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Weekly Economic Update

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Language: English
Category: News and Politics / Unknown
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The weekly national economic update reviews the past week's economic and financial events and provides a general economic forecast along with a consensus view of the upcoming economic reports.

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Week of October 27, 2008

Stock market prices continued to fall last week as investors assess the depth of the unfolding economic contraction. The Dow Jones Industrial Average (DJIA) lost a 473 points last week, with some of the drop attributed to the growing number of home foreclosures. Global stocks also took a tumble late last week and yields on the 30-year Treasury hit a 31-year low with investors flocking to the safety of U.S. Treasuries. On the positive side, the index of leading indicators and existing home sales ...

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[ Mon, 27 Oct 2008 12:00:00 GMT ]

Week of October 6th, 2008

The majority of last week's news centered around the $700 billion bailout plan and its potential effects on the economy. The stock market entered a freefall on Monday�the Dow Jones Industrial Average lost nearly 778 points by the end of the day�after the House of Representatives voted against the rescue package. Stock prices fell further on Friday after Congress passed the bill as investors are now turning their attending to the inevitableness of a continued recession. Consumer confidence rose t...

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[ Mon, 06 Oct 2008 12:00:00 GMT ]

Week of September 1, 2008

Economic reports were generally upbeat last week. Real gross domestic product (GDP) grew at a 3.3% annualized rate in the second quarter of 2008, much higher than the 2.7% that was expected. U.S. stock prices climbed when the strong GDP report was released on Thursday but then retreated by Friday afternoon as technology companies reported lower-than-expected earnings. Moreover, oil prices were volatile over the week and rose on Friday with Hurricane Gustav threatening facilities in the Gulf of M...

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[ Mon, 01 Sep 2008 12:00:00 GMT ]

Week kof August 18, 2008

While there is a noticeable increase in the number of positive economic reports, the overall outlook remains grim. Even as the decreasing price of a barrel of crude oil grabs headlines, the current economic slump is expected to continue into 2009 as the impact of tax rebates fades. Furthermore, wages are not keeping up with inflation and fell 0.8% in July after dropping 0.9% in June. Consumer prices rose in July at the fastest pace since 1991 as the cost of living increased 5.6% for the year ...

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[ Mon, 18 Aug 2008 12:00:00 GMT ]

Week of August 11, 2008

4-year degree or higher...

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[ Mon, 11 Aug 2008 12:00:00 GMT ]

Week of August 4, 2008

Reports last week about the economy remained negative except for a few bright spots. Consumer confidence continued to fall as it nears 1992's all-time low mark. After weeks of decline, the price per barrel of crude oil rose $4 midweek as summer travelers stayed on the road and cut into America's already low gas supply level. Unemployment continued to increase as 51,000 jobs were cut in July; many analysts agreed this declining trend in employment is further proof the United States is in a rec...

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[ Mon, 04 Aug 2008 08:45:00 GMT ]

Week of July 28, 2008

The few reports released last week continue to point to weak or declining economic activity. Leading indicators and housing activity declined while initial unemployment claims rose. The Federal Reserve's "Beige Book" found that "the pace of economic activity slowed somewhat from the last report." On the positive side, orders for durable goods rose more than expected. Investors do not expect the Federal Open Market Committee (FOMC) to raise the federal funds rate target at their August 5 meeting...

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[ Mon, 28 Jul 2008 12:00:00 GMT ]

Week of July 21, 2008

Continued slow or contracting growth as well as accelerating inflation characterized last week's reports. Initial unemployment claims moved back up after a significant drop in the previous week and retail sales barely grew in June after growth in May was hailed as a successful stimulus program. Industrial production grew faster-than-expected in June mainly because of strong growth in utilities and mining while manufacturing saw little growth. Housing starts also advanced because of a sharp jump...

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[ Mon, 21 Jul 2008 12:00:00 GMT ]

Week of July 14, 2008

The few reports released last week point to some improvement in the economy, but news from the financial industry continues to suggest the problems are far from over. On the positive side, initial unemployment claims dropped for the week ending with July 5 and the trade deficit narrowed. The price of oil was volatile during the week but finally ended Friday at $143.25 a barrel--down 1.4% from the previous week. Perhaps the biggest news came on Friday when mortgage lender IndyMac Bank was taken ...

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[ Mon, 14 Jul 2008 12:00:00 GMT ]

Week of July 7, 2008

Positive news was difficult to find last week. The outlook of the labor market worsened as nonfarm employment fell in June for the sixth straight month and initial unemployment claims jumped above 400,000 for the week of June 28 for only the second time since June 28. Other economic reports showed spending on construction fell in May for the eleventh time in twelve months, and purchases of domestic light vehicles dropped below 10 million units at annualized rate in June for the first time since ...

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[ Mon, 07 Jul 2008 12:00:00 GMT ]

Week of June 30, 2008

The Federal Open Market Committee (FOMC) held the federal funds rate target at 2.00% citing softer labor markets, stressed financial markets, tighter credit conditions, and higher energy prices as reasons not to raise rates despite concerns about inflation. In the financial markets, the three major stock indices plunged and oil prices rose above $140 leading analysts to warn that a bear market is close at hand. While news from the financial markets was abysmal, economic reports were mixed. Negat...

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[ Mon, 30 Jun 2008 12:00:00 GMT ]

Week of May 19, 2008

Reports last week were mixed. On the positive side, the housing market improved (starts and building permits rose) and the consumer price index (CPI) and core CPI moderated. On the negative side, consumers continued to cut back on spending causing retail sales to edge down 0.2%. The industrial sector suffered with production slowing to its lowest year-over-year pace in more than four years and capacity utilization fell to the lowest level in over two years. While economic reports were mixed, the...

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[ Mon, 19 May 2008 00:00:00 GMT ]

Week of April 7th, 2008

The latest reports add more evidence that a recession started in January. Nonfarm payrolls fell by 80,000 in March for the third straight decline and initial unemployment claims jumped 38,000 for the week of March 29 to a year and a half high. News was not much better for the nation's goods producers as both construction spending and factory orders fell in February. The one positive report released last week showed that the ISM index increased 0.3 points to 48.6, though still below 50 which sig...

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[ Mon, 07 Apr 2008 00:00:00 GMT ]

February 18, 2008

Most reports released last week were better than expected but a deeper look shows some weakness. Retail sales were expected to remain flat but rose 0.3% in January, in part, because of higher gasoline prices. Industrial production inched up 0.1% because of a strong 2.2% gain in output at utilities in January. In contrast, manufacturing output was unchanged and mining dropped off. Initial unemployment claims fell for the third straight week in a sign that labor markets might be improving, and th...

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[ Mon, 18 Feb 2008 00:00:00 GMT ]

Week of February 4, 2008

Last week's reports were predominantly negative. Nonfarm employment contracted by 17,000 in January and the length of the workweek slipped lower. The unemployment rate, however, inched down to 4.7% in January from 5.0% in December. After several weeks of surprisingly lower initial unemployment claims, a 69,000 jump for the week of January 26 puts the level of claims more in line with a contracting economy. Although fourth quarter real gross domestic product (GDP) came in at a much lower-than-ex...

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[ Mon, 04 Feb 2008 00:00:00 GMT ]

Week of January 21, 2008

Stock market indices continued to fall last week after worse-than-expected retail sales and housing reports. Retail sales fell 0.4% in December and housing starts plunged 14.2% in December to its lowest point in 17 years. Permits dropped to a 15-year low. Industrial production held steady but is decelerating on an annualized basis. The Conference Board's leading index is not yet sounding the recession warning but the declines in the components that make up the index are becoming more broad-based...

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[ Mon, 21 Jan 2008 00:00:00 GMT ]

Week of December 24, 2007

Someone forgot to tell the consumers that they are not supposed to spend during a recession! The 1.1% jump in consumer spending in November (a 2-year high) provides some evidence that the economy is not slipping into recession. Of course, the housing sector is a different story. Starts fell 3.7% in November but remain slightly above the September low. Permits, which generally lead starts, fell 1.5% to a new 14-year low. Recession is coming soon according to the Conference Board's leading index ...

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[ Mon, 24 Dec 2007 00:00:00 GMT ]

Week of December 17, 2007

The Federal Open Market Committee (FOMC) lowered the federal funds rate target by 25 basis points last week to 4.25%. Unimpressed investors sold off stocks and drove all three major indexes down last week with concerns that the Federal Reserve is not doing enough to keep the economy out of recession. Many analysts and the media are stoking the recession fears despite the lack of evidence outside of the housing sector. Retail sales grew at twice the pace expected by economists in November, the t...

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[ Mon, 17 Dec 2007 00:00:00 GMT ]

Week of December 10, 2007

Investors are anxiously awaiting the decision of the Federal Open Market Committee (FOMC) which will be released on Tuesday. In recent weeks, Federal Reserve officials have backed off their earlier statements that further target rate cuts are unlikely, which has led to speculation that the target rate may be cut by half a point. The last major report before the FOMC meeting, nonfarm payrolls, was released Friday and showed moderate growth, which some economists believe will make a quarter-point ...

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[ Mon, 10 Dec 2007 00:00:00 GMT ]

Week of December 3, 2007

Real gross domestic product grew at the fastest pace in four years in the third quarter and core inflation remains under control, but consumers are the least confident they have been about the economy since hurricane Katrina. The decline in the housing market has not shown consistent signs of leveling off and construction spending is falling as a result. Personal spending was slightly weaker than expected, but it remains to be seen whether the retail holiday season will be disappointing as some ...

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[ Mon, 03 Dec 2007 00:00:00 GMT ]

Week of November 26, 2007

The shortened Thanksgiving holiday week brought negative reports that the housing market continued to weaken. On the positive side, initial unemployment claims fell. Worries about the impact of the sub-prime mortgage market spill-over into the broader economy drove stock prices lower and bond prices higher over much of the week until Black Friday when consumer gave retailers a better-than-expected showing on the day after Thanksgiving. Many investors still seem to believe that the Federal Open M...

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[ Mon, 26 Nov 2007 00:00:00 GMT ]

Week of November 19, 2007

We expect real GDP growth to remain below 3.0% over the next year, however, concerns about accelerating inflation are likely to keep the Federal Reserve from lowering the federal funds rate target further. A declining dollar as well as higher oil prices will likely cause inflation to increase somewhat. Although the subprime mortgage issues will cause banks to tighten their lending policies, we do not expect liquidity issues to lead to recession. ...

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[ Mon, 19 Nov 2007 00:00:00 GMT ]

Week of November 12, 2007

Economic reports released last week generally supported the Federal Open Market Committee (FOMC) statement that the risks of inflation and slower economic growth are roughly balanced. Third quarter productivity growth surged while unit labor costs declined and the September trade balance unexpectedly narrowed despite rising oil prices. Both reports point toward a stronger-than-expected economy in recent months, though slower growth is forecast in the coming months. Balancing these reports was gr...

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[ Mon, 12 Nov 2007 00:00:00 GMT ]

Week of November 5, 2007

A loaded economic calendar and a Federal Open Market Committee (FOMC) meeting provided plenty of economic excitement last week. The FOMC cut the federal funds rate target by 25 basis points as the market had expected. Real GDP beat expectations by posting 3.9% growth in the third quarter, and a nonfarm payrolls gain of 166,000 was nearly double the consensus expectation. The unemployment rate held at 4.7% and core personal consumption expenditures (PCE) held at 1.8%, within the 1-2% range that t...

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[ Mon, 05 Nov 2007 00:00:00 GMT ]

Week of October 28, 2007

Last week was light on economic data, while this week's calendar is loaded. Investors are anxiously awaiting the Federal Open Market Committee's (FOMC) policy statement to see whether further rate cuts will be taken. Other highly anticipated reports include advance gross domestic product for the third quarter, and October nonfarm payrolls. Last week included data indicating that the housing market continues to flounder, new orders of durable goods are showing weakness, and initial unemployment c...

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[ Sun, 28 Oct 2007 00:00:00 GMT ]

Week of October 22, 2007

An otherwise positive week of economic indicators was overshadowed by continued housing market woes. September housing starts and permits both fell more than expected and are now at 14-year lows with few signs of a turnaround. The decline in starts was led by multi-unit starts, which fell 36% from August. Oil futures stole headlines as well, setting several record highs before settling at $88.60 on Friday. Oil, the housing market, and credit market concerns combined to create a flight to safety,...

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[ Mon, 22 Oct 2007 00:00:00 GMT ]

Week of October 15, 2007

Last week featured generally positive economic indicators, including a better-than-expected retail sales report. The producer price index (PPI) indicates that inflation risks have not increased significantly, which supports the Federal Open Market Committee (FOMC) decision to cut the federal funds rate target in September. Minutes were released from the September FOMC meeting which indicate that members considered inflation risks to have lessened in recent months, but the minutes did not provide...

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[ Mon, 15 Oct 2007 00:00:00 GMT ]

Week of September 17, 2007

Last week's calendar was light on major economic releases and lacked a market shock such as the one created by nonfarm payroll data a week earlier. Retail sales were slightly worse than expected despite being propped up by automobile sales, which caused some minor concern in the market due to the importance of consumer spending. Consumer credit data indicated consumers borrowed significantly less in July than in June, but credit increased 12% from a year earlier. Industrial production was proppe...

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[ Mon, 17 Sep 2007 00:00:00 GMT ]

Week of September 10, 2007

The events during the holiday-shortened week were largely overshadowed by the first employment decline in four years. In addition to the August decline, June and July numbers were revised sharply downward. The unemployment rate remained flat due to a decrease in the labor force, and hourly earnings appeared unaffected by the employment decline. A hot topic of late has been whether the Federal Reserve Open Market Committee (FOMC) will lower the federal funds rate target at its meeting later this ...

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[ Mon, 10 Sep 2007 00:00:00 GMT ]

Week of September 2, 2007

Despite the release of a large number of economic indicators last week, most investors were focused on words from the Fed that could hint at a federal funds rate cut in the near future. The minutes from the August 7 Federal Open Market Committee (FOMC) meeting were released early in the week and indicated that inflation was still the predominant policy concern. In a second Fed issued report, a letter from Fed Chairman Ben Bernanke to Senator Charles Schumer was released in which Bernanke said th...

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[ Sun, 02 Sep 2007 00:00:00 GMT ]

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