Productivity

The Institute for Supply Management reports that the PMI for its ISM non-manufacturing index declined to 55.2 in January. This compares to a revised reading of 55.7 in December, and is still a pretty strong figure indicating economic expansion in the non-manufacturing sector.

According to the ISM, eight non-manufacturing industries reported growth in January. Respondents comments are mixed about the economy and business conditions; however, the majority of respondents are optimistic about the overall direction, Anthony Nieves, chair of the ISM Non-Manufacturing Business Survey Committee, said in a statement.

Productivity

U.S. productivity has grown about 2% on average over the past 40 years. Higher productivity enables companies to generate more goods and services at lower cost, resulting in bigger earnings. The extra profit can be used to boost investment, deliver fatter dividends to shareholders or give larger paychecks to workers all good things for an economy.

The government will revise the initial productivity figure two more times, as it always does, and sometimes that results in big changes. In the third quarter, for instance, the government initially said productivity rose 1.9%, but it was later revised up to 2.9% and now 3.2%.

Productivity is determined by dividing the amount of goods and services businesses generate by how much time their employees work

Trade Deficit

The trade deficit shrank to $38.5 billion from $48.6 billion in November 2012. The shrinkage was broad based and reflected in part a reversal of the iPhone impact in November 2012 plus other factors.

The U.S. trade balance in December 2012 unexpectedly narrowed sharply to $-38.5B level. The improvement in the trade gap was led by both the petroleum balance and goods excluding petroleum balance.

What do the Economic Reports reveal about the state of the economy?

1. The average 30-year rate was unchanged at 3.53%
   
   
2. Initial claims for state unemployment benefits fell 5,000.
   
   
3. Purchase Applications rose 2.0% last week.
   
   
4. U.S. factory orders increased in December 2012.
   
   
5. Consumer Credit Rose in November on U.S. Auto, Student Loans.
   
   
6. U.S. Wholesale Inventories Fall 0.1%, Miss Economists' Estimate.
   
   
7. ISM Non-Manufacturing Declines But Remains In Expansion.
   
   
8. The trade deficit shrank to $38.5 billion from $48.6 billion in November.
   
   

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