Weekly Economic Update: March 7-11, 2011
Overview: Consumer credit was up $5.0 billion to $2.412 trillion in January. The U.S. trade deficit widened 15% to $46.3 billion in January. The U.S. Treasury recorded a deficit of $222.5 billion in February. Retail sales rose 1.0% in February. Business inventories were up 0.9% in January. Initial jobless claims increased 26,000 to a level of 397,000 for the week ended 3/5.
- Consumer credit increased by $5.0 billion to $2.412 trillion in January. This marks the fourth consecutive monthly increase, following 20 months of decline. Total credit was $170 billion below its July 2008 peak.
- The U.S. trade deficit widened by a larger-than-expected $6.0 billion (15%) in January to a level of $46.3 billion. The 5.2% rise in imports outpaced the 2.7% increase in exports.
- The U.S. Treasury recorded a deficit of $222.5 billion in February.
- Retail sales rose 1.0% in February. Excluding autos, sales were up 0.7%.
- Business inventories increased 0.9% in January.
- Initial jobless claims rose 26,000 to 397,000 for the week ended March 5th.