Weekly Economic Update: July 2-6, 2012
The economy added 80,000 jobs in June as the unemployment rate held steady at 8.2%. The ISM index fell 3.8 points to 49.7 in June. The ISM services index was down 1.6 points to 52.1 in June. Factory orders were up 0.7% in May. Auto sales increased 2.1% in June. Initial jobless claims were down 14,000 to a level of 374,000 for the week ended 6/30.
- The economy added 80,000 jobs in June as
the unemployment rate held steady at 8.2%. The 80,000 gain was
fewer than expected and less than the 130,000 jobs needed to keep pace with
healthy labor force participation. The labor force rose by 156,000 and
the labor force participation rate held steady at 63.8%. Job growth in
the second quarter of 2012 averaged 75,000 per month, compared to average
growth of 226,000 per month in the first quarter of the year - The ISM index unexpectedly fell 3.8 points
to 49.7 in June. This marks the first time in nearly three years (since
July 2009, right after the official end of the recession) that the index has
dipped into contraction territory (a reading below 50). - The ISM services index declined 1.6 points
to 52.1 in June. - Factory orders rose 0.7% in May.
- Auto sales rose 2.1% in June to an annual
pace of 14.08 million units. Sales were up 22% from a year ago. - Initial jobless claims declined 14,000 to a
level of 374,000 for the week ended June 30th.