Banks and the Economy

235,000 Jobs Added in February

Total nonfarm payroll employment rose by 235,000 in February, down slightly from January’s upwardly revised figure of 238,000, according to the Bureau of Labor Statistics. The national unemployment rate moved was little changed at 4.7%. The majority of gains occurred in construction, private educational services, manufacturing, and health care. Private-service providing industries added a net 132,000 jobs, led by gains ...

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Job Cuts Declined in February

Employers announced plans to cut 39,957 jobs in February, according to a report issued by Challenger, Gray & Christmas. February’s announced cuts were 19% less than January’s. The month’s figure was 40% lower than February 2016. The retail sector once again led the way in job cuts, announcing 11,889 layoffs. The industry continues to move toward online and away from ...

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ADP: 298,000 Jobs Added in February

The non-farm private sector added 298,000 jobs in February, according to the ADP National Employment Report. January’s figure was revised upward to 261,000. Service-providing jobs accounted for most of the month’s growth, while goods-producing employment surged as well. Growth was widespread in February with businesses of all sizes seeing strong increases, with strong gains for small and medium-sized businesses. Small ...

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Consumer Credit Growth Retreats in January

Consumer credit increased at a seasonally adjusted annual rate of 2.8% in January, down from a 4.7% rate in December. Total outstanding credit increased $8.8 billion during the month (compared with $14.8 billion in December) to $3.77 trillion. Revolving credit fell at an annual rate of 4.6% to $995.1 billion, compared to a 4.3% increase in December. Non-revolving credit rose ...

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FDIC’s Supervisory Insights Highlights Credit Risk Trends

Total loan balances at FDIC-insured banks grew 6.8 percent between September 2015 and September 2016, with considerable growth occurring in commercial real estate, agricultural, and oil and gas lending portfolios, the agency said in the winter issue of its Supervisory Insights publication released today.

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International Trade Balance Widened in January

The U.S. international trade deficit widened in January to $48.5 billion, up from $44.3 billion in December, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. The overall increase reflected a $1.1 billion increase in exports along with a $5.3 billion increase in imports. The goods deficit increased $4.0 billion to $69.7 billion, while the services ...

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Manufactured Goods Orders Rose in January

New orders for manufactured goods increased 1.2% to $470.2 billion in January, according to the U.S. Census Bureau. The January reading followed a 1.3% December increase. New orders for manufactured durable goods jumped 2.0% to $230.7 billion, after decreasing for two consecutive months. Orders for transportation equipment drove the increase, rising 6.2% to $76.5 billion. Shipments of manufactured durable goods ...

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ISM: Non-Manufacturing Sector Grew in February

The ISM Non-Manufacturing Index registered 57.6 points in February, 1.1 percentage points above January’s figure and the highest reading since October 2015. This was the 86th consecutive month of growth. Sixteen non-manufacturing industries reported growth in February, while two reported contraction. Growth in the Business Activity Index increased 3.3 points to 63.6, the highest reading since February 2011. Thirteen industries ...

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