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US economic outlook brighter
Source: Agencies |
November 11, 2011, Friday
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Print Edition
THE outlook for American jobs and trade looked a little brighter yesterday, despite growing uncertainty overseas.
The number of people who applied for unemployment benefits in United States last week fell to a seasonally adjusted 390,000, the Labor Department said yesterday. That's the fewest since April.
The US trade deficit narrowed to US$43.1 billion in September, its lowest point of the year, the Commerce Department said. Foreign sales of American-made autos, airplanes and heavy machinery pushed exports to an all-time high.
The data suggest layoffs are easing and the economy grew slightly better over the summer than the government had estimated a month ago.
The reports "are modestly strong relative to expectations - encouraging confidence the economy is gaining a bit of momentum," said Pierre Ellis, an analyst at Decision Economics.
Weekly applications for jobless benefits have declined in three of the past four weeks, the Labor Department said. The four-week average, a less volatile measure, fell to 400,000, also the lowest point since April.
The fall in applications suggests businesses are laying off fewer workers. Still, applications need to consistently drop below 375,000 to signal sustained job gains. They haven't been at that level since February.
"The labor market is still weak and quite stagnant but there are hopeful signs of some modest improvement," said Steve Wood, chief economist at Insight Economics.
In September, exports increased 1.4 percent to a record US$180.4 billion, reflecting a big jump in shipments of US-made autos and auto parts. Imports added a smaller 0.4 percent to US$223.5 billion. Oil imports slowed after huge gains earlier in the year. The deficit has narrowed for the last three months.
Paul Dales, senior US economist at Capital Economics, said the lower trade deficit in September could boost growth in the July-September quarter to an annual rate of 2.8 percent, up from the government's initial estimate of 2.5 percent.
Still, the Europe's debt crisis could reduce demand for American exports and slow US growth.
The number of people who applied for unemployment benefits in United States last week fell to a seasonally adjusted 390,000, the Labor Department said yesterday. That's the fewest since April.
The US trade deficit narrowed to US$43.1 billion in September, its lowest point of the year, the Commerce Department said. Foreign sales of American-made autos, airplanes and heavy machinery pushed exports to an all-time high.
The data suggest layoffs are easing and the economy grew slightly better over the summer than the government had estimated a month ago.
The reports "are modestly strong relative to expectations - encouraging confidence the economy is gaining a bit of momentum," said Pierre Ellis, an analyst at Decision Economics.
Weekly applications for jobless benefits have declined in three of the past four weeks, the Labor Department said. The four-week average, a less volatile measure, fell to 400,000, also the lowest point since April.
The fall in applications suggests businesses are laying off fewer workers. Still, applications need to consistently drop below 375,000 to signal sustained job gains. They haven't been at that level since February.
"The labor market is still weak and quite stagnant but there are hopeful signs of some modest improvement," said Steve Wood, chief economist at Insight Economics.
In September, exports increased 1.4 percent to a record US$180.4 billion, reflecting a big jump in shipments of US-made autos and auto parts. Imports added a smaller 0.4 percent to US$223.5 billion. Oil imports slowed after huge gains earlier in the year. The deficit has narrowed for the last three months.
Paul Dales, senior US economist at Capital Economics, said the lower trade deficit in September could boost growth in the July-September quarter to an annual rate of 2.8 percent, up from the government's initial estimate of 2.5 percent.
Still, the Europe's debt crisis could reduce demand for American exports and slow US growth.
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