Tag Archives: Jobs

The Conference Board’s Consumer Confidence Index fell from a revised 79.4 last month to 78.1 in the most recent release. The individual components making up the index were mixed, with the measure of current conditions rising nearly four points to 81.7 and the gauge of consumer expectations falling more than five points to 75.7.

The Conference Board’s Leading Economic Index (LEI) for January increased 0.3 percent to 99.5, the group reported Thursday. Also released Thursday were the Conference Board Coincident Economic Index and the Lagging Economic Index, which both ticked up slightly. Together, the three indexes represent observed changes in average weekly hours, building permits, stock prices, consumer expectations for business conditions, and more.

Noting that interest rates have spent most of the last two months on a downward slope (despite actions from the Federal Reserve to bring down asset purchases), Freddie Mac’s chief economist, Frank Nothaft, says the refinance segment of the market may be getting its second wind, thus giving a lift to overall applications activity.

The nation's second largest lender is reportedly cutting 450 jobs in its West Coast offices, according to Bloomberg. ""These notifications have been ongoing and reflect our previously announced efforts to reduce our size, resolve legacy issues and simplify our company,"" said Dan Frahm, a spokesman for Bank of America. The lender is still hiring in non-mortgage areas, and some employees will find jobs in other parts of the firm, he said.

The University of Michigan/Thomson Reuters Index of Consumer Sentiment stood at a reading of 81.2 in an early-look report released Friday. The index was unchanged from its final January reading. The mid-February reading was affected by deterioration in the gauge measuring perceptions about current conditions, which fell to 94.0 from January's 96.8. That was offset by a pickup in the measure of six-month expectations, which rose to 73.0 from 71.2 previously.

If nothing else, Janet Yellen proved on Tuesday she has stamina. The newly installed Federal Reserve chair--the first woman to take the post in the institution's century-long history--sat in front of the House Financial Services Committee for an extended session, fielding dozens of questions on topics ranging from the Fed's current direction to GSE reform. The takeaway from her prepared remarks: Don't expect a great change in policy now that she's at the helm.

As of February, 58 out of approximately 350 metro areas nationwide have either returned to or exceeded their last ""normal"" levels of economic and housing activity.

According to the government's latest data, total nonfarm payroll employment rose by 113,000 last month, adding more bleak numbers to December's barely revised growth of 75,000. The unemployment rate edged down slightly to 6.6 percent. Since October, the jobless rate has fallen more than half a percentage point, largely thanks to declines in the number of people counted as being part of the labor force. There's a little bit of good news, though.

The Surveys of Consumers' Index of Consumer Sentiment, released jointly by Thomson Reuters and the University of Michigan's Survey Research Center, dropped to 81.2 this month from December's 82.5. The monthly decline stands in contrast to the Conference Board's Consumer Confidence Index, which rose for the second straight month in the group's most recent report. The measure of sentiment about current conditions fell slightly to 96.8, while the expectations index was down to 71.2.

Instead of bringing America together and setting us forth on the path towards economic growth and prosperity, what President Obama did in his State of the Union address was offer of the same misguided, go-it-alone ideas we've heard before, as opposed to real job creation and economic growth. Rather than go through the same divisive rhetoric and "stale political arguments" Americans have grown tired of, let's agree to put politics aside and do what's best for everyone, not just the chosen few.