 | | Monthly economic update |
January was met with optimism, as market volatility showed a welcome decrease and economic indicators continued to show signs of slow, but positive improvement. - The University of Michigan/Reuters consumer-sentiment index increased to 75.0, for a fifth straight month of increases.
- The savings rate rose to 4% in December.
- The manufacturing reading increased to 54.1, with new orders, production, and employment all increasing.
- Existing home sales rose 5.0% in December.
- The unemployment rate fell for the fifth straight month, down to 8.3% which was well ahead of expectations.
| Economic indicators |  | Consumer confidence | + - | The consumer confidence index fell in January to a reading of 61.1, down from December’s reading of 64.8 (1985=100, The Conference Board). The University of Michigan/Reuters consumer-sentiment index increased in January to a reading of 75.0 from 69.9 for a fifth straight month of increases.
| | Spending | + - | Retail sales were up 0.1% in December from a month ago and are up 6.5% from a year ago. (Commerce Department) | | Manufacturing | + - | The January reading increased to 54.1. New orders, production, and employment all rose in January. (Institute of Supply Management) | | GDP growth | + - | In the Commerce Department’s first estimate, fourth quarter gross domestic product (GDP) grew by 2.8%. | | Inflation | + - | The consumer price index (CPI) was unchanged in December from a month earlier and 12 month CPI fell again to 3.0%. | | Housing | - | The 20 city Case-Shiller Index (home-price readings) fell 1.3% in November from a month prior, after increasing for five out of the last seven readings.
| | Job growth | + - | The unemployment rate fell for the fifth straight month, down to 8.3% which was well ahead of expectations. The economy created 243,000 jobs in January. (Department of Labor) |
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