Key Economic Indicators – June 10, 2013

  • Total non-farm payroll employment rose 175 thousand to 135.637 million in May, following an increase of 149 thousand in the previous month.   Private-sector payrolls increased by 178 thousand in the month, while government employment decreased by 3 thousand.
  • The unemployment rate increased to 7.6% in May, from 7.5% in April.
  • The average workweek of all employees on private nonfarm payrolls was unchanged at 34.5 hours.
  • Average hourly earnings of all employees on private nonfarm payrolls increased by a cent to $23.89. Over the past 12 months, average hourly earnings were up 2.0%, while average weekly earnings were up 2.3%.
  • The advance figure for initial claims for unemployment insurance decreased 11 thousand to 346 thousand in the week ending June 1.
  • First quarter productivity increased 0.5% (seasonally adjusted annual rate) in the non-farm business sector, while unit labor costs decreased 4.3%. Productivity in the non-farm business sector increased 0.9% from the first quarter of 2012, while unit labor costs increased 1.1%.
  • Sales of domestic cars increased 3.2% in May, while total light vehicle (cars and light trucks) sales increased 2.5%. Total vehicle sales were 15.229 million units in May, at a seasonally adjusted annual rate, compared to 13.897 million in May of 2012.
  • New orders for manufactured goods increased 1.0% in April, while shipments decreased 0.7%.
  • In April international trade deficit was $40.3 billion, $3.2 billion more than the revised March figure.
  • April construction spending increased 0.4%, following a 0.8% decrease in the previous month. Private construction increased 1.0%, while public construction decreased 1.2%.
  • The results of Freddie Mac’s Primary Mortgage Market Survey showed average fixed mortgage rates trending higher for the fifth consecutive week. The 30-year fixed mortgage rate averaged 3.91% for the week ending June 6, up from last week when it averaged 3.81%.
  • Mortgage applications decreased 11.5% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending June 5th.
  • The Institute for Supply Management’s (ISM) manufacturing survey indicated that the manufacturing sector contracted in May for the first time since November 2012, and the overall economy grew for the 48th consecutive month.
  • In May, the Institute for Supply Management’s (ISM) non-manufacturing survey results indicated growth in the non-manufacturing business activity for the 41th consecutive month.
  • TheFED’s “Beige Book” indicated that overall economic activity increased at a modest to moderate pace since the previous report across all Districts except the Dallas District, which reported strong economic growth.

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