Make us your home page
Instagram

Series of U.S. economic reports bring mostly positive news

Other surveys bring mostly positive news

A series of economic reports released Wednesday carried mostly positive news — about regional growth, productivity, the service sector, to name a few areas — though a private employment report was disappointing. Here's a summary:

Economic growth: A Federal Reserve Beige Book survey says economic growth increased throughout the United States from April through late-May, fueled by home construction, consumer spending and steady hiring. Eleven of the Fed's banking districts reported "modest to moderate" economic growth, according to the Beige Book survey released Wednesday. The 12th, in Dallas, reported strong growth.

Worker productivity: U.S. worker productivity grew a modest amount in the first quarter after having declined in 2012's fourth quarter. Productivity rose at a seasonally adjusted annual rate of 0.5 percent in the first quarter, following a 1.7 percent decline in the October to December period, the Labor Department said Wednesday.

Service growth: U.S. service firms grew at a faster pace in May, driven by a jump in new orders. The Institute for Supply Management said its index of service-sector growth rose to 53.7 from 53.1 in April. Any reading above 50 indicates expansion. Last month's figure is below the 12-month average of 54.4.

Factory orders: Orders to U.S. factories rose modestly in April as manufacturers rebounded from a weak March performance. Factory orders rose 1 percent in April compared with March, when orders had dropped a sharp 4.7 percent, the Commerce Department said. The big swing reflected volatility in commercial aircraft orders, which were down sharply in March but surged 53.3 percent in April.

Job gains: A private survey shows U.S. businesses added just 135,000 jobs in May, the second straight month of weak gains. Payroll provider ADP said May's gain was above April's revised total of 113,000. But it's much lower than the gains ADP reported over the winter, which averaged more than 200,000 a month from November through February.

Associated Press

Series of U.S. economic reports bring mostly positive news 06/05/13 [Last modified: Wednesday, June 5, 2013 8:05pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. How a group of Florida tomato growers could help derail NAFTA

    Agriculture

    Tony DiMare, a third-generation Florida tomato grower, has spent two decades contending with cheap Mexican imports, watching his neighbors abandon crops in their fields and sell off their farms when they couldn't match the price of incoming produce.

    Workers fill a trailer with tomatoes as they harvest them in the fields of DiMare Farms in Florida City. [Joe Raedle | Getty Images(2013)]
  2. Pinellas deputies go door-to-door at dawn to arrest unlicensed contractors

    Crime

    Pinellas deputies began pounding on doors at 5 a.m. Tuesday, part of a widespread roundup of contractors accused of working without licences and workers compensation.

    Pinellas Sheriff deputies J. Short, left, and T. Festa, right, arrest suspect Randy Ronchi, center, in Largo early Tuesday, as part of a joint roundup of unlicensed contractors. [SCOTT KEELER | Times]
  3. HQ2 watch: As deadline looms for Amazon headquarters pitch, one metro bows out

    Business

    If there's one national business saga to keep up on these days, it's the frenzy by metropolitan areas — including Tampa Bay — to make their best pitches to Amazon in the hope of being chosen as the new location for the giant online retailer's second massive headquarters. HQ2, as it is called, would create …

    Cities across the country are trying to land Amazon's second headquarters, known as HQ2. In Birmingham, Ala., giant Amazon boxes were constructed and placed around the city as part of its "Bring A to B" campaign. [Ali Clark/Bring A to B Campaign]
  4. Shares in Tampa's Health Insurance Innovations rebound from stronger earnings report

    Corporate

    TAMPA — After a sharp drop in its stock price in August and September, Health Insurance Innovations on Monday announced strong revenue and net income gains in preliminary numbers for its third quarter of the year. The company also announced a $50 million stock buyback over the next two years meant to bolster its …

    After losing more than half its market value between August and September, shares in Tampa's Health Insurance Innovations are rebounding."The new share repurchase program underscores our confidence in our business strategy, financial performance, and the long-term prospects of our company while also allowing us the financial flexibility to continue to invest in our business," company CEO Gavin Southwell announced Monday. [Courtesy of LinkedIn]
  5. Trigaux: Campaign aims to leverage tourism ads to recruit millennials, businesses

    Economic Development

    TAMPA — Tampa Bay's unleashing one of its best weapons — a cadre of successful entrepreneurs and young business leaders — in a marketing campaign already under way but officially …

    Erin Meagher, founder of Tampa coconut oil products company Beneficial Blends, is part of a group of business savvy millennial entrepreneurs and managers who are helping to pitch the work-live-play merits of the Tampa Bay market in a new marketing campaign called Make It Tampa Bay. The campaign is backed by Visit Tampa Bay and the Tampa Hillsborough Economic Development Corp. and aimed at recruiting more millennial talent to relocate and stay in the Tampa Bay area. [Courtesy Tampa Hillsborough EDC, Visit Tampa Bay]