The U.S. international trade deficit increased in April to $37.4 billion, up $1.9 billion from March, according to the Census Bureau and the Bureau of Economic Analysis. The widening of the balance was driven by a $4.5 billion increase in imports, partially offset by a $2.6 billion increase in exports. The goods deficit increased $1.4
Total nonfarm payroll employment rose by 38,000 in May, the fewest number of workers in almost six years. The national unemployment rate fell to 4.7 percent. Healthcare services contributed the majority of the month’s job gains, adding 46,000 jobs in May. Professional and business services added 10,000 jobs, after increasing by 55,000 in April. Gains
The nation’s eight largest banks will face more stringent, costly capital requirements under the Comprehensive Capital Analysis and Review stress test program, Federal Reserve Board Governors Tarullo and Powell said today.
In its response to the Basel committee’s consultative document on a standardized measurement approach for calculating operational risk capital, ABA today supported the replacement of the existing internal models-based advanced measurement approach with a simpler, standardized calculation of operational risk capital that does not appreciably increase overall capital requirements.
The non-farm private sector added 173,000 jobs in May, according to the ADP National Employment report, an increase from April’s upwardly revised growth of 166,000. Service-providing employment provided all of the month’s growth, while the goods-producing sector shed jobs during the month. Small businesses with fewer than 50 employees added 76,000 jobs, down from 101,000
Employers announced plans to cut 30,157 jobs in May, according to a report issued by Challenger Gray & Christmas. May’s announced cuts were 53% below April’s total, and 27% lower than the year-ago-rate. Cuts through the first five months of 2015 amounted to 275,218 cuts, up 13% from the same period last year. “May could
Economic activity expanded across most of the twelve Federal Reserve Districts, according to the May 2016 edition of the Federal Reserve Beige Book. Most Districts reported moderate growth, while some reported that the pace of growth slowed. Banking conditions remained positive as loan demand increased moderately in all but the Dallas District, which reported that
ABA today added five banks to its Nasdaq Community Bank Index (ABAQ). The index now includes 347 community banks with a combined market cap of $210 billion.
FDIC-insured banks and savings institutions earned $39.1 billion in the first quarter, down 1.9 percent from the industry’s earnings a year before, the FDIC said today.
Construction spending fell 1.8% in April to $1,113.9 billion (SAAR). March’s spending estimate was revised up to $1,155.1 billion. During the first four months of the year, construction spending amounted to $334.8 billion, 8.7% higher than in the first four months of 2015. Total private construction fell to a rate of $843.1 billion, 1.5% below