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Week 14 -2013 | From Apr. 01 to Apr. 05, 2013 |
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Economic Data for Week 14-2013 | Global View
| Week Rating
| DATE/WEEK |
DAY |
REPORT/CATEGORY |
HIGHLIGHTS ON WEEK 14-2013 |
LAST |
|
Mon |
ISM Manufacturing Index |
The Institute for Supply Management (ISM) said its index of national factory activity fell to 51.3 in March 2013 from 54.2 February 2013. The reading was shy of expectations of 54.2. |
51.3
Level
|
|
 |
Manufacturing |
The pace of expansion in the U.S. manufacturing sector unexpectedly slowed in March 2013, according to an industry report released on Monday. |
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|
Mon |
Construction Spending |
Construction Spending advanced 1.2% to an annual rate of $885.1 billion in February 2013, the Commerce Department reported. Consumer Spending had declined 2.1% in January 2013. |
1.2%
M/M
|
|
|
Growth |
U.S. construction spending rebounded in February 2013as both public and private outlays increased, bolstering views of faster economic growth in the first quarter. |
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|
Tue |
ICSC Goldman Sachs Index |
U.S. store sales rebounded last week as consumers splurged on Easter-related goods. The report notes that cold weather hurt sales of spring apparel in the week. |
1.9%
Y/Y
|
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|
Sales and Inventories |
Year-on-year, ICSC-Goldman's tally remains very soft at only plus 1.9%. Chain stores will post their March 2013 sales a week from Thursday. |
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Tue |
Johnson Redbook |
The Redbook store sales index is now +3.5% Y/Y compared to +2.6% Y/Y last week. Despite the week's cold weather which held down demand for spring apparel, Redbook does note that sales of children's apparel were strong in the Easter week. |
3.5%
Y/Y
|
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|
Sales and Inventories |
Redbook reports strength in the March 30 week with its same-store sales tally at a year-on-year plus 3.0% for a nine tenths gain from the prior week. Redbook's month-on-month indication, at plus 0.8%, offers an early signal of strength for the government's ex-auto ex-gas reading for March. |
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Tue |
Factory Orders |
The 3.0%, February 2013, gain in bookings, the biggest in five months, followed a revised 1% decline in January 2013, a Commerce Department report showed today in Washington. |
3.0%
M/M
|
|
|
Manufacturing |
Orders placed with U.S. factories increased in February 2013, boosted by a pickup in demand for motor vehicles and commercial aircraft. |
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|
Thu |
Motor Vehicle Sales |
Autodata reports in the preliminary motor vehicle sales release that light weight vehicle sales in March 2013 were at a seasonally adjusted annual rate of 15.27 million. |
12.1M |
|
|
Sales and Inventories |
This is slightly below the February 2013 figure reported by the U.S. Bureau of Economic Analysis of SAAR 15.32 million. Light Vehicle Sales Decrease To SAAR Of 15.27 Million |
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|
Wed |
MBA purchase Applications |
The total number of mortgage applications filed in the U.S. last week fell 4% even as interest rates generally declined, the Mortgage Bankers Association said Wednesday. |
-4.0%
W/W
|
|
|
Real Estate |
The refinance index declined 6% for the week ended March 29 from the previous week. On a seasonally adjusted basis, the purchasing index rose 1% from the prior week. On a year-over-year basis, purchase applications are up about 4%, in line with home sales volumes trends, MBA said. |
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Wed |
Bank Reserve Settlement |
Bank Reserve Settlement is the date where commercial banks must meet reserve requirements stipulated by the Federal Reserve. |
N/A |
|
|
Banking System |
Bank Reserve Settlement is a two-week period that ends every other Wednesday. |
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Wed |
ADP Employment Report |
The pace of hiring by private employers slowed last month. Only 158,000 jobs were added in March 2013, according to a report issued Wednesday by payroll-processing firm ADP. |
158,000
jobs
|
|
|
Employment |
The main cause of the slowdown was a sharp decrease in hiring by construction firms, which did not add any jobs last month. This is a marked contrast from the previous four months. Construction job growth, juiced by the upswing in the housing market, has averaged 29,000 a month according to ADP. |
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Wed |
ISM Non-Mfg Index |
The Institute for Supply Management (ISM) non-manufacturing index dropped to 54.4 in March 2013 from 56.0 in February 2013. Market expectations had been for a smaller decline in the measure to 55.5. |
54.4
Level
|
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|
Business Actvity |
The decrease in March 2013 largely reflected a moderation in the "new orders" and "employment" components although both remained solidly above the break-even level of 50. "Business activity" was little changed while "supplier deliveries" rose to provide partial offset. |
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Wed |
EIA Crude Oil |
Refineries, operating at 86.3% of capacity, are increasing production but gasoline and distillate inventories both fell, down 0.6 million and 2.3 million barrels. In a reversal from last week's report, imports dropped 227,000 to 7.9 million barrels per day while refinery inputs added on 130,000 to reach 15 million barrels per day. |
2.7M
Barrels
|
|
|
Commodity |
The Energy Information Administration (EIA) said that U.S. Crude Oil Inventories declined to a seasonally adjusted annual rate of 2.7M, from 3.3M in the preceding month |
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|
Thu |
Jobless/Initial Claims |
Initial jobless claims jumped 7.8% to a seasonally adjusted 385,000, according to a Labor Department report released today. Market analysts had been expecting a 2% dip after the previous week's unrevised 4.7% rise. |
385K
Claims
|
|
|
Employment |
Longer-term trends provide little relief from these newest numbers. The four-week moving average jumped 3.3% to 354,250 after three consecutive weeks of increasing initial claims pushed the average higher last week. |
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Thu |
EIA Natural Gas Report |
Working gas in storage was 1,687 Bcf as of Thursday, April 04, 2013, according to EIA estimates. This represents a net decline of 94 Bcf from the previous week. |
-94
bcf |
|
|
Commodity |
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended March 22 fell by 94 billion cubic feet, compared to -95 bcf last week. |
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|
Thu |
Fed Balance Sheet |
The Fed's asset holdings in the week ended Wednesday Apr 04 increased $13.1 billions from a loss of $-4.6 billions the prior week, the central bank said in a weekly report released Thursday. |
$13.1
Billions |
|
|
Government |
The U.S. Federal Reserve's balance sheet exceeded $3 trillion, (Total Assets = $3.217 trillion), as the central bank continued with its efforts to spur the economy through bond purchases. |
|
|
Thu |
M2 Money Supply |
M2 Weekly Change $20.7 Billions from last week $17.2B revised. |
$1.8
Billions |
|
|
Money Supply |
M2 included M1 and, in addition, short-term time deposits in banks and certain money market funds. In general, an increase in the supply of money typically lowers interest rates. |
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|
Fri |
Fixed Mortgage Rates |
The mortgage giant Thursday said the 30-year fixed-rate mortgage (FRM) fell to 3.54% in the week ending April 4, 2013, down from 3.57% in the previous week. |
3.54% |
|
|
Interest Rates |
The 15-year FRM, a popular choice for those looking to refinance, dipped to 2.74% from 2.76% in the previous week.
|
|
|
Fri |
Employment Situation |
Job creation slowed to a crawl during March 2013, with the U.S. economy creating just 88,000 positions though the unemployment rate fell to 7.6%. |
7.6% |
|
|
Employment |
A broader measure of unemployment that counts the discouraged and underemployed also fell, declining to 13.8% from February's 14.3%. Therefore, the actual level of employment dropped by 206,000 and the number of Americans considered still in the labor force tumbled by 496,000. |
|
|
Fri |
U.S.Trade Balance |
The deficit narrowed to $43.0 billion, from an unrevised $44.5 billion in January 2013. The consensus estimate of Wall Street analysts surveyed before the report was for the trade gap to widen slightly to $44.6 billion. |
$-43.0B |
|
|
Balance of Payments |
The U.S. trade gap narrowed unexpectedly in February 2013 as crude oil imports fell to their lowest level since March 1996 and overall exports increased slightly. The lower-than-expected deficit could prompt analysts to raise their estimates of first-quarter U.S. economic growth. |
|
|
Fri |
Consumer Credit |
U.S. consumer credit grew at an annual rate of 7.8% in February 2013, indicating expanding consumer spending and ongoing economic recovery. Total consumer borrowing rose from a revised $2.780 trillion in January 2013 to a record $2.799 trillion in February 2013.
|
$18.1B |
|
|
Consumer |
Revolving debt, which includes credit cards, edged up at an annual rate of 0.8% to $848 billion in February 2013. The non-revolving category that includes auto and students loans, surged at an annual rate of 10.9% to $1.951 trillion. |
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| WEEK 14-2013 ENDING APR. 05 |
Reports Commentary
A report yesterday signaled factories took a breather in March to assess the impact of the automatic federal government spending cuts, or sequestration, which took effect at the start of the month.
ISM Manufacturing
The Institute for Supply Management's factory index fell to 51.3 in March from an almost two-year high of 54.2 in February, the Tempe, Arizona-based group reported yesterday. A reading of 50 is the dividing line between growth and contraction.
Manufacturing, which accounts for about 12% of the economy, is projected to keep contributing to growth this year. At the same time, the outlook may be clouded by the automatic, across-the-board federal spending cuts that began on March 1 as lawmakers failed to reach a compromise on ways to reduce the debt.
Imports
The United States imported 205 million barrels of crude in February, down sharply from 261 million the previous month. The 17-year low came as monthly crude oil import prices rose nearly $2 a barrel from January to $95.96.
Higher imports of autos, consumer goods, capital goods and food offset the reduced imports of oil and other industrial supplies and material, leaving overall imports unchanged from January at $228.9 billion.
U.S. imports from China fell in February to their lowest level in nearly a year. The bilateral U.S. trade gap with China narrowed to $23.4 billion, also the lowest since March 2012.
Employment
Job creation slowed to a crawl during March 2013, with the U.S. economy creating just 88,000 positions though the unemployment rate fell to 7.6%.
What do the Economic Reports reveal about the state of the economy?
- U.S. Construction Spending Rises, Tops Forecasts
- U.S. Job Creation Plunges, but Rate Drops to 7.6%
- U.S. Manufacturing Growth Slows, Misses Forecast: ISM
- Feb. consumer credit jumps by most in 6 months
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To prepare for this week we have posted the following Blog: |
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U.S. Corporate Profits Higher |
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