ECONOMIC STATISTICS--NOVEMBER, 2008:









 

 

                             

 

                                           REAL WEEKLY EARNINGS

  •         Real average weekly earnings for production and nonsupervisory employees increased by 2.3%   from October to November of this year after seasonal adjustment,according to a preliminary report from the U.S. Department of Labor's Bureau of Labor Stastics. The Department attributed the increase to a 0.4% rise  in average hourly earnings themselves, and a drop of 2.1% in the inflation rate as measured by the Consumer Price Index for Urban Wage Earners  and Clerical Workers, but a 0.3% drop in average weekly hours worked partially offset these positive influences.  

  •          On an annual basis, average weekly earnings rose by 2.8% seasonally adjusted from November of last year until this month. After adjustment and deflation by the Consumer Price Index for Urban Wage Earners and Clerical Workers, the increase in average weekly earnings  increased by 2.2%.  Before adjustment for seasonal change and inflation, the current average weekly earnings figure was US$618.73 this month, up from US$594.13 in November, 2007.  (SOURCE:  Real Earnings news release, U.S. Department of Labor, Bureau of Labor Stastics, December 16, 2008, retrieved from: https://www.bls.gov/news.release/archives/realer_12162008.htm  on 3/4/2017-GD). 

     

     

     

     

                                           AUTOMOTIVE INDUSTRY DATA

    •         It directly employs nearly 240,000 people

    •       Provides healthcare to 2 million Americans and pension benefits to 775,000 retirees and spouses

    •       Supports another 5 million jobs at dealers, parts suppliers and service providers

    •       Comprises nearly 4% of US GDP

    •       More than $225 billion has been invested domesticly over last 20 years, including $10 billion in 2007 alone

    •       $12 billion per year spent in U.S.on Research & Development, more than is spent by the aerospace, medical equipment and communications industries

    •       Automotive industry purchased $156 billion in U.S. auto parts in 2007, supporting jobs in all 50 states

    •      Automotive industry is the largest purchaser of U.S.-made steel, aluminum, iron, copper, plastics, rubber and electronic chips

      ----SOURCE:  Form 8-K filing with Securities & Exchange Commission by General Motors Corporation on November 18, 2008  

                                        HOUSING MARKET DATA

    •      Preliminary existing-home sales for November, 2008 "weakened against a backdrop of an eroding economy."-National association of Realtors

    •      Total existing-home sales fell by 8.6% to a seasonally-adjusted annual rate of 4.49 million units in November, from the rate in October, 2008

    •      Total existing-home sales were at a seasonally-adjusted annual rate of 4.91 million un its in October, 2008

    •      November, 2008 sales rate was 10.6% below the 5.02 million units sold in November, 2007

    •     The November decline in existing-home sales was the worst monthly drop since the Realtors have been reporting total sales including condominiums,

           which began in 1999

    •     Sales of existing single-family homes-the mainstay of the American middle-class lifestyle-fell by 8% from 4.37 million in October, 2008; the November            

                     seasonally-adjusted annual rate was just 4.02 million units. The record for the worst month-to-month decline in sales of single-family homes was set in   

                     April, 1980;  the rate that month fell by a huge 14.5% from the previous month's rate.  (SOURCE:  See "Housing Intelligence" website here:).

             

     


     

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