Tuesday, January 31, 2006

Quick Overview

  • The Federal Reserve voted unanimously Tuesday to raise the benchmark U.S. interest rate a quarter-point to 4.5%. They also suggested that "further policy firming may be needed."


  • U.S. consumer confidence jumped in January to the highest level in almost four years, the Conference Board said.

  • Surface trade among the United States, Canada and Mexico rose 12% in November from a year earlier to $62.9 billion, the Department of Transportation said.

  • The Labor Department said that the employment cost index rose 0 .8% in the fourth quarter, about as expected. For 2005, the index was up 3.1%, the smallest gain in nine years.

  • The Chicago purchasing managers' index dropped from 60.8 to 58.5 in January.

  • Yesterday's Texas Crop Weather report from the USDA said that only 1% of the winter wheat crop was rated good to excellent, but 88% was rated poor and very poor.

  • The weather damage to wheat in the Ukraine is expected to be significant. They are a major exporter now but probably not in 06/07.

  • The average retail price of diesel fuel rose 1.7 cents to $2.489 a gallon, the Department of Energy reported Monday.


  • Canada's GDP was up 0.2% in November and up 3.0% YoY.

  • Japans unemployment rate improved from 4.6% to 4.4% in December, better than expected – YoY household spending was up 3.2% in December.

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