A WEEKLY ECONOMIC UPDATE FROM CONGRESSMAN GREGORY W. MEEKS

Economic Activity

Employment

• In the week ending March 19, the 4-week moving average for initial unemployment claims was 385,250, a decrease of 1,500 from the previous week’s revised average of 386,750. The figure for seasonally adjusted initial claims for the week was 382,000, a decrease of 5,000 from the previous week’s revised figure of 387,000. (Employment and Training Administration)

Manufacturing and Production

• Inventories of manufactured durable goods in February, up fourteen consecutive months, increased $2.9 billion or 0.9 percent to $328.3 billion. Transportation equipment had the largest increase, 0.9 percent, to $87.8 billion. (Census Bureau)

• Nondefense new orders for capital goods in February increased $1.7 billion, or 2.5 percent, to $69.1 billion. Shipments increased $0.7 billion or 1.1 percent to $66.2 billion. Inventories increased $1.2 billion to $139.7 billion. (Census Bureau)

• Real GDP rose 3.1% at an annual rate in the fourth quarter, revised up from the previous 2.8% estimate. The market had expected a slightly smaller increase. (Bureau of Economic Analysis)