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Contact Us
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1220 West Third St. Little Rock, AR 72201
Phone: 501.376.3741
Fax: 501.376.9243
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July 18, 2011
Consumer
Price
Index
Falls
0.2 Percent
The Consumer Price Index fell 0.2 percent in June after 10 straight monthly increases, the Labor Department reported Friday. A 4.4 percent decrease in energy prices spurred the decline. The core CPI -- which excludes volatile food and energy prices -- rose 0.3 percent.
July 11, 2011
Unemployment Rate Edges Up to 9.2 Percent
The nation’s unemployment rate edged up to 9.2 percent in June from 9.1 percent in May, while the economy added only 18,000 nonfarm jobs, the Labor Department reported Friday. The private sector, expected to drive the economy as state and local governments slashed spending, added 57,000 positions. But the public sector cut 39,000 jobs.
Consumer Credit Rises in May
Consumer credit rose at a 2.5 percent annual rate -- or $5.08 billion -- in May, the eighth consecutive monthly increase, the Federal Reserve reported Friday. Revolving credit, the borrowing category that includes credit cards, increased at a 5.1 percent annual rate, or $3.4 billion in May. It was the first gain this year and the biggest since June 2008. The demand for auto loans and other types of nonrevolving credit rose at a 1.3 percent annual rate, or $1.7 billion. Read more.
June 24, 2011
New Home Sales Fall in May
New home sales fell 2.1 percent in May to a seasonally adjusted annual rate of 319,000, down from an upwardly revised 326,000 in April, the Commerce Department said. The decline ended two straight months of strong gains, with sales rising 6.5 percent in April and 8.9 percent in March.
June 3, 2011
Economy Adds 54,000 Jobs, Unemployment Rises to 9.1%
The Bureau of Labor Statistics reported that non-farm payroll employment rose by a disappointing 54,000 in May. In the prior three months, non-farm payrolls grew by an average of 220,000.
Private sector employment grew by 83,000 in May - well below the prior three-month average of 244,000. However, the public sector continued to shed jobs in May, when 29,000 jobs were destroyed.
The unemployment rate edged higher in May rising to 9.1% from 9.0% in April.
While the economy and hiring has hit a soft patch, the weakness was compounded by the fact that the April number (232,000) was based on a five-week survey, while today’s May report was based off of the usual four week period.
"The jobs report shows that the economic recovery is not firing on all cylinders," said Jim Chessen, American Bankers Association's Chief Economist.
Read the press release. ISM Non-Manufacturing Index Shows Continued Growth at 54.6%
In May, the ISM Non-Manufacturing Index registered 54.6%, indicating continued growth in the non-manufacturing sector for the 18th consecutive month. A reading above 50% indicates the non-manufacturing sector economy is generally expanding; below 50% indicates the non-manufacturing sector is generally contracting.
Small increases were reported in most categories. The employment index reported a small increase which parallels the small gain the service sector posted in today’s employment report. The relatively stronger employment increase in the ISM Index may indicate that the downturn in employment will be short-lived.
Read the press release. The incorrect title was used in yesterday's Economic Perspectives. The correct title was posted on the Banks and the Economy blog: Labor Productivity Increases by 1.8% in Q1 2011.
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