U.S. unemployment increased to 3.9% in February 2024 according to the most recent labor market data. The increase was unexpected given that the consensus forecast was for the economy to add 200,000 new jobs in February and instead it added 275,000 new jobs. Economists anticipated that the unemployment rate would remain unchanged at 3.7% but instead it ticked slightly higher by 0.2%.
Tag: Macroeconomics
U.S. Wholesale Inflation Closed Out 2023 With 1% Annual Rate in December (Micro News for January 13, 2024 – January 19, 2024)
The producer price index (PPI) indicates that inflation is continuing to cool off. The data show that wholesale price inflation increased by a 1% annual rate in December 2023. The PPI measures the changes in input prices used to produce goods and services. After removing the volatile food and energy prices, the core PPI was up by only 1.8% for the year. For comparison, the PPI peaked "at a record 11.7% in March 2022."
2022 Had the Lowest Total Unemployment Rate Ever (Macro News for December 16, 2023 – December 22, 2023)
The Covid-19 recovery ushered in the lowest U.S. unemployment rate on record according to an annual report issued by the Bureau of Labor Statistics (BLS). The "Work Experience of the Population" report shows that the "work-experience unemployment rate" was 7.6% in 2022. This report provides annual unemployment instead of the monthly unemployment rate released by the BLS throughout the year.
Japan’s GDP Revised Sharply Higher, Grew 2.7% in the First Quarter on Robust Spending (Micro News for June 10, 2023 – June 16, 2023)
First quarter 2023 economic growth for Japan ended up at an annualized rate of 2.7% instead of the 1.6% growth forecast in May 2023. Capital spending increased by 1.4%, which was more than initially expected. Consumption also increased and imports fell by 2.3%. Factory output also expanded for the first time in six months.
Pearson Economic News 