Weekly Economic Update: July 6-10, 2015
LAST WEEK
News & Commentary Weekly Highlights:
- New York Times: Now Europe Must Decide Whether to Make an Example of Greece (Sunday)
- Bloomberg Business: This Is Why Participation in the U.S. Workforce Has Plunged to Its Lowest Since 1977 (Thursday)
- Wall Street Journal: U.S. Construction Spending Hits New Postrecession High (Wednesday)
- Wall Street Journal: Companies, Business Groups Blast Overtime Proposal (Tuesday)
- Real Clear Markets: The Last Crisis May Set the Stage for the Next One (Monday)
Top Economic Indicator Highlights:
Employment Situation (June 2015)
- Unemployment rate: 5.3%
- Long-term unemployed (% of unemployed): 25.8%
- Labor force participation rate: 62.6%
- Employment-to-population ratio: 59.3%
- Nonfarm payroll jobs: 223,000
- Private payrolls: 223,000
- Average workweek: 34.5 hours
- Largest industry sector decrease (by level): Mining and logging, including support activities, and oil and gas extraction (-0.35%, -3,000)
- Largest industry sector increase (by level): Professional and business services (+0.33%, +64,000)
- Noteworthy: In the household survey, full-time employment fell over the month in June, down 349,000; in contrast, part-time jobs advanced 161,000. The labor force shrank by 432,000. The establishment survey’s nonfarm payroll gains for May and April were revised down. May nonfarm payrolls were revised to 254,000 jobs added from 280,000; April nonfarm payrolls were revised down to 187,000 from 223,000.
THIS WEEK
Upcoming Economic Reports & Releases:
Major Indicators
- Institute for Supply Management’s Non-Manufacturing Index (10am, Monday)
- International Trade (8:30am, Tuesday)
- Job Openings and Labor Turnover Survey (10am, Tuesday)
- Consumer Credit (3pm, Tuesday)
- Wholesale Trade (10am, Friday)
Chart of the Week:
