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The Economic Data Thread 2.0

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Deleted User 8570

Re: The Economic Data Thread 2.0

Post by Deleted User 8570 » Wed Feb 15, 2017 10:00 am

New York's Manufacturing Survey rose in January to its highest level since 2014:
WASHINGTON (AP) — Manufacturing in New York state expanded at the fastest pace in more than two years as factories received more new orders and stepped up hiring.

The Federal Reserve Bank of New York said Wednesday that its Empire State manufacturing index in February rose to 18.7 from 6.5, reaching the highest level since 2014. Any reading above zero indicates expansion.

The survey adds to recent evidence that the U.S. manufacturing sector is recovering after nearly two years of mostly flat output. Businesses are spending more on machinery and other big-ticket factory goods, and overseas economies have stabilized.

A measure of new orders jumped to 13.5 from 3.1 and a measure of unfilled orders rose for the first time since 2011. Both gauges point to much stronger demand for factory goods.



Deleted User 8570

Re: The Economic Data Thread 2.0

Post by Deleted User 8570 » Wed Feb 15, 2017 10:03 am

Retail Sales rose 0.4% in January:
WASHINGTON (AP) — Retail sales rose a seasonally adjusted 0.4 percent last month, slowing down from a solid 1 percent gain in December, the Commerce Department said Wednesday.

Overall sales likely pulled back from a December bump in holiday shopping online and at auto dealers, while Americans spent more than normally expected last month at clothiers, department stores, electronics outlets and sporting goods retailers.

The gains were solid, but they show that improving consumer sentiment after President Donald Trump's presidential election, especially among Republicans, has done little to boost retail sales.

"Sales are growing at a decent clip, but the surge in consumers' confidence since the election is yet to translate into stronger spending," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

Higher gas prices drove a 2.3 percent sales increase at service stations last month. Gasoline prices climbed 7.8 percent between January and December, according to a separate Labor Department report released Wednesday. The retail sales report does not adjust its figures for prices.

Purchases at restaurants and bars climbed 1.4 percent. Building materials stores saw a slight 0.3 percent gain.

But sales at auto dealers slipped 1.2 percent, a sharp pull back after jumping 2.9 percent in December.

Sales at non-store retailers such as internet outlets were flat in January, although they have climbed 12 percent over the past year as more Americans prefer to shop via their computers and phones.

Over the past 12 months, total retail sales have risen a solid 5.6 percent. The greater spending likely reflects the improving job market. Employers added 227,000 workers in January, while the unemployment rate ticked up slightly to 4.8 percent because more people started looking for jobs and were counted as unemployed.



Deleted User 8570

Re: The Economic Data Thread 2.0

Post by Deleted User 8570 » Wed Feb 15, 2017 10:06 am

Factory Output rose 0.2% in January:

[quote]WASHINGTON (AP) — U.S. manufacturers cranked out more steel, machinery and electronics last month as factories appear to be rebounding after two years of stagnation.

Factory output rose 0.2 percent in January, its second straight increase, the Federal Reserve said Wednesday . While modest, the gain is equal to the industry's growth in all of 2016.

Manufacturers are benefiting from increased spending by businesses on industrial machinery and other equipment. Oil and gas drillers are building new rigs now that energy prices have stabilized after falling sharply two years ago. Cutbacks by drillers had caused orders for steel pipe and other drilling equipment to plummet. And weak overseas economies in Europe and China also cut into exports.

Yet those trends have largely reversed. Mining production rose 2.8 percent last month, pushed higher by a solid gain in oil and gas drilling.

Utility production fell 5.7 percent last month, as unseasonably warm weather reduced demand for heating. A broader measure of industrial production, which includes manufacturing, mining and utilities, dropped 0.3 percent.

Other measures of manufacturing output show steady improvement. Factories expanded at the fastest pace in more than two years last month, according to a private survey of purchasing managers. That survey also found that factories are hiring more.

And a separate gauge of new orders for U.S. factory goods rose in December at a solid pace, lifted by greater business spending on big-ticket items such as machinery and computers.

A strong dollar has weighed on exports because it makes U.S. goods more expensive overseas, though manufacturers appear to be adjusting to the currency's strength.[/quote]



Deleted User 8570

Re: The Economic Data Thread 2.0

Post by Deleted User 8570 » Wed Feb 15, 2017 10:12 am

Consumer Prices rose 0.6% in January:
WASHINGTON (AP) — U.S. consumer prices rose in January at the fastest pace in nearly four years, strengthening the case for the Federal Reserve to raise interest rates this year.

The Labor Department said Wednesday consumer prices rose 0.6 percent last month, most since February 2013 and twice what economists were expecting. A 7.8 percent jump in gasoline prices accounted for almost half the increase. Stripping out volatile food and energy prices, consumer inflation rose 0.3 percent.

Food prices rose in January for the first time in seven months. Grocery prices were unchanged, but the cost of eating out rose 0.4 percent. The price of clothing, new cars, auto insurance and air fares all rose by 0.8 percent or more in January.

Overall, consumer prices rose 2.5 percent from a year earlier, most since March 2012. Core inflation rose 2.3 percent over the last 12 months.

After remaining low in the aftermath of the 2007-2009 Great Recession, inflation is running above the Fed's 2 percent annual target.

The Fed left a key interest rate unchanged at its Jan. 31-Feb. 1 meeting. It raised rates in December for only the second time in a decade. Fed Chair Janet Yellen on Tuesday told a Senate committee that the central bank will likely resume raising rates in the next few months.

But with uncertainties surrounding President Donald Trump's proposals on taxes, spending and trade, Yellen said the Fed still wants to keep assessing the economy.



Deleted User 8570

Re: The Economic Data Thread 2.0

Post by Deleted User 8570 » Thu Feb 16, 2017 8:45 am

Construction of houses and apartments fell 2.6% in January led lower by a 7.9% drop in new apartment construction:
WASHINGTON (AP) — U.S. home building fell last month, led by a drop in apartment construction, while developers broke ground on more single family homes.

The Commerce Department says the construction of new houses and apartments declined 2.6 percent in January after a big gain the previous month. Single family housing starts rose 1.9 percent. Apartment building dropped 7.9 percent.

Even with the decline, new home construction has increased 10.5 percent in the past year. That gain has been fueled by rising demand for homes as more Americans are looking to buy.

Yet many potential buyers are frustrated by a lack of available properties. The supply of existing homes fell in December to its lowest level since 1999. That has pushed up prices as buyers have had to bid against each other.



Deleted User 8570

Re: The Economic Data Thread 2.0

Post by Deleted User 8570 » Thu Feb 16, 2017 8:50 am

Unemployment claims rose 5000 last week but remain at a healthy level:
WASHINGTON (AP) — The number of Americans filing for unemployment benefits rose slightly last week but still remained at a level indicating a healthy job market.

The Labor Department says claims for unemployment benefits rose by 5,000 last week to a seasonally adjusted 239,000. The increase came after claims had dropped to 234,000 the previous week, the second lowest reading in the past year. The less-volatile four-week average edged up a slight 500 applications to 245,250. That marks 102 consecutive weeks in which claims applications have been below the key threshold of 300,000, the longest stretch since 1970.

Jobless claims are a proxy for layoffs. The low level for claim applications suggests that employers remain confident enough in the economy to be focusing on hiring new workers and retaining the employees they have.



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