Banks and the Economy

BLS: 215,000 Jobs Added in July

Total nonfarm payroll employment rose by 215,000 in July, down from last month’s upwardly revised 231,000. The unemployment rate remains unchanged at 5.3 percent. The Federal Reserve has placed its full employment estimate between 5.0 and 5.2 percent. Retail trade, healthcare, professional and technical services, and financial activities led the gains in employment. Retail trade and financial activities posted numbers ...

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Job Cuts Reach Highest Level Since 2011

Employers announced plans to shed 105,696 workers from their payrolls in July, according to a report issued by Challenger, Gray & Christmas. July’s announced cuts marked the highest monthly total since 2011. July’s job cuts were 125 percent higher than the planned layoffs announced in July 2014. In the first 7 months of 2015, employers have announced 393,368 job cuts ...

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Non-Manufacturing ISM Index Reaches Record High

The Non-Manufacturing ISM Report on Business Index rose 4.3 points to 60.3 in July, the highest reading of the index since its inception in 2008 (index readings above 50 indicate expansion). Fifteen industries reported growth in July, while two – Professional, Scientific & Technical Services; and Mining – reported contraction. The Business Activity Index registered 64.9, up 3.4 points from ...

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U.S. Foreign Trade Deficit Added $2.9 billion in June

The U.S. international trade deficit widened in June to $48.3 billion, up $2.9 billion from May. The increase reflected a $0.1 billion decrease in exports and a $2.8 billion increase in imports. The goods deficit grew $2.9 billion to $63.5 billion, while the services surplus remained essentially unchanged at $19.7 billion. Exports of goods decreased $0.2 billion to $127.6 billion, ...

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ADP: 185,000 New Private Sector Jobs in July

According to the ADP National Employment report, the non-farm private sector added 185,000 jobs in July, down from 229,000 in June. Both the goods-producing and service-providing sectors saw slower job growth. Small businesses, with less than 50 employees, added 59,000 jobs, down from 118,000 in June. Medium-sized businesses, with 50 to 499 employees, added 62,000 jobs, down from 78,000 in ...

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Manufactured Goods Orders Increased in June

New orders for manufactured goods increased 1.8 percent to $478.5 billion, following a 1.1 percent decrease in May. June’s increase followed two consecutive monthly decreases. New orders for transportation equipment, also following two monthly decreases, grew 9.3 percent to $78.5 billion, as orders for defense and non-defense aircraft and parts increased 31.4 and 65.4 percent. New orders for manufactured durable ...

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July ISM Manufacturing Index Reports Weaker Growth

The ISM Manufacturing Index fell to 52.7 points in July – down 0.8 points from June’s reading.  The manufacturing sector is still growing as readings above 50 indicate expansion.  Of the 18 component industries, 11 reported growth in July, unchanged from the previous month. Respondents noted that business conditions have changed little from last month, and that falling oil prices ...

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Slow Growth for Construction Spending in June

Construction spending increased 0.1 percent in June to a seasonally adjusted annual rate (SAAR) of $1,064.6 billion. May spending was revised up from $1,035.8 to $1,063.5 billion. Construction spending during the first six months of 2015 amounted to $482.7 billion, 8 percent higher than the first six months of 2014. Total private construction fell to $766.4 billion (SAAR), 0.5 percent ...

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Personal Income and Expenditures Grew in June

Personal income increased $68.1 billion, or 0.4 percent, in June according to the Bureau of Economic Analysis, the same pace as the previous month. Personal consumption expenditures (PCE) increased $25.9 billion, or 0.2 percent, after increasing at a 0.7 percent rate in May. Disposable personal income – personal income less personal current taxes – increased $60.6 billion, or 0.5 percent ...

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