Economic Reports 04/26/07
Summary: Fed Beige Book spelling it out loud and clear... Initial claims down, but long term unemployment is still pernicious.
Both yesterday's, 2 year note auction (42%) and today's, 5 year note auction (39%) with strong indirect bidder participation.
Fed's Beige Book :
"Consumer prices remained generally stable or increased modestly, but most Districts reported a rise in input prices, particularly for metals and raw materials.
However, a number of Districts reported low or declining lumber prices. Many Districts saw a decrease in homebuilding. Residential real estate activity continued to weaken in many Districts.
Manufacturing activity was slow, with many reports of weakening among manufacturers that support the residential construction sector."
Initial Claims 04/21 -20K to 321K Full Report
Inside the number: 4 week MA +3.25K to 332K. Continuing claims +65K to 2.59M, 4 week MA +19.25K to 2.53M.
State Change State Supplied Comment
GA +1,180 Musical instruments.
IN +1,416 No comment.
SC +1,553 Manufacturing.
PR +1,880 No comment.
NJ +2,943 transportation, warehousing, construction, trade, service, and public admin.
NY +16,037 transportation, trade, service, and public admin.
Both yesterday's, 2 year note auction (42%) and today's, 5 year note auction (39%) with strong indirect bidder participation.
Fed's Beige Book :
"Consumer prices remained generally stable or increased modestly, but most Districts reported a rise in input prices, particularly for metals and raw materials.
However, a number of Districts reported low or declining lumber prices. Many Districts saw a decrease in homebuilding. Residential real estate activity continued to weaken in many Districts.
Manufacturing activity was slow, with many reports of weakening among manufacturers that support the residential construction sector."
Initial Claims 04/21 -20K to 321K Full Report
Inside the number: 4 week MA +3.25K to 332K. Continuing claims +65K to 2.59M, 4 week MA +19.25K to 2.53M.
State Change State Supplied Comment
GA +1,180 Musical instruments.
IN +1,416 No comment.
SC +1,553 Manufacturing.
PR +1,880 No comment.
NJ +2,943 transportation, warehousing, construction, trade, service, and public admin.
NY +16,037 transportation, trade, service, and public admin.
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