Weekly Economic Update: April 2-6, 2012
The economy added 120,000 jobs in March as the unemployment rate edged down to 8.2%. The ISM index rose 1.0 point to 53.4 in March as the ISM services index fell 1.3 points to 56.0. Consumer credit increased $8.7 billion to $2.52 trillion in February. Autos sales were down 4.8% in March. Factory orders rose 1.3% in February while construction spending fell 1.1%. Initial jobless claims decreased 6,000 to 357,000 for the week ended 3/31.
- The economy added a lesser-than-expected 120,000 jobs in March as the unemployment rate edged down to 8.2%. The labor force declined by 164,000 as the labor force participation rate edged down to 63.8%. The number of unemployed persons declined to 12.7 million, from 12.8 million in February.
- The ISM index increased 1.0 point to 53.4 in March.
- The ISM services index declined 1.3 points to 56.0 in March.
- Consumer credit increased $8.7 billion to $2.52 trillion in February. Revolving credit (i.e., credit cards) fell by $2.2 billion while non-revolving credit (i.e., auto loans) rose $10.9 billion.
- Auto sales were down 4.8% in March to an annual pace of 14.37 million units. On a year-over-year basis, sales were up 10%.
- Factory orders increase 1.3% in February.
- Construction spending unexpectedly fell 1.1% in February.
- Initial jobless claims declined 6,000 to a level of 357,000 for the week ended March 31st.