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U.S. Economy Maintains Momentum As Fiscal Headwinds Increase
The federal spending sequester took effect March 1. The $85 billion reduction in federal defense and nondefense discretionary spending for FY2013 is expected to exert about a 0.6 percent drag on real GDP growth for 2013. This adds to the … Continue reading
Comerica Economic Weekly
Labor market data for February was better than expected. The official Bureau of Labor Statistics report showed a solid gain of 236,000 payroll jobs for the month. Job growth was broad-based, however, the government sector was a drain, subtracting 10,000 … Continue reading
Posted in United States, Weekly
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February U.S. Employment
Solid Hiring is the Antidote to Fiscal Tightening The February Payroll Employment Survey showed a solid gain of 236,000 jobs, beating expectations. The Unemployment Rate for February decreased to 7.7 percent, the lowest since December 2008. Average Weekly Hours … Continue reading
January International Trade, February ADP, March UI Claims
Trade Gap Widens as Exports Cool, Labor Data Is Positive The U.S. International Trade Gap widened in January to -$44.4 billion as exports cooled. Private Nonfarm Employment increased by 198,000 jobs in February according to the ADP survey. Initial … Continue reading
Posted in Daily, United States
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Comerica Economic Weekly
Housing related data continues to be positive. The Case-Shiller 20-City House Price Index for December shows that almost all major metro areas tracked saw consistent gains in house prices at the end of 2012. The 20-city composite index was up … Continue reading
Posted in United States, Weekly
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Arizona Index Ratchets Up in December
Comerica Bank’s Arizona Economic Activity Index ratcheted up in December, rising 3.4 percentage points to a level of 93.3. The December index reading is 22 points, or 31 percent, above the index cyclical low of 71.0. The index averaged 87 … Continue reading
Posted in Arizona, Economic Activity, Indices
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California Index Slumps in December
Comerica Bank’s California Economic Activity Index slumped in December, declining 1.7 points to a level of 100.7. December’s reading is 28 points, or 38 percent, above the index cyclical low of 73.2. The index averaged 102 points for all of … Continue reading
Florida Index Declines in December
Comerica Bank’s Florida Economic Activity Index declined by 1.3 percentage points in December, to a level of 113.2. The December index reading is 33 points, or 40 percent, above the index cyclical low of 80.6. The index averaged 110 in … Continue reading
Texas Index Rises in December
Comerica Bank’s Texas Economic Activity Index increased by 1.2 percentage points in December, rising to a level of 101.3. The December index reading is 30 points, or 41 percent, above the index cyclical low of 71.7. The index averaged 98 … Continue reading
Posted in Economic Activity, Indices, Texas
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Michigan Index Improves in December
Comerica Bank’s Michigan Economic Activity Index saw a bounce back in December, rising 1.7 points to a level of 102.7. The December index reading is 43 points, or 71 percent, above the index cyclical low of 59.9. The index averaged … Continue reading
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