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Key Points:
- Real average hourly earnings are hourly earnings adjusted for inflation. They are one measure of real wages, which represent the economic return to work.
- Despite average hourly earnings trending up, wages are still down after adjusting for inflation.
- The Consumer Price Index (CPI) rose 0.4% in February from January and is up 3.2% in the last year.
- Real average hourly earnings have fallen from $35.46 in January 2021 to $34.57 in February 2024, a 2.5% decline.
Key Points:
- The Consumer Price Index (CPI) rose 0.4% in February after rising 0.3% in January.
- CPI increased 3.2% from a year ago, up from 3.1% in January, and above consensus of 3.1%.
- The index for shelter rose 0.4% and the energy index rose 2.3% over the month.
- The index for food at home was unchanged over the month while the index for food away from home rose 0.1%.
- The core CPI, which excludes food and energy, rose 0.4% in February and is up 3.8% from the previous year.
- The energy index is down 1.9%, the food index is up 2.2%, and shelter is up 5.7% from the previous year.
- The Right Facts will continue to monitor CPI.
Key Points:
- Unemployment rates rose in four states, lower in two, and remained stable in 44 states and the District of Columbia in January.
- The U.S. unemployment rate was unchanged at 3.7% in January.
- In total, 16 states had unemployment rates lower than the U.S. figure of 3.7%, 7 states and the District of Columbia had higher rates, and 27 states had rates that were not appreciably different from that of the nation.
- Twenty-five states had jobless rate increases from a year earlier, 6 states had decreases, and 19 states and the District had little change.
- North Dakota had the lowest jobless rate in January at 1.9%, followed by South Dakota at 2.1%.
- Nevada has the highest unemployment rate again at 5.3%, followed by California at 5.2%.
- Four states had unemployment rate increases in January: Connecticut, Rhode Island, and Washington (+0.2% each) and California (+0.1%).
Key Points:
- Total nonfarm payroll employment rose by 275,000 in February and the unemployment rate rose 0.2% to 3.9%.
- Consensus among economists was a gain of 200,000 jobs.
- The change in total nonfarm payroll employment for December was revised down by 43,000, from +333,000 to +290,000, and the change for January was revised down by 124,000, from +353,000 to +229,000. With these revisions, employment in December and January combined is 167,000 lower than previously reported.
- Health care added 67,000 jobs in February, government employment rose by 52,000, food services and drinking places increased by 42,000, social assistance added 24,000 jobs, construction added 23,000 jobs, and transportation and warehousing rose by 20,000.
- In February, average hourly earnings for all employees on private nonfarm payrolls rose by $0.05 to $34.57.
- The average workweek for all private employees fell by 0.1 hours to 34.3 hours in February.
- The labor force participation rate was unchanged at 62.5% for the third month and is 0.9% below its February 2020 level.
- In February, the unemployed population rose to 6.5 million but job openings rose to 8.9 million in January.
Key Points:
- The number of available jobs since May 2021 continues to outnumber Americans looking for work.
- Job openings were little changed at 8.86 million in January, slightly below consensus of 8.90 million.
- Over the month, job openings increased in nondurable goods manufacturing (+82,000) but decreased in private educational services (-41,000).
- The U.S. added 353,000 jobs in January but there were 6.1 million people unemployed.
- The number of job openings for December was revised down by 137,000 to 8.9 million, the number of hires was revised up by 166,000 to 5.8 million, and the number of total separations was revised up by 54,000 to 5.4 million.
- In January, the number and rate of hires were little changed at 5.7 million and 3.6%, respectively. Hires decreased in state and local government education (-37,000).
- The number of total separations in January changed little at 5.3 million, and the rate was 3.4% for the third month in a row.
- Over the month, the number of total separations decreased in health care and social assistance (-86,000) and in federal government (-8,000).
- Within separations, quits (3.4 million) and layoffs and discharges (1.6 million) changed little.
- The number and rate of quits were little changed at 3.4 million and 2.1 percent, respectively. The number of quits increased in information (+23,000) but decreased in real estate and rental and leasing (-16,000).
- The number of layoffs and discharges decreased in state and local government education (-19,000) but increased in mining and logging (+7,000).
- The labor force participation rate was unchanged at 62.5% in January and is 0.9% below its February 2020 level.
- The Right Facts will continue to monitor unemployment and job openings.
Key Points:
- U.S. consumer spending rose by 0.2%, or $43.9 billion, in January, after rising 0.7% in December.
- Personal income increased by 1.0%, or $233.7 billion, in January, after rising 0.3% in December.
- The overall personal consumption expenditures price index rose 0.3% in January and is up 2.4% from a year prior.
- The core personal consumption expenditures price index, which excludes food and energy, rose 0.4% in January and is up 2.8% from a year prior.
- The Right Facts will continue to monitor spending, prices, and income.
Key Points:
- Real average hourly earnings are hourly earnings adjusted for inflation. They are one measure of real wages, which represent the economic return to work.
- Despite average hourly earnings trending up, wages are still down after adjusting for inflation.
- The Consumer Price Index (CPI) rose 0.3% in January from December and is up 3.1% in the last year.
- Real average hourly earnings have fallen from $35.31 in January 2021 to $34.55 in January 2023, a 2.1% decline.
Key Points:
- Retail sales, a measure of purchases at stores, restaurants and online, fell 0.8% in January from December after increased spending for the holiday season.
- The change for December was revised down from a 0.6% gain to 0.4%.
- Excluding autos, retail sales fell by 0.6% over the month.
- Retail sales are not adjusted for inflation and reflect price differences as well as purchase amounts.
- Total sales for the November 2023 through January 2024 period were up 3.1% from the same period a year ago, mirroring CPI data released earlier this month showing prices have increased 3.1% in the last year.
- The Right Facts will continue to monitor retail sales.
Key Points:
- The Consumer Price Index (CPI) rose 0.3% in January after rising 0.2% in December.
- CPI increased 3.1% from a year ago, down from 3.4% in December, but above consensus of 2.9%.
- The index for shelter rose 0.6%, the index for food rose 0.4%, and the energy index fell 0.9% over the month.
- The index for food at home increased 0.4% over the month while the index for food away from home rose 0.5%.
- The core CPI, which excludes food and energy, rose 0.4% in January and is up 3.9% from the previous year.
- The energy index is down 4.6%, the food index is up 2.6%, and shelter is up 6.0% from the previous year.
- The Right Facts will continue to monitor CPI.
Key Points:
- Total nonfarm payroll employment rose by 353,000 in January and the unemployment rate was unchanged at 3.7%.
- Consensus among economists was a gain of 185,000 jobs.
- The change in total nonfarm payroll employment for November was revised up by 9,000, from +173,000 to +182,000, and the change for December was revised up by 117,000, from +216,000 to +333,000. With these revisions, employment in November and December combined is 126,000 higher than previously reported.
- Professional and business services added 74,000 jobs in January, employment in health care rose by 70,000, retail trade employment increased by 45,000, government added 36,000 jobs, and employment in social assistance rose by 30,000.
- In January, average hourly earnings for all employees on private nonfarm payrolls rose by $0.19 to $34.55.
- The average workweek for all private employees fell by 0.2 hours to 34.1 hours in January.
- The labor force participation rate was unchanged at 62.5% and is 0.9% below its February 2020 level.
- In January, the unemployed population was unchanged at 6.2 million but job openings rose to 9.0 million in December.