Saturday, February 13, 2016

Archive: May, 2013

POSTED: Thursday, May 2, 2013, 11:28 AM

INDICATOR: First Quarter Productivity/Jobless Claims/Layoff Notices

KEY DATA: Productivity: +0.7%; Labor Costs: +0.5%/Jobless Claims: 324,000 (down 16,000)/Layoffs: down 23%

IN A NUTSHELL: "The labor market data seem to be better than expected and that holds out hope that tomorrow's employment report could surprise on the upside."

POSTED: Wednesday, May 1, 2013, 3:49 PM
If Washington keeps doing its best to slow growth, look for rates to remain low well into next year.

In a Nutshell: "Nothing says it better than the Fed itself: Household spending and business fixed investment advanced, and the housing sector has strengthened further, but fiscal policy is restraining economic growth."

Rate Decision: Fed funds rate maintained at a range between 0% and 0.25%

I mentioned that the Fed's two-day meeting would end with a reaffirmation of its willingness to keep rates low as long as necessary and that is precisely what happened. But there were a couple of comments in the statement that will open eyes. First, in the description of economic conditions, the Committee noted that the private economy is pushing ahead but it is the government that is putting roadblocks in the way. That was as clear a shot at Congress as I have seen the Fed take.

POSTED: Wednesday, May 1, 2013, 1:24 PM
FILE - In this Wednesday, April 17, 2013, file photo Ford's Flat Rock Assembly Plant employees cheer as the millionth Ford Mustang is driven off the assembly line in Flat Rock, Mich. The Institute for Supply Management issues its U.S. manufacturing index for April on Wednesday, May 1, 2013. (AP Photo/Carlos Osorio)

INDICATOR: April Supply Managers' Manufacturing Survey/April ADP Job Estimates

KEY DATA: ISM (Manufacturing): down 0.6 point; Orders: up 1.9 points; Employment: down 4 points/ADP: up 119,000

IN A NUTSHELL: "Washington may not be able to stop the economic train in its track but it appears to be doing a good job slowing it down."

About this blog
Joel L. Naroff is the president and founder of Naroff Economic Advisors, a strategic economic consulting firm in Bucks County. He advises companies across the country on the risks and opportunities that economic developments may have on the organization’s operating environment. An accomplished public speaker, Joel’s humor and unique ability to make economics understandable have brought him a wide following. Reach Joel L. at .

Joel L. Naroff
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