Let's take a closer look at recent activity in US Treasuries. The yield on the 10-year note ended the day at 2.43% and the 30-year bond closed at 3.03%.
It's time again for our weekly gasoline update based on data from the Energy Information Administration (EIA). The price of Regular and Premium are up a penny each from last week. According to GasBuddy.com, Hawaii has the highest average price for Regular at $3.06 and San Francisco is the most expensive city, averaging $2.98. South Carolina has the cheapest at $2.02. The WTIC end of day spot price closed at 52.93, down 0.08 from this time last week.
The University of Michigan Preliminary Consumer Sentiment for February came in at 95.7, down from the January Final reading of 98.5. Investing.com had forecast 97.9.
Millennials make up the largest percentage of our population today, yet have seen some of the lowest labor force participation growth and highest unemployment out of all age groups since the turn of the century. This has larger implications when coupled with slow wage growth, high home prices, and mounting student debt.
In July of 2015, CNN Money featured an article with the optimistic and intriguing title "More American teens are getting jobs. That's good for everyone." After reading the article, we revised one of our monthly charts on Labor Force Participation to include the age 16-19 cohort -- one we elsewhere combine with the 20-24 year-olds. We've updated this article to include the latest employment data.
Note: This commentary has been updated with the latest numbers from last week's Employment Report. This is not the scenario that would have been envisioned a generation ago for the "Golden Years" of retirement. Consider: Today nearly one in three of the 65-69 cohort and about one in five of the 70-74 cohort are in the labor force.
We've updated our monthly workforce analysis to include last week's Employment Report for January. The unemployment rate ticked up from 4.7% to 4.8%, and the number of new nonfarm jobs (a relatively volatile number subject to extensive revisions) was surprised forecasts at 227K.
The Labor Force Participation Rate (LFPR) is a simple computation: You take the Civilian Labor Force (people age 16 and over employed or seeking employment) and divide it by the Civilian Noninstitutional Population (those 16 and over not in the military and or committed to an institution). The result is the participation rate expressed as a percent.
The U.S. International Trade in Goods and Services, also known as the FT-900, is published monthly by the Bureau of Economic Analysis with data going back to 1992. The monthly reports include revisions that go back several months. This report details U.S. exports and imports of goods and services.
The latest JOLTS report (Job Openings and Labor Turnover Summary), with data through December, is now available. The time frame is quite limited compared to the main BLS data series in the monthly employment report, many of which go back to 1948, and the enormously popular Nonfarm Employment (PAYEMS) series goes back to 1939, while the BLS began tracking JOLTS in December 2000. Nevertheless, there are some clear JOLTS correlations with the most recent business cycle trends.