Retail Sales Rises 0.5% In May

Thursday June 11, 2009
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The Commerce Department today reported that advance estimates of U.S. retail and food services sales for May came in at $340.0 billion, a gain of 0.5% April, which was right in line with forecasts of a rise of 0.5%. This was the largest rise in retail sales since January, when retail sales rose 1.7%. However, the $340 billion in retail sales is a 9.6% decline from the same period a year ago.

Sales of gasoline, which rose 3.6%, was a big factor in the rise. Without the steep rise in the sale of gasoline, retail sales would have climbed just 0.2%.

June 11, 2009 | Filed Under Economy, Uncategorized | Leave a Comment 

Initial Jobless Claims Drops To 601,000

Thursday June 11, 2009
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According to the Labor Department, which today released its weekly Initial Jobless Claims report for the week ending June 6, the number of those filing for new state unemployment benefits fell 24,000 to 601,000.

Forecasters had been looking for a reading of 615,000. The four week moving average, which smoothes out volatility, dropped 10,500, to 621,750.

Continuing claims however, which is the total number of those receiving benefits, continues to rise, climbing 59,000 to 6.816 million. The four-week moving average for Continuing Claims is now 6.751 million from the prior week’s 6.693 million. This is the highest since 1967.

June 11, 2009 | Filed Under Economy | Leave a Comment 

Unemployment Rate Now 9.4%

Friday June 5, 2009
Navivest

According to The Labor Department, which this morning released its monthly non-farm payroll report, the economy lost 345,000 non-farm jobs in the month of May, about half the average monthly decline in the past six months, and much less than the 520,000 loss that Wall Street was expecting.

The number of those that are now unemployed rose by 787,000 to 14,500,000, raising the unemployment rate to 9.4%, higher than the 9.2% that was being forecasted.

Wall Street is cheering the news, with the Dow futures rallying another 93 points, after being up 33, indicating a much higher open for the Dow.

June 5, 2009 | Filed Under Economy | Leave a Comment