A WEEKLY ECONOMIC UPDATE FROM CONGRESSMAN GREGORY W. MEEKS

ECONOMIC ACTIVITY

Employment

• The unemployment rate declined to 8.9% in February, down from 9.0% in January. The unemployment rate has fallen by 0.9 percent point in the past three months, the largest such decline since 1983, primarily driven by increases in employment. (Bureau of Labor Statistics)

• Total nonfarm payroll employment increased by 192,000 in February, and private employment grew by 222,000. This is the strongest private payroll growth since April 2010, and private employment has now grown for 12 consecutive months. (Bureau of Labor Statistics)

• Initial UI claims fell by 20,000 to 368,000 in the week ending February 26, the lowest level since May 2008. The four-week moving average fell to 388,500, down 43,000 from four weeks ago, and is at its lowest level since July 2008. It has fallen 40 percent below its peak reached in April 2009. (Employment and Training Administration)

• Continued claims for unemployment insurance fell by 59,000 to 3.774 million in the week ending February 19, the lowest since October 2008. The insured unemployment rate ticked down to 3.0 percent, a level last seen in November 2008. (Employment and Training Administration)

Production

• The Institute for Supply Management (ISM) manufacturing index increased 0.6 percentage point to 61.4 percent in February, bringing it to its highest level since May 2004. It has been above the 50 percent threshold, which indicates expansion, for 19 straight months. According to the ISM, 14 of the 18 manufacturing industries reported growth in February. (Institute for Supply Management)

• The Institute for Supply Management (ISM) non-manufacturing index (NMI) increased 0.3 percentage point to 59.7 percent in February, rising for the sixth straight month. The index is at its highest level since August 2005 and has remained above the 50 percent threshold for 15 straight months. (Institute for Supply Management)