Jobless Claims Drop by 1,000
Jan 24, 8:55 AM EST |
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| The advance unadjusted insured unemployment rate was 2.5% during the week ending Jan. 12, a decrease of 0.1% from the prior week. |
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| In the week ending Jan. 19, the advance figure for seasonally adjusted initial claims was 301,000, a decrease of 1,000 from the previous week''''s revised figure of 302,000. The 4-week moving average was 314,750, a decrease of 14,000 from the previous week''''s revised average of 328,750. |
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Paulson Expresses Confidence in Global Economy
Jan 22, 1:52 PM EST |
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| The unemployment rate remains low and job creation continues, albeit at a modest pace. |
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| The U.S. economy is experiencing a significant housing correction. This was inevitable after years of unsustainable home price appreciation, and it is exacting a penalty to our economic growth. That, coupled with high energy prices and capital market turmoil has caused our economy to slow materially in recent weeks. |
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FOMC Statement: Fed Cuts Rate to 3.5%
Jan 22, 11:00 AM EST |
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| The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3.5%. |
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| The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. |
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Bernanke Reiterates Views of Weak U.S. Economy
Jan 17, 12:53 PM EST |
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| Employment in services continued to grow, but at a slower pace in December than in earlier months. |
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| Consumer spending also depends importantly on the state of the labor market, as wages and salaries are the primary source of income for most households. Labor market conditions in December were disappointing; the unemployment rate increased 0.3%, to 5.0% from 4.7% in November, and private payroll employment declined. Employment in residential construction posted another substantial reduction, and employment in manufacturing and retail trade also decreased significantly. |
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Jobless Claims Drop by 21,000
Jan 17, 8:59 AM EST |
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| The advance unadjusted insured unemployment rate was 2.6% during the week ending Jan. 5, an increase of 0.1% from the prior week. |
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| In the week ending Jan. 12, the advance figure for seasonally adjusted initial claims was 301,000, a decrease of 21,000 from the previous week''''s unrevised figure of 322,000. The 4-week moving average was 328,500, a decrease of 11,750 from the previous week''''s revised average of 340,250. |
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December Housing Starts Fall 14.2%
Jan 17, 8:59 AM EST |
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| Single-family housing starts in December were at a rate of 794,000; this is 2.9% below the November figure of 818,000. |
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| Privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,006,000. This is 14.2% below the revised November estimate of 1,173,000 and is 38.2% below the revised December 2006 rate of 1,629,000. The December rate for units in buildings with five units or more was 196,000. |
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Beige Book Sees Slower Economy Growth
Jan 16, 2:23 PM EST |
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| According to most reports, businesses continued to face rising costs for food, petrochemicals, metals, and energy-related inputs. |
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| Reports from the twelve Federal Reserve Districts suggest that economic activity increased modestly during the survey period of mid-November through December, but at a slower pace compared with the previous survey period. Among Districts, seven reported a slight increase in activity, two reported mixed conditions, and activity in three Districts was described as slowing. |
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Crude,Gasoline and Distillate Inventories Rise
Jan 16, 10:54 AM EST |
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| Distillate fuel inventories increased by 1.1 million barrels, and are in the lower half of the average range for this time of year. |
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| U.S. commercial crude oil inventories rose by 4.3 million barrels compared to the previous week. At 287.1 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year. Total motor gasoline inventories increased by 2.2 million barrels last week, and are near the upper limit of the average range. Both finished gasoline inventories and gasoline blending components inventories increased last week. |
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December U.S. Industrial Production Stays Flat
Jan 16, 10:23 AM EST |
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| At 114.0 percent of its 2002 average, total industrial production in December was 1.5% above its year-earlier level. |
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| Industrial production was unchanged in December; the change in the index over the previous three months was little revised, with offsetting revisions to September and October. For the fourth quarter, output fell 1.0%, the first quarterly decrease since the fourth quarter of 2006. |
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U.S. CPI Advances 0.3% in December
Jan 16, 10:22 AM EST |
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| The index for petroleum-based energy rose 1.2% and the index for energy services, 0.5%. |
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| On a seasonally adjusted basis, the CPI-U increased 0.3% in December, following a 0.8% rise in November. The index for energy advanced 0.9% and accounted for about one-third of the overall CPI increase in December. The food index rose 0.1% in December. |
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