2008-01-04 US Economic Releases

2008-01-04 Unemployment Rate

Unemployment Rate (Dec)

Survey 4.8%
Actual 5.0%
Prior 4.7%
Revised n/a

It comes from the household survey – been volatile.

2008-01-04 Change in Nonfarm Payrolls

Change in Nonfarm Payrolls (Dec)

Survey 70K
Actual 18K
Prior 94K
Revised 115K

2008-01-04 Change in Manufacturing Payrolls

Change in Manufacturing Payrolls (Dec)

Survey -15K
Actual -31K
Prior -11K
Revised -13K

Payroll increases continue to decline modestly over time. The fed believes demographic changes will reduce the labor force participation rate, keeping unemployment relatively low and labor markets tight, even with fewer jobs.

2008-01-04 Average Hourly Earnings MoM

Average Hourly Earnings MoM

Survey 0.3%
Actual 0.4%
Prior 0.5%
Revised 0.4%

2008-01-04 Average Hourly Earnings YoY

Average Hourly Earnings YoY (Dec)

Survey 3.6%
Actual 3.7%
Prior 3.8%
Revised n/a

Remains firm, and productivity probably down, meaning unit labor costs rising some.

2008-01-04 Average Weekly Hours

Average Weekly Hours (Dec)

Survey 33.8
Actual 33.8
Prior 33.8
Revised n/a

2008-01-04 ISM Non-Manufacturing

ISM Non-Manufacturing (Dec)

Survey 53.6
Actual 53.9
Prior 54.1

Very firm and cross checks with th 93,000 increase in service sector jobs for December.

ISM Non-Manufacturing TABLE ISM Non-Manufacturing TABLE

ISM Non-Manufacturing TABLE

Note the strength in the price categories.