Browsing: Economy
Consumer Credit Grew 10.0 Percent (SAAR) in March
Consumer Credit increased at a seasonally adjusted annual rate of 10.0 percent in March, the highest rate since November 2001. Total outstanding credit rose $29.7 billion during the month (compared to $14.1 billion in February) to $3.59 trillion. Revolving credit rose at an annual rate of 14.2 percent ($11.1 billion) to $951.6 billion, compared to
160,000 Jobs Added in April, Unemployment Holds at 5.0 Percent
Total nonfarm payroll employment rose by 160,000 in April, down from last month’s downwardly revised total of 208,000. The national unemployment rate remained unchanged at 5.0 percent. The services sector added 174,000 jobs, down from 184,000 in March. The majority of new service jobs were in professional and business services and healthcare, which added 65,000
Job Cuts Rose 35 Percent in April
Employers announced plans to cut 65,141 jobs in April, according to a report issued by Challenger Gray & Christmas. April’s announced cuts were 35 percent above March’s total, and 5.8 percent higher than the year-ago-rate. Cuts through the first four months of 2016 amounted to 250,061, 24 percent higher than in the first four months
Manufactured Goods Orders Rose 1.1 Percent in March
New orders for manufactured goods increased 1.1 percent to $458.4 billion in March, following a 1.9 percent February decrease according to the U.S. Census Bureau. This was the second increase in in the last three months. New orders for manufactured durable goods increased 0.8 percent to $230.6 billion, following a 3.1 percent decrease in February.
Foreign Trade Deficit Narrowed in March
The U.S. international trade deficit narrowed in March to $40.4 billion, down $6.5 billion from February. The narrowing of the balance was driven by an $8.1 billion decrease in imports, which was partially offset by a $1.5 billion decrease in exports. The goods deficit fell $6.0 billion to $58.5 billion, while the services surplus increased
ADP: 156,000 Jobs Added in April
The non-farm private sector added 156,000 jobs in April, according to the ADP National Employment Report, a decline from March’s downwardly revised growth of 194,000. Growth in the services sector slowed from March’s total, while the goods-producing sector shed jobs during the month. Small businesses with fewer than 50 employees added 93,000 jobs, roughly the
C&I Lending Standards Tighten, Mortgage Standards Ease
Over the past three months, banks reported tightening lending standards for C&I and CRE loans on net according to the April 2016 Senior Loan Officer Opinion Survey on Bank Lending Practices. The survey results indicate that demand for C&I loans weakened during the first quarter of 2016, while CRE loan demand strengthened. Banks also reported
Fed Survey: More Banks Tighten Business Credit as Demand Weakens
Bankers continued tightening credit for business loans in the last three months while they continued to ease credit standards slightly in their home mortgage and consumer loan portfolios, according to the Federal Reserve’s latest senior loan officer survey released today.
Manufacturing Expands for Second Consecutive Month
The ISM Manufacturing Index fell to 50.8 points in April – down 1.0 point from March’s reading of 51.8. However, the manufacturing industry is still growing, as readings above 50 indicate expansion. Of the eighteen manufacturing industries, eleven reported growth, while four reported contraction. The employment index registered 49.2 points, marking the fifth consecutive month