WASHINGTON — The U.S. December employment report showed definitive signs of economic weakening, with payrolls up at just 18,000 and the civilian unemployment rate rising 0.3 of a point to 5.0%.To be sure, there were new seasonal adjustments for the unemployment rate. But the December jump was across categories and is more than noise. Most statistical readjustments are 0.1 point. This 0.3-point gain marks highest unemployment rate since 5.1% in September 2005. All categories of age and sex showed fewer persons employed and more unemployed. The net October-November payroll revision was a plus-10,000 jobs. Average hourly earnings were up 0.4%, but this is a 3.7% increase over the year, and hours stagnated — additional signs of weakness. In terms of payroll composition, manufacturing fell 31,000, construction dropped 49,000, retail slid 24,900, motion pictures fell 11,600 — probably a result of the writers strike — and the financial sector lost 4,000. Gains were seen in health care at up 36,900, restaurants at plus 26,600, and local education at a 16,500 increase, with the last two areas possibly temporary due to any lingering adjustment problems at this time of year. This is a very weak report showing economic slowing over the course of the fourth quarter. The one-month employment diffusion index was 48.8, its lowest since September 2003, when there was little hiring.
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Fitch Ratings said the negative outlook on the BB-plus rating reflects Miami Jewish's thin operating profile.
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The new-issue calendar will be a "good test to see if the higher absolute yields can pull buyers off the sidelines or if underwriters need to widen spreads significantly enough to reprice the entire market to clear the deals," according to Birch Creek strategists.
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The state of emergency will let the governor use the central government's rainy-day fund to provide money to WAPA that semi-autonomous agencies of his government owe the authority. WAPA will use the money to make payments to bondholders and other creditors starting Tuesday.
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"The upgrade is supported by strengthened debt service coverage ratios due to better than expected recovery from the pandemic," Fitch said.
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S&P affirmed the state's AA issuer credit rating, citing healthy reserves and plans to increase permanent fund totals to mitigate revenue fluctuations.
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The top five bond financings have an average dollar volume of more than $1.9 billion.
April 22