Worker Productivity Falls.

Challenger Job-Cut Report (January 2016)

– Announced Layoffs    61,599. Previous was 75,114

 
Initial Jobless Claims (week ended 2/27/2016)

– Initial Claims, seasonally adjusted, 278,000. Previous was 272,000
– Initial Jobless Claims, unadjusted, totaled 266,423 an increase of 17,553 previous
– 4-week Moving Average, seasonally adjusted,  270,250.  Previous was 272,000

 
Productivity and Costs (4thQ2015)

– Nonfarm productivity quarter/quarter, seasonally adjusted, annualized, -2.2%. Previous was -3.0%
– Unit labor costs  quarter/quarter, seasonally adjusted, annualized, 3.3%. Previous was -4.5%.

Productivity (GDP/hour worked) is falling because bartenders and waitresses produce less GDP/hour worked than oil workers.

 
PMI Services Index (February 2016)

– Level  49.7. Previous was 53.2

This is a sign of weakening growth.  This is the lowest reading since 2013.

 
Bloomberg Consumer Comfort Index (week ended 2/28/2016)

– Level  43.6. Previous was 44.2

 

Factory Orders (January 2016)

– Factory Orders month/month  +1.6%. Previous was -2.9%.

This is a recovery of some of what was lost in December.  This is a complicated number which involves three thing moving much differently:  non-energy related stuff, energy related stuff, and exports.

 

ISM Non-Manufacturing Index (February 2016)

– Composite Index  53.4. Previous was 53.5.