This Week’s Top Economic Data Points
- The Canadian economy added 14,000 jobs in May as the nation’s unemployment rate fell to 6.9 percent, its lowest level in nearly a year. Analysts had predicted a gain of only 5,000 jobs. Employers added 61,000 full-time positions while the number of part-time jobs fell by 47,000. Manufacturers added 12,000 jobs.
- According to the U.S. Department of Labor, (DOL) 264,000 individuals filed for federal unemployment benefits for the week that ended June 4 from 268,000 the week before. The four-week moving average of first-time claims also fell, as did the number of individuals who continued to receive benefits. That figure dropped to 2.095 million for the week that ended May 28 from 2.172 million the week before. The four-week moving average of first-time claims also declined. The DOL also announced last week that there were 5.8 million jobs open in the United States at the end of April.
- Productivity of U.S. workers fell at a 0.6 percent annualized rate from the last quarter of 2015 to the first quarter of 2016. From the first quarter of 2015 to the first quarter of 2016, it was up 0.7 percent.
- Wholesale sales in the United States rose one percent from March 2016 to April 2016, but were down 2.6 percent year-over-year. Inventories, meanwhile, were up 0.6 percent for the month and 0.9 percent from April 2015. The inventory-to-sales ratio increased to 1.35 in April 2016 from 1.31 the year before.