International Trade - 8:30am

Full report here FOR IMMEDIATE RELEASE AT 8:30 A.M. EDT, WEDNESDAY, AUGUST 12, 2009 U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS U.S. Department of Commerce * Washington, DC 20230 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES June 2009 Goods and Services The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total June exports of $125.8 billion and imports of $152.8 billion resulted in a goods and services deficit of $27.0 billion, up from $26.0 billion in May, revised. June exports were $2.4 billon more than May exports of $123.4 billion. June imports were $3.5 billion more than May imports of $149.3 billion. In June, the goods deficit increased $1.2 billion from May to $38.4 billion, and the services surplus increased $0.1 billion to $11.4 billion. Exports of goods increased $1.9 billion to $84.0 billion, and imports of goods increased $3.0 billion to $122.4 billion. Exports of services increased $0.5 billion to $41.8 billion, and imports of services increased $0.4 billion to $30.4 billion. In June, the goods and services deficit decreased $33.2 billion from June 2008. Exports were down $35.8 billion, or 22.2 percent, and imports were down $69.0 billion, or 31.1 percent. Goods The May to June increase in exports of goods reflected increases in industrial supplies and materials ($1.2 billion); capital goods ($0.4 billion); foods, feeds, and beverages ($0.3 billion); and automotive vehicles, parts, and engines ($0.1 billion). Consumer goods and other goods were virtually unchanged. The May to June increase in imports of goods reflected increases in industrial supplies and materials ($3.9 billion); automotive vehicles, parts, and engines ($0.9 billion); foods, feeds, and beverages ($0.1 billion); and other goods ($0.1 billion). Decreases occurred in consumer goods ($1.7 billion) and capital goods ($0.1 billion). The June 2008 to June 2009 decrease in exports of goods reflected decreases in industrial supplies and materials ($12.4 billion); capital goods ($8.0 billion); automotive vehicles, parts, and engines ($5.3 billion); consumer goods ($1.9 billion); foods, feeds, and beverages ($1.9 billion); and other goods ($0.8 billion). The June 2008 to June 2009 decrease in imports of goods reflected decreases in industrial supplies and materials ($36.3 billion); capital goods ($9.7 billion); automotive vehicles, parts, and engines ($9.4 billion); consumer goods ($7.6 billion); other goods ($0.9 billion); and foods, feeds, and beverages ($0.6 billion). Services Services exports increased $0.5 billion from May to June. The increase was more than accounted for by increases in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services), travel, other transportation (which includes freight and port services), and passenger fares. Changes in other categories of services exports were small. Services imports increased $0.4 billion from May to June. The increase was mostly accounted for by increases in other private services, travel, passenger fares, and direct defense expenditures. Changes in other categories of services imports were small. The June 2008 to June 2009 decrease in exports of services was $5.4 billion. The largest decreases were in travel ($1.8 billion), other transportation ($1.7 billion), and other private services ($0.7 billion). Within other private services, the largest decreases were in business, professional, and technical services and financial services. The June 2008 to June 2009 decrease in imports of services was $3.8 billion. The largest decreases were in other transportation ($2.0 billion), travel ($0.9 billion), and passenger fares ($0.5 billion). Goods and Services Moving Average For the three months ending in June, exports of goods and services averaged $123.5 billion, while imports of goods and services averaged $150.8 billion, resulting in an average trade deficit of $27.3 billion. For the three months ending in May, the average trade deficit was $27.8 billion, reflecting average exports of $122.9 billion and average imports of $150.7 billion. Selected Not Seasonally Adjusted Goods Details The June figures show surpluses, in billions of dollars, with Hong Kong $1.4 ($1.5 for May), Australia $1.0 ($1.0), Singapore $0.5 ($0.3), and Egypt $0.2 ($0.2). Deficits were recorded, in billions of dollars, with China $18.4 ($17.5), OPEC $5.9 ($4.1), the European Union $4.5 ($2.8), Japan $3.7 ($1.9), Mexico $3.4 ($3.9), Venezuela $1.8 ($1.3), Canada $1.6 ($0.5), Nigeria $1.3 ($0.8), Korea $0.9 ($0.7), and Taiwan $0.6 ($0.9). Advanced technology products (ATP) exports were $20.7 billion in June and imports were $25.3 billion, resulting in a deficit of $4.6 billion. June exports were $1.5 billion more than the $19.2 billion in May, while June imports were $2.6 billion more than the $22.8 billion in May. Revisions Goods carry-over in June was $0.1 billion (0.1 percent) for exports and $0.5 billion (0.4 percent) for imports. For May, revised export carry-over was $0.1 billion (0.1 percent), revised down from $0.1 billion (0.2 percent). For May, revised import carry-over was $0.2 billion (0.2 percent), revised down from $0.6 billion (0.6 percent). Services exports for May were virtually unrevised at $41.3 billion. An upward revision in travel was mostly offset by a downward revision in other transportation. Services imports for May were revised up $0.1 billion to $30.0 billion. The revision was mostly accounted for by an upward revision in passenger fares.

Employment situation - 8:32AM

Full report here THE EMPLOYMENT SITUATION -- JULY 2009 Nonfarm payroll employment continued to decline in July (-247,000), and the unemployment rate was little changed at 9.4 percent, the U.S. Bureau of Labor Statistics reported today. The average monthly job loss for May through July (-331,000) was about half the average decline for November through April (-645,000). In July, job losses continued in many of the major industry sectors. Household Survey Data In July, the number of unemployed persons was 14.5 million. The unemployment rate was 9.4 percent, little changed for the second consecutive month. (See table A-1.) Among the major worker groups, unemployment rates for adult men (9.8 percent), adult women (7.5 percent), teenagers (23.8 percent), whites (8.6 percent), blacks (14.5 percent), and Hispanics (12.3 percent) were little changed in July. The unemployment rate for Asians was 8.3 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.) The number of long-term unemployed (those jobless for 27 weeks or more) rose by 584,000 over the month to 5.0 million. In July, 1 in 3 unemploy- ed persons were jobless for 27 weeks or more. (See table A-9.) The civilian labor force participation rate declined by 0.2 percentage point in July to 65.5 percent. The employment-population ratio, at 59.4 percent, was little changed over the month but has declined by 3.3 per- centage points since the recession began in December 2007. (See table A-1.) The number of persons working part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed in July at 8.8 million. The number of such workers rose sharply in the fall and winter but has been little changed for 4 consecutive months. (See table A-5.) About 2.3 million persons were marginally attached to the labor force in July, 709,000 more than a year earlier. (The data are not seasonally adjusted.) These individuals, who were not in the labor force, wanted and were available for work and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-13.) Among the marginally attached, there were 796,000 discouraged workers in July, up by 335,000 over the past 12 months. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The other 1.5 million persons marginally attached to the labor force in July had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities. Establishment Survey Data Total nonfarm payroll employment declined by 247,000 in July. From May to July, job losses averaged 331,000 per month, compared with losses averaging 645,000 per month from November to April. Since December 2007, payroll employment has fallen by 6.7 million. (See table B-1.) Employment in construction declined by 76,000 in July, about in line with the average for the past 3 months (-73,000). Employment had de- creased by 117,000 a month on average from November to April. Manufacturing employment fell by 52,000 in July and has declined by 2.0 million since the recession began. In motor vehicles and parts, fewer workers than usual were laid off in July for seasonal retool- ing. As a result, the estimate of employment for the industry rose by 28,000 after seasonal adjustment. In large part, July's seasonally- adjusted increase reflects the fact that previous job cuts had been so extensive that there were fewer workers to lay off during the sea- sonal shutdown. Elsewhere in manufacturing, several industries con- tinued to lose jobs in July, including machinery (-15,000) and fabri- cated metal products (-14,000). In July, retail trade employment declined by 44,000. Job losses in the industry had averaged 27,000 per month over the prior 3 months. Em- ployment in wholesale trade fell by 19,000 in July, with the majority of the decline occurring among durable goods wholesalers. Employment in professional and business services continued to trend down in July (-38,000); the industry has shed 1.5 million jobs since the start of the recession. Within professional and business services, employment in the temporary help industry edged down in July. While temporary help has lost 844,000 jobs since the recession began, the declines have lessened substantially over the past 3 months. Transportation and warehousing lost 22,000 jobs in July. Since May, the average monthly job loss was half the average monthly decline for November through April (-17,000 versus -34,000). Financial activities employment continued to trend down in July (-13,000). The average monthly decline for this industry was 23,000 over the past 3 months compared with 46,000 per month from November through April. Since the start of the recession, the financial acti- vities industry has lost 501,000 jobs. Employment in information de- clined by 16,000 in July, including losses in publishing and telecom- munications. Health care employment increased by 20,000 in July, about in line with the average monthly gain for the first half of this year but down from an average monthly increase of 30,000 during 2008. Employ- ment in lei-sure and hospitality has been little changed over the past 3 months. In July, the average workweek of production and nonsupervisory work- ers on private nonfarm payrolls edged up by 0.1 hour to 33.1 hours. The manufacturing workweek increased by 0.3 hour to 39.8 hours. Fac- tory overtime was unchanged at 2.9 hours. (See table B-2.) In July, average hourly earnings of production and nonsupervisory workers on private nonfarm payrolls rose by 3 cents, or 0.2 percent, to $18.56. Over the past 12 months, average hourly earnings have increased by 2.5 percent, while average weekly earnings have risen by only 1.0 percent due to declines in the average workweek. (See table B-3.) The change in total nonfarm payroll employment for May was revised from -322,000 to -303,000, and the change for June was revised from - 467,000 to -443,000. _____________ The Employment Situation for August is scheduled to be released on Friday, September 4, 2009, at 8:30 a.m. (EDT). More at link

Jobless claims - 8:40AM

Full report here UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT SEASONALLY ADJUSTED DATA In the week ending Aug. 1, the advance figure for seasonally adjusted initial claims was 550,000, a decrease of 38,000 from the previous week's revised figure of 588,000. The 4-week moving average was 555,250, a decrease of 4,750 from the previous week's revised average of 560,000. The advance seasonally adjusted insured unemployment rate was 4.7 percent for the week ending July 25, unchanged from the prior week's unrevised rate of 4.7 percent. The advance number for seasonally adjusted insured unemployment during the week ending July 25 was 6,310,000, an increase of 69,000 from the preceding week's revised level of 6,241,000. The 4-week moving average was 6,278,750, a decrease of 148,500 from the preceding week's revised average of 6,427,250. The fiscal year-to-date average for seasonally adjusted insured unemployment for all programs is 5.522 million. UNADJUSTED DATA The advance number of actual initial claims under state programs, unadjusted, totaled 463,062 in the week ending Aug. 1, a decrease of 48,296 from the previous week. There were 382,792 initial claims in the comparable week in 2008. The advance unadjusted insured unemployment rate was 4.5 percent during the week ending July 25, a decrease of 0.1 percentage point from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 5,987,728, a decrease of 116,319 from the preceding week. A year earlier, the rate was 2.4 percent and the volume was 3,166,763. Extended benefits were available in Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, Washington, and Wisconsin during the week ending July 18. Initial claims for UI benefits by former Federal civilian employees totaled 1,661 in the week ending July 25, a decrease of 30 from the prior week. There were 1,981 initial claims by newly discharged veterans, a decrease of 80 from the preceding week. There were 19,783 former Federal civilian employees claiming UI benefits for the week ending July 18, an increase of 1,066 from the previous week. Newly discharged veterans claiming benefits totaled 30,107, an increase of 175 from the prior week. States reported 2,754,391 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending July 18, an increase of 97,512 from the prior week. There were 607,368 claimants in the comparable week in 2008. EUC weekly claims include both first and second tier activity. The highest insured unemployment rates in the week ending July 18 were in Puerto Rico (8.0 percent), Michigan (6.7), Oregon (6.5), Pennsylvania (6.5), Nevada (6.1), Wisconsin (5.7), Connecticut (5.5), New Jersey (5.5), California (5.4), Rhode Island (5.3), and South Carolina (5.3). The largest increases in initial claims for the week ending July 25 were in Ohio (+891), Oklahoma (+644), Mississippi (+222), Louisiana (+154), and Alaska (+129), while the largest decreases were in North Carolina (-9,809), Michigan (-9,085), Florida (-8,714), Georgia (-6,948), and Alabama (-3,822). More at link - also tables I can't format

Crude oil and distillates report - 10:45AM

Full report here Summary of Weekly Petroleum Data for the Week Ending July 31, 2009 U.S. crude oil refinery inputs averaged 14.4 million barrels per day during the week ending July 31, 174 thousand barrels per day below the previous week's average. Refineries operated at 84.5 percent of their operable capacity last week. Gasoline production increased last week, averaging 9.1 million barrels per day. Distillate fuel production decreased last week, averaging about 3.8 million barrels per day. U.S. crude oil imports averaged 9.3 million barrels per day last week, down 737 thousand barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 9.5 million barrels per day, 590 thousand barrels per day below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.0 million barrels per day. Distillate fuel imports averaged 141 thousand barrels per day last week. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.7 million barrels from the previous week. At 349.5 million barrels, U.S. crude oil inventories are above the upper boundary of the average range for this time of year. Total motor gasoline inventories decreased by 0.2 million barrels last week, and are in the upper half of the average range. Both finished gasoline inventories and gasoline blending components decreased last week. Distillate fuel inventories decreased by 1.1 million barrels, and are above the upper boundary of the average range for this time of year. Propane/propylene inventories increased by 0.6 million barrels last week and are above the upper limit of the average range. Total commercial petroleum inventories decreased by 2.7 million barrels last week, and are above the upper limit of the average range for this time of year. Total products supplied over the last four-week period has averaged 18.9 million barrels per day, down by 3.1 percent compared to the similar period last year. Over the last four weeks, motor gasoline demand has averaged about 9.2 million barrels per day, up by 0.5 percent from the same period last year. Distillate fuel demand has averaged about 3.4 million barrels per day over the last four weeks, down by 7.9 percent from the same period last year. Jet fuel demand is 11.9 percent lower over the last four weeks compared to the same four-week period last year. More at link - more data I cannot format. There will be a much better formatted report out around 1:00 this afternoon. Go to link to see full report as formatted by the EIA.

ISM manufacturing report - 10:10AM

Full report here July 2009 Non-Manufacturing ISM Report On Business® NMI (Non-Manufacturing Index) at 46.4% DO NOT CONFUSE THIS NATIONAL REPORT with the various regional purchasing reports released across the country. The national report's information reflects the entire United States, while the regional reports contain primarily regional data from their local vicinities. Also, the information in the regional reports is not used in calculating the results of the national report. The information compiled in this report is for the month of July 2009. Business Activity Index at 46.1% New Orders Index at 48.1% Employment Index at 41.5% (Tempe, Arizona) — Economic activity in the non-manufacturing sector contracted in July, say the nation's purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business®. The report was issued today by Anthony Nieves, C.P.M., CFPM, chair of the Institute for Supply Management™ Non-Manufacturing Business Survey Committee; and senior vice president — supply management for Hilton Hotels Corporation. "The NMI (Non-Manufacturing Index) registered 46.4 percent in July, 0.6 percentage point lower than the 47 percent registered in June, indicating contraction in the non-manufacturing sector for the 10th consecutive month, at a slightly faster rate. The Non-Manufacturing Business Activity Index decreased 3.7 percentage points to 46.1 percent. The New Orders Index decreased 0.5 percentage point to 48.1 percent, and the Employment Index decreased 1.9 percentage points to 41.5 percent. The Prices Index decreased 12.4 percentage points to 41.3 percent in July, indicating a significant decrease in prices paid from June. According to the NMI, seven non-manufacturing industries reported growth in July. The majority of respondents' comments reflect a sense of uncertainty and cautiousness about business conditions." INDUSTRY PERFORMANCE (Based on the NMI) The seven industries reporting growth in July based on the NMI composite index — listed in order — are: Real Estate, Rental & Leasing; Arts, Entertainment & Recreation; Agriculture, Forestry, Fishing & Hunting; Mining; Information; Health Care & Social Assistance; and Retail Trade. The 10 industries reporting contraction in July — listed in order — are: Other Services; Management of Companies & Support Services; Public Administration; Finance & Insurance; Wholesale Trade; Professional, Scientific & Technical Services; Transportation & Warehousing; Construction; Educational Services; and Accommodation & Food Services. WHAT RESPONDENTS ARE SAYING ... * "Economic activity continues to decline." (Transportation & Warehousing) * "Continued soft sales, offset by improving profit margins." (Accommodation & Food Services) * "Stimulus funds have increased business activity." (Public Administration) * "Business downturn seems to be stabilizing somewhat." (Information) * "There is still downward pressure on our products; however, our sales volume is stabilizing." (Mining) * "The past month's volume target and operating volumes were met. Rising concerns over the future form of healthcare reform and impact on provider organizations." (Health Care & Social Assistance) * "Although attendance is up, business levels remain steady. More people, fewer dollars spent — an indication that discretionary spending is limited." (Arts, Entertainment & Recreation) Much more at link - too many tables I cannot format

ADP Report for July - 9:03AM

Full report here ADP NATIONAL EMPLOYMENT REPORT SHOWS U.S. EMPLOYMENT DECREASED BY 371,000 PRIVATE SECTOR JOBS IN JULY ROSELAND, N.J. – August 5, 2009 – According to today’s ADP National Employment Report®, private sector employment decreased by 371,000 in July. The ADP National Employment Report, created by ADP® Employer Services, a division of Automatic Data Processing, Inc. (ADP), in partnership with Macroeconomic Advisers, LLC, is derived from actual payroll data and measures the change in total nonfarm private employment each month. Nonfarm Private Employment Highlights – July Report: • Total employment: -371,000 • Small businesses* -138,000 • Medium businesses** -159,000 • Large businesses*** -74,000 • Goods-producing sector: -169,000 • Service-providing sector: -202,000 Addendum: • Manufacturing industry: -99,000 * Small businesses represent payrolls with 1-49 employees ** Medium businesses represent payrolls with 50-499 employees *** Large businesses represent payrolls with more than 499 employees According to Joel Prakken, Chairman of Macroeconomic Advisers, LLC, “Nonfarm private employment decreased 371,000 from June to July 2009 on a seasonally adjusted basis, according to the ADP National Employment Report. July’s employment decline was the smallest since October of 2008 and continues the notable improvement between the first and second quarters of 2009. Nevertheless, despite recent indications that overall economic activity is stabilizing, employment, which usually trails overall economic activity, is likely to decline for at least several more months, albeit at a diminishing rate.” Prakken added, “July’s ADP Report estimates nonfarm private employment in the service-providing sector fell by 202,000. Employment in the goods-producing sector declined 169,000, with employment in the manufacturing sector dropping 99,000, its smallest monthly decline since September of 2008.” “Large businesses, defined as those with 500 or more workers, saw employment decline by 74,000, while medium-size businesses with between 50 and 499 workers declined 159,000. Employment among small-size businesses, defined as those with fewer than 50 workers, declined 138,000,” said Prakken. Prakken went on to say, “In July, construction employment dropped 64,000. This was its thirtieth consecutive monthly decline, and brings the total decline in construction jobs since the peak in January 2007 to 1,483,000. Employment in the financial services sector dropped 26,000, the twentieth consecutive monthly decline.” More info in report - tables that I cannot format here