Friday, June 3, 2011
Wells Fargo’s Weekly Economic & Financial Commentary – June 3, 2011
- Nonfarm employment increased by just 54,000 during May, and previous gains in March and April were revised down.
. Private sector payrolls, meanwhile, posted a gain of 83,000 for the month.
- The unemployment rate rose 0.1 percentage points to 9.1 percent, as labor force growth exceeded the rebound in household employment.
. Aggregate hours worked increased 0.1 percent and average hourly earnings rose 0.3 percent during May, suggesting wages and salaries rose modestly.
- The ISM manufacturing survey fell sharply in May, declining 6.9 points to 53.5 as motor vehicle assembly plants and parts suppliers cut production.
- The Consumer Confidence Index fell 5.2 points during May due to renewed concerns about the labor market and continuing declines in home prices.
. Motor vehicle sales slid to just an 11.8 million unit pace in May, as dealers offered fewer deals on cars in short supply and buyers shied away from larger cars and SUVs.