Recent Updates
- Global Supply Chain Pressure Index (Mar, Apr)
- US: Job Openings and Labor Turnover Survey by State (Mar)
- US: New Residential Construction (Apr)
- Canada: CPI (Apr)
- Japan: NCI Economic Activity Index (May)
- more updates...
Economy in Brief
U.S. Industrial Production Much Stronger than Expected in April
The increase in manufacturing output in April was once again led by motor vehicle and parts production...
U.S. Retail Sales Posted Solid Rise in April
Notwithstanding falling real incomes and declining confidence measures, consumer spending posted a solid increase...
U.S. Home Builder Index Took a Steep Drop in May
This is the fifth straight month that builder sentiment has declined...
U.S. Empire State Manufacturing Index Declines in May
The Empire State Manufacturing Index of General Business Conditions dropped thirty-six points...
Surging Imports Send the EMU Trade Scene Deeper into Deficit
The trade balance for the Euro Area fell sharply to 17.5 billion euros in March...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation & Fed Policy: A Relationship Which Should Worry The Fed And Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
"Core" GDP Suggests Economy Gained Momentum in Q1:2022
by Charles Steindel December 20, 2019
State labor markets had mixed results in November, with some weak results offsetting a number of strong showings. Somewhat surprisingly, in light of the strong national results, only 6 states reported statistically significant gains in payroll employment, with Michigan having the largest percentage change (.6 percent, certainly heavily influenced by the end of the General Motors strike), and Texas having the largest numerical gain. A fair number of states reported drops in their job count, with Illinois experiencing a statistically significant one (17,200, or .3 percent). Over the past 12 months Utah was once again the leader in job growth, up 3.2 percent and, as has been usual, Western states were in the top ranks, with Florida, up 2.5 percent the only Eastern state in the high growth group. Once again, Western states were typically the leaders in job growth, though Florida’s 2.6 percent gain ranked second. Wyoming and Oklahoma have shed some jobs over the past year, and a belt of states stretching from New Jersey to North Dakota have seen job gains of 1.0 percent or less since November 2018.
In the household survey figures Alaskan was again the highest but, remarkably, its 6.1 percent is the lowest ever recorded for the current series, which starts in 1976! Clearly, the Alaskan labor market is very different from those in other states. Elsewhere, Mississippi’s rate rose from 5.5 to 5.6 percent, and West Virginia from 4.8 to 4.9 percent. The vast majority of states—including all of the largest—had unemployment rates between 2.5 and 4.4 percent.
Puerto Rico had another poor month, with the number of jobs on the island falling more than 8,000, the unemployment rate rising to 7.9 percent, and the labor force and number of residents employed dropping.