Thursday, September 5, 2013

It's The Economy Stupid: Jobs

Economic Event

Period

Economic Survey

Actual Reported

Original Prior

Revised Prior

Challenger Job Cuts YoY

Aug

--

56.5%

2.3%

--

RBC Consumer Outlook Index

Sep

--

51.1

49.4

--

ADP Employment Change

Aug

184K

176K

200K

198K

Initial Jobless Claims

41517

330K

323K

331K

332K

Continuing Claims

41510

2985K

2951K

2989K

2994K

Nonfarm Productivity

2Q F

1.6%

2.3%

0.9%

--

Unit Labor Costs

2Q F

0.8%

0.0%

1.4%

--

 

*ADP survey shows companies in U.S. Added 176,000 Workers to Payrolls in August

*Jobless Claims in U.S. Declined More Than Forecast Last Week

 

Companies boosted employment by 176,000 workers in August, figures from ADP Research Institute showed today.  The median forecast of 43 economists surveyed by Bloomberg called for a 184,000 gain. Estimates ranged from increases of 150,000 to 225,000.

 

Jobless Claims showed that fewer Americans than forecast filed applications for unemployment benefits last week, indicating the labor market is improving.  Jobless claims declined by 9,000 to 323,000 in the week ended Aug. 31, less than the lowest estimate of economists surveyed by Bloomberg, from a revised 332,000.  Another report showed productivity climbed more than previously estimated in the second quarter.  Employers are holding the line on dismissals, setting the stage for a pickup in hiring to meet any acceleration in demand as the effects of federal budget cuts and higher payroll taxes begin to wane. Growth in employment and rising incomes will help sustain consumer spending, which accounts for about 70 percent of the economy.

 

John Broussard

Assistant State Treasurer

Chief Investment Officer

State of Louisiana

Department of the Treasury

225-342-0013

jbroussard@treasury.state.la.us

 

No comments:

Post a Comment