| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : US Economy Last Updated: Mar 3, 2011 - 4:08 PM


US services activity grew in February for the 15th straight month; Weekly jobless claims fell
By Finfacts Team
Mar 3, 2011 - 3:59 PM

Email this article
 Printer friendly page
Secretary of Labor Hilda Solis greets a worker from Fluor Corporation during a shift change at the Detroit Heavy Oil Upgrader Project in Detroit, Michigan, Feb. 2011.

US services activity grew in February for the 15th straight month; weekly jobless claims fell last week and strong labour productivity data for the fourth quarter was confirmed.

US services activity grew in February for the 15th consecutive month, say the nation's purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business.

Anthony Nieves, C.P.M., CFPM, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee commented:
"The NMI registered 59.7% in February, 0.3 percentage point higher than the 59.4% registered in January, and indicating continued growth in the non-manufacturing sector. The Non-Manufacturing Business Activity Index increased 2.3 percentage points to 66.9%, reflecting growth for the 19th consecutive month and at a faster rate than in January.

The New Orders Index decreased 0.5%age point to 64.4%, and the Employment Index increased 1.1 percentage points to 55.6%, indicating growth in employment for the sixth consecutive month and at a faster rate. The Prices Index increased 1.2 percentage points to 73.3%, indicating that prices increased at a faster rate in February. According to the NMI, 13 non-manufacturing industries reported growth in February. Respondents' comments overall are mostly positive about business conditions and the direction of the economy."

The 13 industries reporting growth in February based on the NMI composite index — listed in order - - are: Real Estate, Rental & Leasing; Accommodation & Food Services; Mining; Utilities; Professional, Scientific & Technical Services; Educational Services; Transportation & Warehousing; Finance & Insurance; Other Services; Public Administration; Wholesale Trade; Management of Companies & Support Services; and Retail Trade. The five industries reporting contraction in February are: Agriculture, Forestry, Fishing & Hunting; Construction; Health Care & Social Assistance; Arts, Entertainment & Recreation; and Information.

Employment activity in the non-manufacturing sector grew in February, as ISM's Non-Manufacturing Employment Index registered 55.6%. This reflects an increase of 1.1%age points when compared to the 54.5% registered in January. Nine industries reported increased employment, five industries reported decreased employment, and four industries reported unchanged employment compared to January. Comments from respondents include: "Starting to fill positions reduced from 2009/2010 season" and "To handle the new influx of sales and sales activity."

US Weekly Jobless Claims

The Department of Labor said today that in the week ending Feb. 26, the figure for seasonally adjusted initial claims was 368,000, a decrease of 20,000 from the previous week's revised figure of 388,000. The 4-week moving average was 388,500, a decrease of 12,750 from the previous week's revised average of 401,250.

The number for seasonally adjusted insured unemployment during the week ending Feb.19 was 3,774,000, a decrease of 59,000 from the preceding week's revised level of 3,833,000. The 4-week moving average was 3,863,750, a decrease of 40,500 from the preceding week's revised average of 3,904,250.

The monthly employment report will be published on Friday.

 US Productivity

US productivity rose in line with previous estimates during the fourth quarter, as companies continued to expand activity while keeping a control on labour costs.

The Department of Labor reported that nonfarm business productivity rose at a 2.6% annual rate in the October to December period, the same rate as previously estimated.

Unit labour costs fell at a 0.6% annual rate last quarter, also unchanged from the initial estimate.

New unemployment claims unexpectedly fell last week, slipping further below a key level associated with an acceleration in job creation, with CNBC's Rick Santelli:

Related Articles
Related Articles


© Copyright 2011 by Finfacts.com

Top of Page

US Economy
Latest Headlines
US jobs rose by 215,000 in July; Unemployment rate stable at 5.3%
US economy grew at weak pace in Q2 2015 - Worst expansion since 1945
Decoupling of per capita GDP, productivity, private employment, and median family income in America
US economy stumbles again in 2015
Income gap highest in 30 years; No inequality rise in best-paying US firms
Fed minutes raise doubts about fragility of US recovery
Senate Democrats block trade deal authority for Obama
Five firms held 25% of top US non-financial companies cash pile in 2014
US added 223,000 jobs in April; Broad jobless rate at 10.8%
Investment struggles as dividends/ share buybacks at top US firms to exceed $1tn in 2015
US economic growth plunged in Q1 2015
Why the Fed may (almost) never raise interest rates
US jobless rate falls to 5.5%; Broad rate at 11%; Participation rate at 1978 level
US added 257,000 jobs in January; Broad jobless rate at 11.3%
US economy will soon see best years in a decade
US annualised GDP slowed sharply in final quarter 2014
US budget deficit to fall to 2.6% of GDP in 2015
US added 252,000 jobs in December; Jobless rate falls to 5.6%
US adds 321,000 jobs in November; Private sector adds 10.9m jobs in 57 months of growth
US manufacturing slowed in November
US retail spending over Thanksgiving weekend fell 11%
US consumer spending weak in October; Business investment fell again
US third-quarter GDP revised up to 3.9% annualised rate
After destroying banking secrecy US helps Swiss exporters
US oil imports from OPEC cartel at 30-year low
Tax-inverted "Irish" firm Actavis agrees to buy US Botox maker Allergan
US nonfarm payroll employment rose 214,000 in October' Jobless @ 6-year low
Swiss bankers await fallout of US tax evasion acquittal
Two PMI reports give contrasting trends on US manufacturing
US GDP increased at annualised 3.5% in third quarter of 2014
US city home price growth slowed again in August; Consumer confidence rebounded in September
US new orders for manufactured durable goods fell again in September
Loans to buy US shares at record highs
Global markets slide; US industrial production best in 3 years & jobless claims in 14-year low
US federal budget deficit dips to 2.9% of GDP in fiscal year 2014
US added 248,000 jobs in September; Jobless rate falls to 5.9%
US set to become world’s leading liquid petroleum producer again
Obama issues new rules to combat tax inversions
US Securities and Exchange Commission to pay $30m award to foreign whistleblower
Typical American household income in 2013 was below the 1989 level