Thursday, February 02, 2006

Quick Overview

  • Chain store sales rose in January, suggesting consumers are alive and well in the New Year and ready to power U.S. economic activity higher. Year-over-year sales increased 5.0% to 5.1% from the January 2005 level after a 3.5% to 3.6% gain in December.

  • YoY U.S. productivity in the fourth quarter was down 0.6%, the first decline in over four years. For 2005 productivity was up 2.7%, the smallest gain in four years. Unit labor costs were up 2.5%.

  • The International Monetary Fund should review exchange rate regimes with a more critical eye and be tougher on countries with unsustainable currency policies, U.S. Treasury Undersecretary Tim Adams said on Thursday.

  • U.S. Jobless claims were down 11,000 last week to 273,000.

  • The U.S. Department of Energy said that underground supplies of natural gas were down 88 billion cubic feet to 2.406 trillion cubic feet. Supplies are now up 14% from a year ago.

  • The U.S. Congress voted to end the cotton subsidy program on August 1st.

  • State-run oil giant Petroleo Brasileiro SA, or Petrobras, is considering building a US$226 million ethanol pipeline to meet a growing global demand of the sugarcane alcohol fuel.

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