Economy in Brief: February 2015

Employment: (M/M Chg., 000s) Jan Dec Nov Y/Y 2014 2013 2012 Payroll Employment 257 329 423 2.3% 1.9% 1.7% 1.7% Previous -- 252 353 -- -- -- -- Manufacturing 22 26 45 1.9 1.4 0.8 1.7 Construction 39 44 30 5.1 4.8 3.7 2.1 Private [...]

The outplacement firm of Challenger, Gray & Christmas reported that job cut announcements during January jumped to 53,041 (17.6% y/y) from 32,640 in December. It was the highest layoff level since February 2013. Layoffs rose m/m in [...]

Nonfarm productivity declined at a 1.8% annual rate last quarter and was unchanged y/y. The figure followed an upwardly revised 3.7% increase in Q3. For all of last year, worker productivity rose 0.8% on average, about the same as it [...]

The U.S. foreign trade deficit in goods and services increased to $46.6 billion during December from $39.8, revised from $39.0 billion. It was the deepest deficit since November 2012 and compared to $38.0 billion expected in the [...]

Initial claims for unemployment insurance increased to 278,000 during the week ended January 31 from 267,000 in the prior week, revised from 265,000. Claims were at the lowest level since the end of October. The four-week moving [...]

The long steady drop of the euro exchange rate is boosting German export orders. German orders rose by 4.2% in December led by foreign orders that rose 4.8% after a moderate 0.9% November drop. Domestic German orders rose by 3.4% in [...]

The Mortgage Bankers Association reported that their total Mortgage Market Volume Index notched 1.3% higher last week (36.0% y/y) following a slip during the prior week. Refinance applications rose 2.5% (57.7% y/y) and reversed half [...]

The Institute for Supply Management (ISM) composite index of nonmanufacturing sector activity inched up to 56.7 during January from a revised 56.5 in December. Earlier data was revised due to new seasonal factors. The latest numbers [...]