University of Michigan consumer confidence for the month of February comes in at 72.5, which compares to the economist estimate of 74.8. The January reading was 75.0.
The trade balance for the month of December comes in at -$48.8 billion, which compares to the economist estimate of -$48.5 billion. The trade balance for the month of November came in at -$47.1 billion.
Submitted claims for jobless benefits fell 15,000 in the week ended February 4th to 358,000, the Bureau of Labor and Statistics reported Thursday morning. Economists were anticipating requests of 370,000.
The solid report places the four-week moving average at 366,250, the lowest level since April of 2008.
Initial jobless claims for the last week in January originally came in at 367,000, but were revised higher to 373,000 with this week's report. People filing for continuing claims increased by 64,000 to 3.52 million in the week ended Jan. 28th. This is a substantial increase considering the number of people who have already used up traditional benefits rose by 18,650 to 3.5 million in the week ended January 21st.
On a state-by-state basis, 26 reported an increase in claims, while 27 reported a decrease. The unemployment rate within the group of citizens who are eligible to collect benefits increased by 10 basis points to 2.8 percent for the week ended January 28th.
Although these figures sound relatively uplifting and positive, it’s notable to highlight the unemployment rate only counts the number of people seeking work. Reports last week from the Bureau of Labor and Statistics noted 1.2 million people dropped out of the job market in January. During a speech on February 7th, Federal Reserve Chairman Ben Bernanke stated, “There are also a lot of people who are either out of the labor force because they don’t think they can find work. We still have a long way to go before the labor market can be said to be operating normally.”
Wholesale inventories for the month of December rose 1%, vs. the economist estimate of 0.4%. The reading for November was revised lower from up 0.1% to flat.
ECB's Mario Draghi says surveys confirm tentative signs of stabilization
More Economic Data
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Initial Jobless Claims for 2/4 Down to 358K, vs. Cons. 370K; Continuing Claims: 3.515M
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Dec. Consumer Credit: $19.308B, vs. Cons. $7B
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Dec. JOLTs Job Openings: Up to 3.376M, vs. Cons. 3.25M
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Feb. IBD/TIPP Economic Optimism Index: 49.4, vs. Cons. 48.6
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DryShips (DRYS), Navios (NM) Higher as Baltic Index Moves Off 25-Year Lows
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Dec. Factory Orders Rose 1.1%, vs. Cons. Up 1.5%
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Jan. ISM Non-Manufacturing Index: 56.8, vs. Cons. 53.2
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Unemployment Hits 3-Year Low as Nonfarm Sector Adds 243,000 Jobs in Jan.
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Jan. Nonfarm Payrolls Up 243K Jobs, vs. Cons. 140K, Private Sector Adds 257K Jobs; Unemployment Rate 8.3%
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Monster (MWW) Employment Index Shows 9% Growth in January
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Ahead of Nonfarm Numbers, Initial Claims Drop More than Expected Last Week
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Q4 Nonfarm Productivity Up 0.7%, vs. Cons. 0.8%; Unit Labor Costs Up 1.2%
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Initial Jobless Claims for 1/28 Down to 367K, vs. Cons. 371K; Continuing Claims: 3.437M
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Jan. Challenger Job Cuts 38.5%
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ADP Job Figures Come in Below But Market Doesn't Worry
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Dec. Construction Spending Rose 1.5%, vs. Cons. 0.5%
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Jan. ISM Manufacturing Index: 54.1, vs. Cons. 54.5; Prices Paid: 55.5, vs. Cons. 50.0
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Jan. ADP Employment Change: Down to 170K, vs. Cons. 182K
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Asia's Factory Activity Continues to Feel Europe's Headache, But Shows Expansion
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U.S. Consumer Confidence Shows Underlying Weakness in January
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Jan. Consumer Confidence Down to 61.1, vs. Cons. 68.0
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Jan. Chicago PMI: Down to 60.2, vs. Cons. 63.0
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Euro Zone Unemployment Reaches 14-Year High in December
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Nov. S&P/CaseShiller Home Price Index Down 0.7% to 138.49
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Q4 Employment Cost Index Rose 0.4%, Inline with the Street
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Fed releases senior loan officers survey for Q4: says business loan demand rises, standards little changed.
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Jan. Dallas Fed Manufacturing Activity: 15.3, vs. Cons. 1.5
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Personal Income Up 0.5% in December; Spending Flat, Misses the Street
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Dec. Personal Income Up 0.5%, vs. Cons. 0.4%; Spending Unch, vs. Cons. 0.1%
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Jan. UofM Consumer Confidence: 75.0, vs. Cons. 74.0
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US Economy Grows 2.8% in Last Quarter of 2011
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First Reading on Q4 GDP Growth: 2.8%, vs. Cons. 3.0%
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Growth in Durable Orders Decelerates in December But Tops Economist Estimates
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New Home Sales Disappoint in December, Fall 2.2% to 307K
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Initial Claims Grow 21,000 Last Week as Holiday Volatility Continues
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Dec. Leading Indicators Up 0.4%, vs. Cons. Up 0.7%
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Dec. New Home Sales Fall 2.2% to 307K, vs. Cons. 321K
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Initial Jobless Claims for 1/21 Up to 377K, vs. Cons. 370K; Continuing Claims: 3.554M
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Dec. Durable Goods Orders Up 3%, vs. Cons. 2%; Ex-Trans Up 2.1%
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Fed Officials See 2% Inflation 'Most Consistent' with Long-Term Mandate
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FOMC Leaves Rates Unchanged, Sees 'Exceptionally Low' Rates Through At Least Late 2014
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Fed sees 'exceptionally low' rates through at least late 2014, announces no change to rates
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Japan Sees Trade Deficit in 2011, March Quake May Have Long-Term Effect
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Dec. Pending Home Sales Down 3.5%, vs. Cons. -1%
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IMF Cuts 2012 Growth Outlook to 3.3%, Calls for 'Mild Recession' in Europe
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IMF Cuts 2012 Global Growth Forecast from 4% to 3.3%, Sees 'Mild Recession' in Europe
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Jan. Richmond Fed Manufacturing Index: Up Sharply to 12, vs. Cons. 6
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Asian Central Banks Make Moves as Europe Weighs
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December Existing Home Sales Rose 5% on Low Rates and Lower Prices
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Dec. Existing Home Sales: 4.61M, vs. Cons. 4.65M, Up 5.0%
