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The trade deficit jumped by 5.3% to
an all-time high of $68.5 billion in January, the
Commerce Department reported March 9. Higher oil prices
and rising imports of cars, auto parts and wines
contributed to the record increase.
Worker productivity, a key
determinant of rising living standards, fell 0.5% in
fourth quarter 2005, the first time that has happened in
more than four years, the Labor Department said March 7.
Meanwhile, wages rose at a 3.3% pace over the same
period, the fastest gain in a year. Analysts said the
decline in productivity mainly reflected a temporary
slowdown in overall economic growth caused by the
hurricanes and surging energy prices.
Reflecting a big drop in demand for
commercial and military airplanes, orders to U.S.
factories for manufactured goods dipped 4.5% in January,
the largest amount in more than five years, the Labor
Department reported March 6. Excluding the volatile
transportation sector, factory orders posted a 1.6%
increase, the best showing in five months.
The number of Americans filing new
claims for unemployment benefits unexpectedly rose for
the week ending March 4 to 303,000. It's the first time
this year that jobless claims have topped 300,000.
Interest rates for 30-year mortgages
for the week ending March 4 jumped to their highest
level since September 2003, Freddie Mac said March 9.
This week look for updates on retail
sales on March 14. |
