Economic Headlines for June 1st 2011 ( Wednesday )
Today's economic reports include ,
1) US manufacturing growth tumbled more than expected, to the slowest level since September 2009.
The Institute for Supply Management (ISM) said its index of national factory activity fell to 53.5 in May from 60.4 the month before. The reading missed economists' expectations for 57.7.Today's economic reports include ,
1) US manufacturing growth tumbled more than expected, to the slowest level since September 2009.
If reading dips below 50 indicates contraction in the manufacturing sector, while a number above 50 means expansion.
New orders fell to 51.0 from 61.7 in April, the lowest since June 2009. The index for prices paid fell to 76.5 from 85.5, below expectations of 82.0.
2) U.S. private-sector payroll growth slowed sharply lower in May, falling to the lowest level in eight months and prompting some economists to lower forecasts for job growth in Friday's U.S. government report.
According to the ADP report, private sector added only, while the expectations was for 175000, a way short than estimates. It was the lowest level since September 2010.
According to the ADP report, private sector added only, while the expectations was for 175000, a way short than estimates. It was the lowest level since September 2010.
3) According to the report from the Mortgage Bankers Association ( MBA ) its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell nearly 4 percent in the week ended May 27.
The MBA's seasonally adjusted index of refinancing applications lost 5.7 percent, even as interest rates tumbled.The refinance share of mortgage activity fell to 65.7 percent of total applications from 66.8 percent the week before. The gauge of loan requests for home purchases was essentially unchanged.
Fixed 30-year mortgage rates averaged 4.58 percent in the week, down from 4.69 percent the week before.
4) The yield on benchmark 10-year Treasury debt slipped below 3% to its lowest level since early December.
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