Overview:  The economy shed 36,000 jobs in February as the unemployment rate held steady at 9.7%.  Productivity for the 4th quarter of ’09 was revised upwards to 6.9%.  Consumer credit increased by $5 billion to $2.46 trillion in January.  The ISM index fell 1.9 points to 56.5 in February as the ISM services index rose 2.5 points to 53.0.  Personal income increased 0.1% in January as spending rose 0.5%.  Auto sales were down 3.5% in February.  Factory orders rose 1.7% in January.  Pending home sales declined 7.6% in January.  Initial jobless claims fell by 29,000 to a level of 469,000 for the week ended 2/27.

The economy shed 36,000 jobs in February as the unemployment rate held steady at 9.7%. 

Fourth quarter productivity growth was revised upwards to an annual rate of 6.9%, from an earlier estimate of 6.2%.

Consumer credit increased by $5.0 billion (a 2.4% annual rate) to $2.46 trillion in January, marking the first month of increase after a record eleven month decline.  Revolving credit (credit cards) fell $1.7 billion while non-revolving credit (auto loans, etc.) increased by $6.6 billion. 

The ISM index fell 1.9 points to 56.5 in March; the ISM services index rose 2.5 points to 53.0.

Personal income increased 0.1% in January as spending rose 0.5%.

Auto sales declined 3.5% to a seasonally adjusted annual rate of 10.4 million units in February.

Factory orders were up 1.7% in January.

Pending home sales fell by a greater-than-expected 7.6% in January.

Initial jobless claims fell by up 29,000 to 469,000, for the week ended February 27th.