Economic Reports 03/09/07
Summary: The trade deficit narrowed as imports keep falling on softening domestic demand leading to wholesale inventories building as domestic spending and sales slow.
Non farm payrolls with the largest labor force drop in 3 years, durable economic jobs continue to disappear with no fall back in sight.
Trade Balance Jan -$59.1B vs prior -$61.5B Full Report
Inside the number: the gap narrowed 3.8%, the 4th time in the last 5 months. YTD trade deficit +6.8% on course to set another new record.
The largest gain came in capital goods exports, which set a new record. The increase was paced by higher orders for civilian aircraft orders, which surged 13.1% in Jan.
The gap is narrowing because exports are increasing while imports are decreasing, due to lessened domestic demand. Not a good sign...
Wholesale Inventories Jan +0.7% vs prior -0.5% Full Report
Inside the number: Durable goods sales flat, non durable goods -1.8%, inventories up 9.2% YOY.
Overall montly Sales -0.9% led by gasoline -11.1%, computers -5%, and autos -4.1%. More important, YOY lumber & construction materials sales -19.8%.
How bad was January? the above numbers are seasonally adjusted, unadjusted opens some eyes...
Motor vehicles -12%, commercial equipment -13.8%, computers -22.7%, beer wine & liquor -31.9%!!!!! Declining liquor sales in JANUARY???
Nonfarm Payrolls Feb 97K vs prior 146K Full Report
Inside the number: Unemployment Rate Feb 4.5% vs prior 4.6%. The jobless rate fell because people dropped out of the labor force, not because unemployed workers got jobs.
The labor force -190K in February, the biggest drop in more than three years. Employment -38K, Unemployment -152K to 6.9 M. The labor participation rate fell a tenth to 66.2%.
Construction jobs -62K, including -23K in residential construction trades. Factory payrolls -14K, their 8th straight monthly decline.
Oh yes, +168K in the service McJob sector... bye bye Miss American Pie, drove my Chevy to the levy, but the levy was dry....
Non farm payrolls with the largest labor force drop in 3 years, durable economic jobs continue to disappear with no fall back in sight.
Trade Balance Jan -$59.1B vs prior -$61.5B Full Report
Inside the number: the gap narrowed 3.8%, the 4th time in the last 5 months. YTD trade deficit +6.8% on course to set another new record.
The largest gain came in capital goods exports, which set a new record. The increase was paced by higher orders for civilian aircraft orders, which surged 13.1% in Jan.
The gap is narrowing because exports are increasing while imports are decreasing, due to lessened domestic demand. Not a good sign...
Wholesale Inventories Jan +0.7% vs prior -0.5% Full Report
Inside the number: Durable goods sales flat, non durable goods -1.8%, inventories up 9.2% YOY.
Overall montly Sales -0.9% led by gasoline -11.1%, computers -5%, and autos -4.1%. More important, YOY lumber & construction materials sales -19.8%.
How bad was January? the above numbers are seasonally adjusted, unadjusted opens some eyes...
Motor vehicles -12%, commercial equipment -13.8%, computers -22.7%, beer wine & liquor -31.9%!!!!! Declining liquor sales in JANUARY???
Nonfarm Payrolls Feb 97K vs prior 146K Full Report
Inside the number: Unemployment Rate Feb 4.5% vs prior 4.6%. The jobless rate fell because people dropped out of the labor force, not because unemployed workers got jobs.
The labor force -190K in February, the biggest drop in more than three years. Employment -38K, Unemployment -152K to 6.9 M. The labor participation rate fell a tenth to 66.2%.
Construction jobs -62K, including -23K in residential construction trades. Factory payrolls -14K, their 8th straight monthly decline.
Oh yes, +168K in the service McJob sector... bye bye Miss American Pie, drove my Chevy to the levy, but the levy was dry....
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