South By North Strategies, Ltd.

Around The Dial – June 9

Economic policy reports, blog postings, and media stories of interest:

• Free Exchange asks “what the fed believes.”
• Calculated Risk documents the end of the home-buyer tax credit.
• Martin Wolf warns against the austerity hawks.
• Economist’s View asks where the good jobs will come from?

Service Activity In The South Atlantic: May

From the Federal Reserve Bank of Richmond’s latest survey of service-sector activity in the South Atlantic (District of Columbia, Maryland, North Carolina, South Carolina, Virginia and West Virginia):

Activity in the Fifth District service sector was mixed in May, according to the latest survey by the Federal Reserve Bank of Richmond. Retail sales flattened, even though big-ticket sales declined more slowly than a month ago and retail inventories fell. Shopper traffic also tapered off. In contrast, revenues picked up at non-retail services firms.
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In related labor markets, a jump in employment at services-producing firms overshadowed the steady pace of retail job cuts. Growth in average wages was more widespread in May at retail and non-retail establishments, while price growth in the broad service sector was mild.

April Job Openings

The latest version of the Job Openings and Labor Turnover Survey conducted by the U.S. Bureau of Labor Statistics found that job openings remained scarce in April, the most recent month for which data are available.

There were 3.1 million job openings on the last business day of April 2010, the U.S. Bureau of Labor Statistics reported today. The job openings rate increased over the month to 2.3 percent. The hires rate (3.3 percent) and the separations rate (3.1 percent) were unchanged.
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Over the 12 months ending in April, the hires rate (not seasonally adjusted) increased for total private and was little changed for total nonfarm, government, and most industries. The hires rate increased in the Midwest and was little changed in the remaining regions over the year.

Around The Dial – June 8

Economic policy reports, blog postings, and media stories of interest:

• USA Today reports on the limits of job training during recessions.
• Naked Capitalism shows even more problems with “extend and pretend.”
• Mark Thoma explains why census jobs should “count.”
• New Deal 2.0 discusses the importance of the Collins amendment.
• Bob Herbert warns against losing a focus on jobs.

Manufacturing Activity In The South Atlantic: May

From the Federal Reserve Bank of Richmond’s latest survey of manufacturing activity in the South Atlantic (District of Columbia, Maryland, North Carolina, South Carolina, Virginia and West Virginia):

Manufacturing activity in the central Atlantic region expanded for the fourth straight month, according to the Richmond Fed’s latest survey. Looking at the main components of activity, shipments edged slightly higher, while new orders inched lower and employment grew more slowly. Other indicators were also mixed but suggested continued solid activity. Backlogs continued their upward trend and capacity utilization matched its all time high reading seen in April. Vendor lead-time continued to grow at a solid pace; suggesting activity remained strong in May. Inventories grew at a somewhat slower pace.
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Looking forward, assessments of business prospects for the next six months were generally on par with last month’s readings. Firms looked for shipments, new orders, and capacity utilization to grow more rapidly in the months ahead, while they expected capital expenditures to grow more moderately.