Econoday RSS Generator mam.econoday.com/getrss.asp?cust=mam Econoday Economic News en webmaster@econoday.com ©2012 Econoday Thu, 17 May 2012 11:32:00 GMT http://www.econoday.com/graphics/nav/home_big3.jpg http://www.econoday.com/ Econoday Highlights
A convincing move lower for initial claims would seal early expectations for a strong May employment report. ]]> info@econoday.com Thu, 17 May 2012 GMT Econoday Definition
Settlement is also called issuance. In general for securities, the settlement date is the date by which an executed securities transaction must be settled, with the buyer paying for the purchase and the seller delivering the asset that was sold. For Treasury securities, on settlement day, the Treasury delivers securities to bidders who were successfully awarded securities in a particular auction. In exchange, Treasury charges the accounts of those bidders for payment of the securities. Please check auctions of individual securities for more details. ]]> info@econoday.com Thu, 17 May 2012 GMT Econoday ]]> info@econoday.com Thu, 17 May 2012 GMT Econoday PreviousConsensusConsensus RangeActualNew Claims - Level367 K365 K360 K to 375 K370 K4-week Moving Average - Level379.00 K375.00 KNew Claims - Change-1 K0 K
Highlights
For the third week in a row, initial claims held at improved levels. Initial claims are unchanged in the May 12 week at 370,000. The May 5 week, which is revised slightly upward, is also at 370,000 while the week before that, the April 28 week, is at 368,000. It is the April 28 week that, after several prior weeks near 400,000, marks a return to the prior trend of 360,000 and 370,000 levels.

The four-week average is down sizably for a second week, down 4,750 to 375,000. This is about the same level as the average was in mid April. Lack of change here points to little change for the monthly employment report which for April was a disappointment.

Continuing claims have been trending strongly lower though the latest data show a small rise to 3.265 million. But the four-week average is down slightly to 3.283 million with the unemployment rate for insured workers holding at a recovery low of 2.6 percent.

There are no special factors distorting the data. Though claims aren't breaking lower, the good news is that they are holding steady. ]]> info@econoday.com Thu, 17 May 2012 12:30:00 GMT Econoday PreviousActualLevel-40.4 -43.6 
Highlights
Consumer confidence dropped last week to the lowest level since the end of January as slower U.S. job growth contributed to pessimism about personal finances and spending.

The Bloomberg Consumer Comfort Index fell in the week ended May 13 to minus 43.6 from minus 40.4 in the previous period.

All three of the Bloomberg Consumer Comfort Index's components declined last week. The gauge of personal finances fell to minus 12.9, the fourth straight drop and the weakest reading since November, from minus 11.2 in the prior week. A measure of whether consumers consider it a good or bad time to buy decreased to minus 48.2, a three-month low, from minus 45.8. Americans' views on the state of the economy fell to a 10-week low of minus 69.6 from minus 64.2.
]]> info@econoday.com Thu, 17 May 2012 13:45:00 GMT Econoday PreviousConsensusConsensus RangeActualGeneral Business Conditions Index - Level8.5 10.0 5.0  to 13.0 -5.8 
Highlights
In an unfortunate and stark contrast to the Empire State report, the regional manufacturing report from the Philly Fed points to contraction this month. The business activity index is negative, at minus 5.8 vs plus 8.5 in April. New orders are in the negative ground as is employment. Delivery times shortened dramatically to indicate slowing activity in the supply chain. Inventory accumulation slowed, unfilled orders contracted deeply, and optimism in the six-month outlook is down noticeably. Price readings also point to easing demand, with input costs little changed and prices received contracting.

One positive in the report is the shipment index which shows a slight monthly increase underway. But otherwise this report is filled with negatives, which again are readings that point, not to slowing, but to an actual step backwards. But this is just one report and hopefully the weakness will be brief and isolated to the Mid-Atlantic area. The contrast between this report and Tuesday's mostly strong Empire State report puts special focus on the next regional manufacturing survey, that is next week's report on Tuesday from the Richmond Fed. ]]> info@econoday.com Thu, 17 May 2012 14:00:00 GMT Econoday PreviousActualE-Sales Q/Q Change SAAR5.8 %3.1 %
Highlights
E-commerce sales rose 3.1 percent in the first quarter vs the fourth quarter gain of 6.2 percent (revised). But year-on-year, first quarter sales rose to plus 15.4 percent vs the fourth quarter's year-on-year rate of plus 15.1 percent. E-commerce made up 4.9 percent of total retail sales in the first quarter vs 4.8 percent in the fourth quarter. ]]> info@econoday.com Thu, 17 May 2012 14:00:00 GMT Econoday PreviousConsensusConsensus RangeActualLeading Indicators - M/M change0.3 %0.1 %0.0 % to 0.3 %-0.1 %
Highlights
Areas of prior strength are turning into areas of new weakness, headlining a surprise 0.1 percent contraction for the index of leading economic indicators. The two biggest negatives in April are building permits, which offer a leading look at the housing sector, and initial jobless claims, which offer a leading look at the jobs market. Permits and claims were strong positives for this report through much of the first quarter. Consumer expectations are April's third biggest negative with weakness here pointing to weakness for consumer spending. The positives in the report are once again led by the spread between short and long rates, a spread made favorable by the Fed's near zero rate policy. Indications on factory orders and credit conditions are also positive. But the positives in this report are starkly overshadowed by the weaknesses, weaknesses which, especially combined with hourly headlines out of Europe, are pointing to risk for the economic outlook. ]]> info@econoday.com Thu, 17 May 2012 14:00:00 GMT Econoday PreviousActualWeekly Change30 bcf61 bcf
Highlights
Natural gas in storage rose 61 billion cubic feet in the May 11 week to 2,667 bcf. An injection of 60 bcf was expected. ]]> info@econoday.com Thu, 17 May 2012 14:30:00 GMT Econoday PreviousActualOffering Amount$30.0 B $30.0 B CUSIP Number9127956B2 912795Y96 Auction DateMay 14, 2012 May 21, 2012 Issue (Settlement) DateMay 17, 2012 May 24, 2012 Maturity DateAugust 16, 2012 August 23, 2012 Min Bid Amount$100 $100  ]]> info@econoday.com Thu, 17 May 2012 15:00:00 GMT Econoday PreviousActualOffering Amount$27.0 B $27.0 B CUSIP Number9127955L1 9127956T3 Auction DateMay 14, 2012 May 21, 2012 Issue (Settlement) DateMay 17, 2012 May 24, 2012 Maturity DateNovember 15, 2012 November 23, 2012 Min Bid Amount$100 $100  ]]> info@econoday.com Thu, 17 May 2012 15:00:00 GMT Econoday PreviousActualOffering Amount$35.0 B $35.0 B CUSIP Number912828SR2 912828SW1 Auction DateApril 24, 2012 May 22, 2012 Issue (Settlement) DateApril 30, 2012 May 31, 2012 Maturity DateApril 30, 2014 May 31, 2014 Min Bid Amount$100 $100  ]]> info@econoday.com Thu, 17 May 2012 15:00:00 GMT Econoday PreviousActualOffering Amount$35.0 B $35.0 B CUSIP Number912828SS0 912828SY7 Auction DateApril 25, 2012 May 23, 2012 Issue (Settlement) DateApril 30, 2012 May 31, 2012 Maturity DateApril 30, 2017 May 31, 2017 Min Bid Amount$100 $100  ]]> info@econoday.com Thu, 17 May 2012 15:00:00 GMT Econoday PreviousActualOffering Amount$29.0 B $29.0 B CUSIP Number912828ST8 912828SX9 Auction DateApril 26, 2012 May 24, 2012 Issue (Settlement)April 30, 2012 May 31, 2012 Maturity DateApril 30, 2019 May 31, 2019 Min Bid Amount$100 $100  ]]> info@econoday.com Thu, 17 May 2012 15:00:00 GMT Econoday ]]> info@econoday.com Thu, 17 May 2012 16:35:00 GMT Econoday Definition
The Treasury sells inflation-indexed securities, also known as TIPS, at regularly scheduled auctions. Competitive bids at these single-price auctions determine the interest rate paid on each issue, which remains fixed. A group of securities dealers, known as primary dealers, are authorized and obligated to submit competitive tenders at Treasury auctions. Dealers can hold the bills, resell the bills to their clients or trade them with other securities firms. Typically, the New York Fed approves about 20 securities firms to be primary dealers but that number dropped sharply during the recent financial crisis as some were merged into other firms or went bankrupt. The Fed has been rebuilding that number regularly and the latest list can be found here: http://www.newyorkfed.org/markets/pridealers_current.html The Treasury announces the amount, date and time of the 10-year TIPS auction four times a year: January, April, July and October. The 10-year TIPS are usually announced at the beginning of January and July. The April and October announcement calls for a reopening of the previously issued security. In each of the aforementioned months, 10-year TIPS are auctioned in the second week of the month. These TIPS are issued on the 15th of the month; if it falls on a weekend or holiday, then they are issued (settled) on the next business day. ]]> info@econoday.com Thu, 17 May 2012 17:00:00 GMT Econoday Definition
The Fed's balance sheet is a report showing factors supplying reserves into the banking system and factors absorbing (using) reserve funds. Essentially, the balance sheet shows the various Fed programs for injecting liquidity into the economy and how much the Fed has used each for adding or withdrawing reserves. This report is called Factors Affecting Reserve Balances - or the "H.4.1" report using Fed jargon. ]]> info@econoday.com Thu, 17 May 2012 20:30:00 GMT Econoday Definition
The monetary aggregates are alternative measures of the money supply by degree of liquidity. Changes in the monetary aggregates indicate the thrust of monetary policy as well as the outlook for economic activity and inflationary pressures. ]]> info@econoday.com Thu, 17 May 2012 20:30:00 GMT