Economic Reports 08/16/07
Summary: Initial claims climbing as long term unemployment worsens and the bleed into other sectors continues.
As the economy slows, Philly Fed falls flat, confirming NY Empire.
The Housing debacle continues with the bottom nowhere in sight... starts & permits falling to 10 year lows.
Initial Claims 08/11 +6K to 322K Full Report
Inside the number: 4 week MA +4.75K to 312.5K; continuing claims +17K to
2.56M; 4 week MA +1K to 2.54M.
STATES WITH AN INCREASE OF MORE THAN 1,000
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State Change State Supplied Comment
PA +1,076 apparel, leather goods, paper products, primary metals
WA +1,136 No comment.
NJ +1,196 construction, trade , service, manufacturing
PR +4,669 No comment.
KY +4,731 automobile and manufacturing
Philadelphia Fed Aug ZERO vs prior 9.2 Full Report
Inside the number: good news; employment up 21.2 from 4.1; prices paid down 15.4 from 28.1.
Bad news: new orders down 7.1 from 11.3; shipments down 12.4 from 20.3; prices received down 6.8 from 8.8.
Slowing down... unfilled orders down -2.1 from 3.2; delivery times down -2.1 from -1.1; inventories down -4.8 from 0.8.
Housing Starts Jul -6.1% to 1.381M vs prior 1.467M Full Report
Inside the number: Building Permits -2.8% to 1.373M vs prior 1.413M. YTD Total Permits -25.2%; Total Starts -25% both at fresh 10 year lows.
Even worse... SFR Starts plunging -7.3% to 1.07M; YTD -26.9%. SFR Permits -1.6% and YTD -28%; NE -21%; MW -28%; S -29%; W -27.9%
As the economy slows, Philly Fed falls flat, confirming NY Empire.
The Housing debacle continues with the bottom nowhere in sight... starts & permits falling to 10 year lows.
Initial Claims 08/11 +6K to 322K Full Report
Inside the number: 4 week MA +4.75K to 312.5K; continuing claims +17K to
2.56M; 4 week MA +1K to 2.54M.
STATES WITH AN INCREASE OF MORE THAN 1,000
--------------------------------------------------------------------------------
State Change State Supplied Comment
PA +1,076 apparel, leather goods, paper products, primary metals
WA +1,136 No comment.
NJ +1,196 construction, trade , service, manufacturing
PR +4,669 No comment.
KY +4,731 automobile and manufacturing
Philadelphia Fed Aug ZERO vs prior 9.2 Full Report
Inside the number: good news; employment up 21.2 from 4.1; prices paid down 15.4 from 28.1.
Bad news: new orders down 7.1 from 11.3; shipments down 12.4 from 20.3; prices received down 6.8 from 8.8.
Slowing down... unfilled orders down -2.1 from 3.2; delivery times down -2.1 from -1.1; inventories down -4.8 from 0.8.
Housing Starts Jul -6.1% to 1.381M vs prior 1.467M Full Report
Inside the number: Building Permits -2.8% to 1.373M vs prior 1.413M. YTD Total Permits -25.2%; Total Starts -25% both at fresh 10 year lows.
Even worse... SFR Starts plunging -7.3% to 1.07M; YTD -26.9%. SFR Permits -1.6% and YTD -28%; NE -21%; MW -28%; S -29%; W -27.9%
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