- Q1 borrowing largest ever, except for early 2020 COVID recession period.
- Federal government generated biggest increase in Q1.
- Household borrowing, especially mortgages, was also sizable.
Introducing
Carol Stone, CBE
in:Our Authors
Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
Publications by Carol Stone, CBE
USA| Jun 02 2022U.S. Productivity Revised to Show Slightly Smaller Decrease in Q1, as Compensation Higher
- Nonfarm productivity fell at 7.3% annual rate in Q1.
- Compensation growth revised up meaningfully, especially in manufacturing.
- Unit labor cost growth revised up on upward compensation revision.
USA| Jun 01 2022U.S. JOLTS: April Job Openings Ease Slightly from All-Time High
- The number of job openings falls 455,000 in April, but still historically very large.
- New hires also ease, but remain sizable.
- Quits and layoffs decrease.
USA| May 12 2022U.S. Unemployment Claims Edge Upward
- Initial claims increase 1,000 to 203,000.
- Continued weeks claimed fell again to a new 52-year low.
- Insured unemployment rate remained at record low of 1.0%.
USA| May 04 2022U.S. Mortgage Applications Turn Upward After 7 Weekly Declines
- Total applications up 2.5%.
- Loans to purchase a house rise 4.1%, refinance loans manage 0.2% increase.
- Mortgage interest rates ease slightly.
- Crude oil price up $2.31 per barrel.
- Gasoline prices edge lower again after mid-March record high.
- Natural gas prices continue to rise.
- Fuel prices, up 14.6% in March, again drive import prices.
- Import prices ex fuels increase 1.2%.
- Export prices surge 4.5%, a second monthly record; food and industrial goods both very strong.
USA| Mar 29 2022U.S. JOLTS: Job Openings Nearly Steady in February
- Job openings rate unchanged at 7.0%.
- Hirings increase enough that rate rose.
- Quits rose while layoffs & discharged eased.
- Initial claims noticeably lower than forecast.
- Continued claims below pre-pandemic amounts.
USA| Mar 17 2022U.S. Unemployment Claims Decrease; Rate Hits Record Low
- Initial claims decrease somewhat more than expected.
- Continued claims rose slightly but remain well below pre-pandemic levels.
- Insured unemployment rate = 1.0%, lowest ever.
USA| Mar 16 2022U.S. Mortgage Application Volume Eases, Rates Rise
- March 11 week decrease follows sizable advance the week before.
- Applications to purchase edge higher as refinance activity declines.
- Mortgage interest rates advance 20 basis points.
USA| Mar 11 2022U.S. Financial Accounts Show Expanded Borrowing in Q4
- Federal government resumes sizable borrowing in Q4 after net paydown in Q3.
- Household borrowing largest relative to income since before the Great Recession.
- Business corporations take on new loans and pay down bonds in Q4.
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