RSSCategory: Economic Updates

Jan

7

Economic Update for Monday, January 7, 2013

STEADY HIRING AT THE EDGE OF THE CLIFF Employers added 155,000 jobs in December. The encouraging news is that non-farm payrolls continued to expand while businesses fretted about the fiscal cliff. The discouraging news is that December’s job growth roughly approximated that seen in September, October and November – and at the current pace, it […]

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Dec

31

Economic Update for Monday, December 31, 2012

CRUNCH TIME IN WASHINGTON After a bipartisan meeting failed to produce a deal to avert the fiscal cliff, President Obama had a terse message for Congress Friday evening: if the Senate couldn’t come up with a new proposal during the weekend, he would urge its leaders to arrange a simple up-or-down vote on a small-scale […]

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Dec

17

Economic Update for Monday, December 17, 2012

INFLATION DECLINES With gasoline costs falling 7.4% in November and energy costs dipping 4.1% on the whole, it is hardly a surprise that the federal government’s Consumer Price Index fell 0.3% last month – its first decline since May. Core consumer prices rose 0.1%. The Producer Price Index also retreated 0.8% in November. In the […]

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Dec

10

Economic Update for Monday, December 10, 2012

JOBLESS RATE DROPS, SURPRISING ANALYSTS Non-farm payrolls expanded by 146,000 positions in November. Economists polled by Reuters had expected only 93,000 new jobs because of the impact of Superstorm Sandy. Yet while the jobless rate dipped to 7.7% last month, it was largely because fewer people sought work; the labor force participation rate was 63.6%, […]

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Dec

3

Economic Update for Monday, December 3, 2012

SPENDING DOWN, CONFIDENCE & GDP UP Personal spending decreased 0.2% in October, the first monthly retreat since June, possibly attributable to Superstorm Sandy. (Consumer spending dipped 0.3% when adjusted for inflation.) Personal income was flat in October for the first time since April. Even so, November’s Conference Board index of consumer confidence measured 73.7, a […]

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Nov

26

Economic Update for Monday, November 26, 2012

MORE GOOD NEWS FROM THE HOUSING MARKET Existing home sales rose 2.1% in October, according to the National Association of Realtors. NAR noted a 10.9% annual gain in the sales pace and an 11.1% year-over-year rise in the median sale price to $178,600. The National Association of Home Builders (NAHB) Housing Market Index came in […]

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Nov

19

Economic Update for Monday, November 19, 2012

A FISCAL CLIFF DEAL SOONER RATHER THAN LATER? House Speaker John Boehner and Senate Majority Leader Harry Reid both called Friday’s fiscal cliff meeting with President Obama and the White House economic team “constructive”. Speaker Boehner noted that he had introduced a framework for tax reform, adding that tax increases might be accepted if “accompanied […]

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Nov

12

Economic Update for Monday, November 12, 2012

HANDSHAKE OR STALEMATE AT THE FISCAL CLIFF? President Obama addressed the dilemma of the fiscal cliff, saying Friday that he was “open to compromise” but noting that he would not accept “any approach that isn’t balanced.” Earlier, House Speaker John Boehner told ABC News that a deal including tax increases would be “unacceptable,” noting that […]

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Nov

5

Economic Update for Monday, November 5, 2012

HIRING PICKS UP, JOBLESS RATE TICKS UP Employers added 171,000 jobs in October, according to the Labor Department. Revised August and September estimates showed non-farm payrolls growing by an average of 173,000 jobs in each of the past three months. The unemployment rate rose to 7.9%, as economists polled by Bloomberg had forecast, a consequence […]

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Oct

29

Economic Update for Monday, October 29, 2012

Q3 GDP READING SUGGESTS HEALTHIER ECONOMY The Commerce Department’s initial third quarter estimate of annualized growth – 2.0% – was better than expected. Still, it fell short of the 2.5% pace analysts feel is needed to reduce the unemployment rate. Consumer spending, defense spending and residential real estate investment were the key factors behind the […]

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