Tag Archives: labor market
Weekly Unemployment Claims 5/11/2013
Weekly unemployment claims moved back above the 350,000 threshold to 360,000 during the week of May 11. Read more
Weekly Jobless Claims Fall to Five-Year Low
The number of Americans filing new unemployment claims last week declined by 18,000 to 324,000. That is the lowest weekly level since 2008. The four-week moving average, which helps smooth out noise in the weekly figures, also declined by 16,000 to 342,250. The largest decreases in claims were in California and New York.
First Quarter Rebound Disappoints
The economy expanded at a 2.5% pace in the first quarter, more than half of one percent below expectations. Stronger-than-expected increases in consumer spending, the housing market and a rebuilding of inventories were tempered by tepid business investment and a sharp decline in government spending. The trade deficit also widened, as imports outpaced the gain [...]
Cold March Puts Chill on Job Creation
Nonfarm payroll employment rose a dismal 88,000 in March, well below expectations. Job losses were heavily concentrated in areas affected by cooler-than-usual March weather. Retailers who couldn’t sell spring merchandise decided to lay off workers and are now offering discounts; building and garden stores cut workers as spring planting and lawn work was delayed; and, [...]
ADP Employment Report Disappoints
ADP private payroll employment increased by 158,000 in March, well below the 200,000 expected by most in the financial markets. Small business employment accounted for about half of the gains; medium and large-sized firms essentially split the rest. Service sector jobs accounted for the bulk of gains, something which continues to worry the Federal Reserve; [...]
Construction Activity Bounces Back on Housing
Construction spending rose 1.2% in February after declining in January. We are still off the high hit in December. Gains in the private sector continued to outpace gains in the public sector. Residential construction was among the strongest categories. Single-family home construction picked up, however, while multifamily building continued to cool. The shift from multi [...]
Home Sales
Existing home sales rose to a 4.98 million unit rate in February, up slightly from the upwardly revised pace of 4.94 million units in January. Home sales are trending at the highest pace since late 2009 when the home buyer tax credit temporarily boosted sales. Single family sales slipped a bit, while sales of condos, [...]
Fed Stays Course, Evaluates Efficacy of QE3
The Federal Open Market Committee (FOMC) voted to stay the course, hold interest rates low and continue to expand its balance sheet by $85 billion per month until “the labor market has improved substantially.” The vote was as expected, eleven for the policy and one dissent; Esther George of the Kansas City Federal Reserve Bank [...]
Bernanke Stays the Course; Evans Rule Holds
Federal Reserve Chairman Ben Bernanke provided his Semiannual Monetary Policy Report to Congress this morning. The Chairman’s prepared remarks echoed the concerns that the Fed expressed at their last meeting: The recovery continues, but at a subdued pace; labor markets are improving, but not rapidly enough to stave off concerns of rising structural unemployment; and, [...]
Bloomberg asks Diane Swonk to explain Fed concern over unemployment
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