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Monday, August 16, 2010

Economic Roundup: August 16, 2010

 

 

 


In the News

U.S. productivity fell for the first time in a year during the second quarter of 2010, the Bureau of Labor Statistics reported last week. Productivity for non-farm businesses decreased at an annual rate of 0.9 percent during the second quarter, with hours rising 3.6 percent, while output rose only 2.6 percent.
 
The 0.9 percent drop was more than double what economists had expected for the quarter, and the second-quarter gain in hours worked was the largest since the first quarter of 2006 when hours rose 4.1 percent. From the second quarter of 2009 to the second quarter of 2010, both productivity and output increased 3.9 percent.
 
Similarly, unit labor costs in non-farm businesses increased slightly during the second quarter by 0.2 percent, the result of productivity declining more than hourly compensation. Over the last four quarters, unit labor costs fell 2.8 percent as output per hour increased faster than hourly compensation.
 
The productivity drop could have a beneficial impact on the job market, as employers try to reverse the drop in output.
 
"The labor force is starting to get stretched," Bank of America/Merrill Lynch economist Gary Bigg told Market Watch. "One could argue this report is positive for employment growth going forward."
 
That said, Market Watch cautioned that other analysts argue that final demand will be the real driver of large-scale hiring.
 
Meanwhile, the nation's international trade deficit in goods and services grew to $49.9 billion in June from $42 billion in May, as imports increased and exports decreased, the Census Bureau reported last week.
 
The increase marked a 19 percent jump from May, with June exports $2 billion less than May exports of $152.4 billion, and June imports $5.9 billion more than May imports of $194.4 billion.
 
This week, watch for news updates on housing starts (August 17) and building permits (August 17) from the Census Bureau; the producer price index (August 17) from the Bureau of Labor Statistics; industrial production (August 17) and capacity utilization (August 17) from the Federal Reserve; jobless claims (August 19) from the Employment and Training Administration; and leading economic indicators (August 19) from the Conference Board.
 
 

 

 

 

 

 

 

 

 

 

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This is not the opinion of Brad Bergamini, Realty Executives Northern Arizona or any of its affiliates.  This post is for informational purpose only and is not guaranteed and does not render as legal advice.  Buying and selling Real Estate in Arizona or Prescott Arizona is a serious task and should be consulted with personally with Realtor or Real Estate Attorney.  Please visit my website for contact information

http://bradbergamini.com or http://everythingprescott.com

 

 

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