Weekly Economic Update: March 1-5
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.