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In the week ending March 2nd, 2013, Unemployment Insurance Claims decreased 7,000 from the previous week's revised figure.  On March 8th, the Bureau of Labor Statistics released the unemployment rate at 7.7%.  The S&P/Case-Shiller Home Price Indices were up 4.5% for the 12 months up to November 2012.                            
Copyright © March 2013

The purpose of BasicEconomicsToday.com is to provide quick information and insights on the major economic issues affecting the United States.  Data from multiple sources is provided with brief explanations.  The data is selected based on its importance as an economic indicator and the significance of any recent changes.

Links to the following sources are on the Links to Economics Web Sites page on the left.

US Department of Labor - Released March 7, 2013 for the week ending March 2, next release in 1 week.

Unemployment Insurance Weekly Claims Report    340,000

This was an decrease of 7,000 from the previous week's revised figure.   

Bureau of Labor Statistics- Released February 20, 2013, next release March 14. 

Producer Price Indexes and Percent Changes by Stage of Processing
Seasonally Adjusted Percent Change From December to January

Intermediate Materials, Supplies, and Components 0.0
Feeds -3.3
Crude Materials for further processing 0.8
Nonfood materials except fuel (includes Petroleum) 3.4
Crude Materials for further processing/Manufacturing 3.6
Crude Materials for further processing/Crude Fuel -4.7
Intermediate Energy Goods -0.3
Crude Energy Materials (Includes Crude Petroleum) 2.3

This data focuses on the change of pricing of intermediate goods.  Intermediate goods are used in the production of the final product which goes on the shelf for sale to the customer.  Following intermediate good prices gives insight on the problems of production in different industries.  It also gives insight on future price changes of final goods, because companies will raise their price when their production costs increase.  

Bureau of Economic Analysis (BEA)    - February 28, 2013 release date.  Next release date is March 28, 2013
2012 Q4 (Percent Change from Preceding Period in Real Gross Domestic Product) Seasonally adjusted at annual rates

Gross Domestic Product (GDP)                  0.1                        
Personal Consumption Expenditures         2.1                      
Durable Goods                                           13.8 
Gross Private Domestic Investment           -1.5
Nonresidential Structures                          5.8
Residential (production of)                        17.5
Equipment and Software                            11.3
Exports                                                      -3.9
Goods (exported)                                       -5.5
Services (imported)                                    0.1 
Federal                                                        -6.9
National Defense                                         -22.0
State and Local                                           -1.3 

2013 Q4 Seasonally adjusted at annual rates
GDP                    $15,851.2 billion

The Q4 Data.
Of all the indicators above, Gross Private Domestic Investment (GPDI), investment in resources by companies, will have the largest impact on the future of the US economy.  

Treasury Direct - February 14, 2013, will be updated on this site once per month

Total Public Debt Outstanding $16,540,800,290,147.46
trillion
    
    The debt has reached the limit approved by Congress.  See attached article "The Debt Argument."

US Dept. of Labor, Bureau of Labor Statistics - Released March 8, 2013, the next release date is April 5, 2013   

Unemployment Rate 7.7%   

    This is a slight decrease from January to February.     

US Census Bureau, Economic Indicators - 
    
Manufacturing and Trade Month End Inventories    + .1% for December, released February 13, next release March 13

Trade Deficit                    $44.4 billion in January, released March 7, next release April 5 

New Home Sales         +15.6% in January, released February 26, next release March 26, 2012

New Residential Construction    -8.5% in January, released February 20, next release March 19, 2012
 
US Dept. of Labor, Bureau of Labor Statistics - Released February 21, 2012, next release March 15, 2012.
    
Data for January 2013
Percent change in price level unadjusted for last 12 months
Core Inflation Rate (without food and energy) 0.3%
Inflation Rate (all items) 0.0%
Energy commodities -3.0%
Gasoline (all types) -3.0%
Fuel Oil -0.2%
Utility (piped) gas service -1.7

PCE excluding food and energy (Q3 2012 BEA NIPA Table 2.3.7) 1.1%

    The core inflation rate is 0.3 percent.  Inflation is below average in the long run and is not decreasing real incomes too quickly.  In other words, consumers are basically able to buy the same basket of goods if their income remains the same.  The percentage of spending on energy is considered small enough so that its price fluctuations do not have an overall major impact on total spending.  This would be a good topic for a future article.

The Conference Board - January,  2013

Consumer Confidence Index    -    Decreased in January 8.1 points 
http://www.conference-board.org/data/consumerdata.cfm

    Consumer confidence is down.
 
The Federal Reserve - February 14, 2013

Fed Funds Rate     0.14 

Target Rate            0.00-0.25

The Fed Funds Rate is the rate at which banks lend to each other overnight.  Increases or decreases in the Fed Funds Rate can be symbolic of the Open Market Operations the Fed is conducting.  Open Market Operations, that is buying and selling Treasury Bonds, have a real effect on interest rates and the money supply.

S&P Dow Jones Indices - Released January 29th, 2013 for 12 months ending November, 2012

S&P/Case-Shiller Home Price     +4.5%
Indices


All material provided on this web site is copyrighted  with the US Copyright Office
Copyright © 2012 by Clint Kennedy
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God Bless America!

Amazing Fact: Of 185 Countries, the US ranks 178 in Investment! (CIA World FactBook, 2010).  That's investment in plant, equipment, and other productive resources.  We need to invest in our future!

Basic Economics Today LLC is available for consult.  Go to the Consult Basic Economics Today page on the left!


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Quote from Nobel Prize Winner Joseph E. Stiglitz about the TARP bailout-

"The Bush and Obama administrations had made a mistake-inexcusable given what had occurred in the years prior to the crisis-that banks' pursuit of their own self-interest was necessarily coincident with what was in the national interest" (Stiglitz, 2010). 

The public is outraged by tax payer dollars paid to the bankers that largely caused a recession with reckless lending decisions.

Stiglitz, J.E. (2010). FreeFall (p.111). New York, NY: W. W. Norton & Company, Inc.