Where Laidoff Weathermen Go 06/10/2011

The Labor Department reports new claims for unemployment benefits rose by 1,000 to 427,000 last week. Economists had expected claims to decline to 415,000.

The U.S. economy added 54,000 jobs in May, far below expectations and recent monthly gains, the Labor Department reported Friday. The unemployment rate also ticked up to 9.1 percent from 9 percent.

The Labor Department reports nonfarm payrolls increased by 54,000 in May, significantly less than the 150,000 economists had been expecting.
The jobless rate rose to 9.1% from 9% the month prior. Economists had been expecting the jobless rate to fall to 8.9%. Stock futures were down sharply on the news.

The Institute for Supply Management’s gauge of manufacturing activity fell to 53.5 in May from 60.4 the prior month. Wall Street was expecting a reading of 57.7 for the month.

The private sector added 38,000 jobs in May, significantly fewer than the 175,000 economists were expecting, with payrolls at their lowest level since September 2010.

The Conference Board’s Consumer Confidence Index fell to 60.8 in May from a revised 66 in April. Economists had been expecting an increase to 67.

The Case Shiller composite index of 20 metropolitan areas shows home prices fell a worse-than-expected 3.6% in March from a year ago.

A second reading on U.S. gross domestic product showed the economy expanded at an annualized rate of 1.8% in first quarter of 2011, the same as the first estimate, but below economists’ estimates of 2.1%.

The Labor Department reports initial jobless claims rose to 424,000 last week, higher than the 400,000 economists were expecting.

The Commerce Department reports U.S. durable goods orders fell by a larger-than-expected 3.6% in April, the biggest decline since October.

The National Association of Realtors reports sales of existing homes fell 0.8% in April. Economists were expecting a 2% increase.

The Labor Department reports initial claims for jobless benefits fell 29,000 to 409,000 last week. Economists were expecting they would fall 18,000 to 420,000.

Housing starts fell 10.6% in April to a 523,000-unit rate, missing economists’ estimates of a 568,000-unit rate. Permits to build new homes fell 4% in April to a 551,000-unit rate, lower than the 585,000-unit rate economists were expecting.

Higher energy prices led to a larger-than-expected 0.8% increase in producer prices in April. Prices excluding food and energy climbed 0.3%, also more than analysts had estimated.