February 2018

U.S. Infrastructure Spending

Referencing data from the U.S. Census Bureau’s construction put-in-place (CPIP) shows that infrastructure spending, (not seasonally adjusted in constant 2009 dollars) decreased by 1.1%, 12 months year on year, (y/y) to $166.6 billion, (B). On a three month y/y comparison, spending was down 14.9% to $43.4. Momentum, (3 month change minus 12 month change) was [...]

Dodge Momentum Index

The Dodge Momentum Index fell 5.1% to 136.7 in January after a significant upward revision to the December score. On a year on year, (y/y) comparison, the composite index was up 1.4%. The commercial sub-index posted a significant decrease for the month, while the institutional index declined slightly. The Dodge Momentum Index is a monthly [...]

Consumer Credit

Total consumer credit increased by $18.4 billion, (B) in December, below the consensus estimate of $20B. Non-revolving credit advanced by $13.3B while revolving credit moved-up by $5.3B. November’s consumer credit was revised upwards by $2B to $30B essentially offsetting the miss in December. On a percentage year on year basis, consumer credit increased at an [...]

Employment: Initial, Continuous Jobless Claims and Net Job Creation

Seasonally adjusted, (SA) initial claims for unemployment insurance fell by 9,000 to 221,000. The four week moving average (4WMA) was 224,000, 17.0% lower than for the same period last year. Moody’s economist project an unemployment rate of 3.5% by the end of the year as layoffs are low and hiring remains firm. Continuous claims as [...]

Employment by Industry

The economy created 148,000 jobs in January, 38.5% of these were in the Goods producing industries and 61.5% in Service providing sector. The total number of seasonally adjusted (SA), non-farm people employed in the U.S. in January was 147.810 million (M), an increase of 0.14% month on month, (m/m). Over the past 12 months the [...]