decreased 0.2%. The overall import price index decreased 6.2% from January 2015. Agricultural export prices decreased 1.1%, while non-agricultural export prices decreased 0.8%. The price index for overall exports decreased 5.7% from January 2015.
- The advance figure for initial claims for unemployment insurance decreased 16 thousand to 269 thousand in the week ending February 6. The 4-week moving average was 281.25 thousand, a decrease of 3.5 thousand from the previous week’s average.
- The number job openings increased to 5.6 million on the last business day of December, from 5.3 million in November, according to the U.S. Bureau of Labor Statistics. The number of hires was 5.4 million, little changed from November.
- Federal Reserve Board of Governors Labor Market Conditions Index decreased to 0.4 in January, from 2.3 in December. The index was 3.7 in January of 2015.
- The results of Freddie Mac’s Primary Mortgage Market Survey showed fixed mortgage rates moving lower for the sixth consecutive week. 30-year fixed rate mortgage averaged 3.65% for the week ending February 11th, down from last week when it averaged 3.72%. A year ago at this time, the 30-year fixed-rate averaged 3.69%.
- Mortgage applications increased 9.3% from a week earlier week, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending February 5. The refinance index surged 16.0% from the previous week.
- The Thomson Reuters/University of Michigan Index of Consumer Sentiment, preliminary, continued its slow decline in February. The index was 90.7 in early February, compared with 92.0 in January, and 95.4 in February of 2015.
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February 5th, 2016
- Total non-farm payroll employment rose 151 thousand in January, following an increase of 262 thousand in the previous month, according to the U.S. Bureau of Labor Statistics. Private-sector payrolls increased by 158 thousand in the month, while government employment decreased by 7 thousand.
- The unemployment rate was 4.9% in January. The number of unemployed persons was 7.8 million, and the number of long-term unemployed (those jobless for 27 weeks or more) was at 2.1 million.
- The average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.6 hours in January, while the average workweek for production and nonsupervisory employees held steady at 33.8 hours.
- In January, average hourly earnings for all employees on private nonfarm payrolls increased by 12 cents to $25.39. Over the year, average hourly earnings have risen by 2.5%.
- The advance figure for initial claims for unemployment insurance increased 8 thousand to 285 thousand in the week ending January 30. The 4-week moving average was 284.75 thousand, an increase of 2 thousand from the previous week’s revised average.
- Fourth quarter productivity decreased 3.0% (seasonally adjusted annual rate) in the non-farm business sector, following a 2.1% increase in the previous period. Unit labor costs increased 4.5% in the fourth quarter, following a 1.9% increase in the previous quarter. From the fourth quarter of 2014 to the fourth quarter of 2015, productivity was increased 0.3% as output increased 1.9% and hours worked increased 1.5%.
- Unemployment rates were lower in December than a year earlier in 296 of the 387 metropolitan areas, higher in 79 areas, and unchanged in 12 areas, according to the U.S. Bureau of Labor Statistics.
- Personal income increased 0.3%, in December, while personal consumption expenditures held steady.
- The price index for personal consumption expenditures decreased 0.1% in December, while the core index held steady. The price index (headline index) was up 0.6% from December 2014, while the core index was up 1.4%
- Sales of domestic cars increased 0.5% in January, following a 3.2% decrease in the previous month. Total light vehicle (cars and light trucks) sales increased 1.4% in January, after a 4.7% decrease in the previous month. Sales were 17.5 million units in January, at a seasonally adjusted annual rate, compared to 16.8 million in January of 2015.
- New orders for manufactured goods decreased 2.9% in December, while shipments decreased 1.4%. In the year 2014, new orders were down 6.6% from the previous year, while shipments were down 4.3%.
- December construction spending was up 0.1% from November, and was up 8.2% from December 2014.
- The results of Freddie Mac’s Primary Mortgage Market Survey of February 4th showed average fixed mortgage rates decreasing for the fifth consecutive week. 30-year fixed-rate mortgage average 3.72% for the week ending February 4th, down from last week when it averaged 3.79%. A year ago at this time, the 30-year fixed rate averaged 3.59%.
- Mortgage applications decreased 2.6% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending January 29th.
- In December international trade deficit was $43.4 billion, up $1.1 billion from November. For 2015, the goods and services deficit was $531.5 billion, up $23.2 billion or 4.6% from 2014. As a percentage of GDP, the deficit was 3.0% in 2015, up from 2.9% in 2014.
- December consumer credit outstanding increased at an annualized rate of 7.2%. Revolving credits increased at an annualized rate of 7.5%, while non-revolving credits increased 7.1%.
- The Institute for Supply Management’s (ISM) manufacturing survey indicated that the manufacturing sector contracted in January for the fourth consecutive month, and the overall economy grew for the 80th consecutive month.
- In January, the Institute for Supply Management’s (ISM) non-manufacturing survey results indicated growth in the non-manufacturing business activity for the 72nd consecutive month.
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January 29th, 2016
- Real GDP increased at an annual rate of 0.7% in the fourth quarter of 2015, after increasing 2.0% in the previous quarter, according to the “advance” estimate released by the Bureau of Economic Analysis. Real final sales (GDP less change in private inventories) increased 1.2%.
- The price index for gross domestic purchases increased 0.2% in the fourth quarter, compared to an increase of 1.3% in the previous quarter.
- Real GDP increased 2.4% in the year 2015, the same increase as in 2014. The price index for gross domestic purchases increased 0.3% in 2015, compared with an increase of 1.5% in 2014.
- New orders for manufactured durable goods decreased 5.1% in December, while shipments decreased 2.2%. New orders were down 3.5% in the year 2015, while shipments were up 1.4%.
- December new home sales were up10.8% from the previous month, and were up 9.9% from a year ago. The median sales price of new houses sold was $288.9 thousand, 4.3% below December 2014. An estimated 501 thousand new homes were sold in 2015, up 14.6% from the previous year.
- The Pending Home Sales Index, a leading indicator for the housing sector, edged up 0.1% in December, according to the National Association of Realtors. The index was up 4.2% from December 2014.
- U.S. House prices increased 0.5% on a seasonally adjusted basis from October to November, according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index. For the 12 months ending in November, U.S. prices rose 5.9%.
- The S & P/Case-Shiller Home Price Indices for November showed that home prices continued their rise across the country. The S & P/Case-Shiller U.S. National Home Price Index increased 5.3% from November of 2014.The 10-city composite index gained 5.3% year-over-year, while the 20-city composite index increased 5.8% year-over-year.
- The results of Freddie Mac’s Primary Mortgage Market Survey of January 28th showed average fixed mortgage rates moving lower for the fourth consecutive week. 30-year fixed-rate mortgage averaged 3.79% for the week ending January 28, down from last week when it averaged 3.81%.A year ago at this time, the 30-year fixed-rate averaged 3.66%.
- Mortgage applications increased 8.8% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending January 22, 2016.
- The advance figure for initial claims for unemployment insurance decreased 16 thousand to 278 thousand in the week ending January 23. The 4-week moving average was 283 thousand, a decrease of 2.25 thousand from the previous week’s average.
- The Employment Cost Index for total compensation rose 0.6%, seasonally adjusted, for the 3-month period ending December 2015. Compensation costs rose 2.0% for the 12-month period ending December 2015.
- Regional and state unemployment rates were little changed in December. Twenty-five states had unemployment rate decreases from November, fourteen states had increases, and eleven states and the District of Columbia had no change, according to the U.S. Bureau of Labor Statistics. In December, nonfarm payroll employment increased in 36 states and the District of Columbia, and decreased in 14 states.
- The Conference Board’s consumer confidence index, which had increased in December, improved moderately in January.
- The Thomson Reuters/University of Michigan Index of Consumer Sentiment was slightly down in January. The index was 92.0 in January, down from 92.6 in December.
- The Federal Open Market Committee decided to keep its target for the federal funds rate at 0.25% to 0.50%, and indicated that “economic conditions may, for some time, warrant keeping the target rate below levels that are expected to prevail in the longer run”.
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January 22nd, 2016
- Retail trade, health care and social assistance, and agriculture, forestry, fishing and hunting were the leading contributors to the increase in U.S. economic growth in the third quarter, according to statistics on gross domestic product by industry released by the Bureau of Economic Analysis. 15 of 22 industry groups contributed to the 2.0% growth in real GDP in the third quarter. Finance and insurance was the leading contributor to the deceleration in real GDP growth (2.0% in the third quarter, compared with 3.9% in the second quarter).
- Housing starts in December were down 2.5% from the previous month, but were up 6.4 from December 2014. Building permits were down 3.9% from the previous month, but were up 14.4% from December 2014. The total number of starts for the year 2015 was up 10.8% from the previous year, while building permits were up 12.0%.
- December existing home sales increased 14.7% to an annualized rate of 5,460 thousand units, according to the National Association of Realtors. There were 1,790 thousand homes for sale at the end of the month. This represents a supply of 3.9 months at the current sales rate, compared to 4.4 in December of 2014. The median sales price of existing houses sold was $224.1 thousand, 7.6% above December 2014.
- The housing market index of National Association of Home Builders (NAHB) and Wells Fargo held steady at 60 in January. The index was 57 in January 2015.
- The results of Freddie Mac’s Primary Mortgage Market Survey of January 21st showed average fixed mortgage rates moving lower for the third consecutive week. 30-year fixed-rate averaged 3.81% for the week ending January 21, down from last week when it averaged 3.92%. A year ago at this time, the 30-year fixed-rate averaged 3.63%. 15-year fixed-rate averaged 3.10%, down from last week when it averaged 3.19%. A year ago at this time, the 15-year fixed-rate averaged 2.93%.
- Mortgage applications increased 9.0% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending January 15th.
- The advance figure for initial claims for unemployment insurance increased 10 thousand to 293 thousand in the week ending January 16. The 4-week moving average was 285 thousand, an increase of 6.5 thousand from the previous week’s average.
- Real average hourly earnings for all employees rose 0.1% from November to December. This result stems from no change in average hourly earnings combined with a 0.1% decrease in the consumer price index.
- The consumer price index (headline index), which held steady in November, decreased 0.1% in December. The core index increased 0.1% in December, following a 0.2% increase in the previous month. The consumer price index increased 0.7% for the 12-month period ending in December, while the core index rose 2.1%.
- The Conference Board index of leading economic indicators decreased 0.2% in December, following a 0.5% increase in the previous month. Over the six-month span through December, the leading index increased 0.7%, with five out of ten components advancing. The coincident index increased 0.1%, the same increase as in the previous month. Over the six-month span through December, the coincident index increased 1.1%, with three out of four components advancing.
- The Philadelphia FED business outlook survey for January reported that manufacturing conditions in the region contracted modestly.
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January 15th, 2016
- Advance estimates of retail and food services sales for December were down 0.1% from the previous month, but were up 2.2% from December 2014. Retail and food services sales for the year 2015 were up 2.1% from the previous year, while sales excluding motor vehicle & parts were up 0.9%.
- Total manufacturing and trade sales for November were down 0.2%from the previous month, and were down 2.8% from November 2014. Inventories were down 0.2% from the previous month, but were up 1.6% from a year ago. The total business inventories/sales ratio was 1.38 at the end of November, compared with 1.32 at the end of November 2014.
- Industrial production decreased 0.4% in December, following a 0.9% decrease in the previous month. The index was down 1.8% from December of 2014.The rate of capacity utilization for total industry decreased 0.4 percentage point to 76.5% in December. The rate of capacity utilization was 79.0% in December of 2014.
- The federal government budget ran a deficit of $14.4 billion in December, after a deficit of $64.6 billion in the previous month. The cumulative deficit for the first three months of the fiscal year 2016 was $215.5 billion, compared with a deficit of $176.6 billion for the first three months of the previous fiscal year.
- The advance figure for initial claims for unemployment insurance increased 7 thousand to 284 thousand in the week ending January 9th. The 4-week moving average was 278.75 thousand, an increase of 3 thousand from the previous week’s average.
- There were 5.4 million job openings on the last business day of November, little changed from the previous month, according to the U.S. Bureau of Labor Statistics.
- The producer price index for final demand (headline index) decreased 0.2% in December, following a 0.3% increase in the previous month. The index for final demand goods decreased 0.7% in December, the sixth consecutive decrease. Prices for final demand goods less foods and energy, the core, inched up 0.1%. The producer price index for final demand decreased 1.0% from December 2014 to December 2015.
- The import price index decreased 1.2% and the export price index decreased 1.1% in December. The import price index decreased 8.2% from December 2014, while export prices decreased 6.5%.
- The results of Freddie Mac’s Primary Mortgage Market Survey of January 14th showed average fixed mortgage rates moving lower for the second consecutive week. 30-year fixed-rate mortgage averaged 3.92%, down from last week when it averaged 3.97%. A year ago at this time, the 30-year fixed-rate averaged 3.66%. 15-year fixed-rate mortgage averaged 3.19%, down from last week when it averaged 3.26%. A year ago at this time, the 30-year fixed-rate averaged 2.98%.
- Mortgage applications increased 21.3% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending January 8th.
- The January 2016 Empire State Manufacturing Survey indicated that business activity declined for New York manufacturers at the fastest pace since the Great Recession. The headline index dropped 13 points to negative 19.37.
- The FED’s “Beige Book” indicated that overall economic activity expanded in nine of the Districts since the previous report, with most Districts reporting a “modest” or “moderate” pace of growth.
- The Thomson Reuters/University of Michigan Index of Consumer Sentiment, preliminary, inched upward for the fourth consecutive month due to more positive expectations for future economic growth. The index was 93.3 in early January, compared with 92.6 in December and 98.1 in January of 2015.
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January 8th, 2016
- Total non-farm payroll employment increased 292 thousand in December, following an increase of 252 thousand in the previous month. Private-sector payrolls increased by 275 thousand in the month, while government employment increased by 17 thousand.
- The number of unemployed persons decreased by 20 thousand to 7.904 million. The unemployment rate held steady at 5.0%. The unemployment rate was 5.6% in December of 2014.
- The average workweek of all employees on private nonfarm payrolls held steady at 34.5 hours. Average hourly earnings decreased by a cent to $25.24, while average weekly earnings decreased by $0.35 to $870.78. Over the past 12 months, average hourly earnings were up 2.5%, and average weekly earnings were up 2.2%.
- The advance figure for initial claims for unemployment insurance decreased 10 thousand to 277 thousand in the week ending January 2. The 4-week moving average was 275.75 thousand, a decrease of 1.25 from the previous week’s average.
- Sales of domestic cars decreased 3.3% in December, while total light vehicle (cars and light trucks) sales decreased 4.7%. Total vehicle sales were 17.2 million units in December, at a seasonally adjusted annual rate, compared to 18.1 million in the previous month, and 16.8 million in December of 2014. Total vehicle sales were 17.3 million for the year 2015, up from 16.4 million in the previous year.
- New orders for manufactured goods decreased 0.2% in November, while shipments increased 0.2%. Year-to-date new orders decreased 6.8%, while shipments decreased 4.2%.
- Sales of merchant wholesalers in November were down 1.0% from the previous month, while inventories were down 0.3%. Inventories/sales ratio was 1.32, compared with 1.23 in November 2014.
- Construction spending decreased 0.4% in November, following a 0.3% increase in the previous month, according to the Census Bureau. Private construction decreased 0.2% in November, while public construction decreased 1.0%. Total construction spending was up 10.5% from November 2014.
- The results of Freddie Mac’s Primary Mortgage Market Survey of January 7th showing mortgage rates mixed with the 30-year fixed-rate falling below four percent to start the year. 30-year fixed-rate mortgage averaged 3.97% for the week ending January 7th, down from last week when it averaged 4.01%. A year ago at this time, the 30-year fixed-rate averaged 3.73%. 15-year fixed-rate mortgage averaged 3.26% for the week ending January 7th, up from last week when it averaged 3.24%. A year ago at this time, the 30-year fixed-rate averaged 3.05%.
- Mortgage applications decreased 27.0% from two weeks earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending January 1st.
- In November, international trade deficit was $42.4 billion, $2.2 billion less than the October figure. The cumulative trade deficit for the first eleven months of 2015 was $488.0 billion, compared with a cumulative deficit of $462.8 billion during the first eleven months of 2014.
- November consumer credit outstanding increased at an annual rate of 4.8%, according to the Board of Governors of the Federal Reserve System. Revolving credits increased at an annual rate of 7.4%, while non-revolving credits increased 3.8%.
- The Institute for Supply Management’s (ISM) manufacturing survey indicated that the manufacturing sector contracted in December for the second consecutive month, while the overall economy grew for the 79th consecutive month.
- In December, the Institute for Supply Management’s (ISM) non-manufacturing survey results indicated growth in the non-manufacturing business activity for the 71st consecutive month.
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