From Manheim Consulting today: Wholesale Used-Vehicle Prices Decreased in February Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) were lower in February compared to January. The Manheim Used Vehicle Value Index (MUVVI) decreased to 204.1, which reflects a 0.1% increase from a year ago. The seasonal adjustment to the index drove the monthly move for the index, as non-seasonally adjusted values rose for the month. The non-adjusted price in February increased by 1.4% compared to January, moving the unadjusted average price up 0.8% year over year. emphasis added Click on graph for larger image. The Manheim index suggests used car prices decreased in February (seasonally adjusted) and were up 0.1% YoY.

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The headline jobs number in the February employment report was slightly below expectations, and December and January payrolls were revised down by 2,000 combined.   The participation rate and the employment population ratio decreased, and the unemployment rate increased to 4.1%. Earlier: February Employment Report: 151 thousand Jobs, 4.1% Unemployment Rate Prime (25 to 54 Years Old) Participation Since the overall participation rate is impacted by both cyclical (recession) and demographic (aging population, younger people staying in school) reasons, here is the employment-population ratio for the key working age group: 25 to 54 years old. The 25 to 54 years old participation rate was unchanged in February at 83.5% from 83.5% in January. The 25 to 54 employment population ratio decreased to 80.5% from 80.7% the previous month. Both are down from the recent peaks, but still near the highest level this millennium. Average Hourly Wages The graph shows the nominal year-over-year change in "Average Hourly Earnings" for all private employees from the Current Employment Statistics (CES).   There was a huge increase at the beginning of the pandemic as lower paid employees were let go, and then the pandemic related spike reversed a year later. Wage growth has trended down after peaking at 5.9% YoY in March 2022 and was at 4.0% YoY in February.    Part Time for Economic Reasons From the BLS report: The number of people employed part time for economic reasons increased by 460,000 to 4.9 million in February. These individuals would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs." The number of persons working part time for economic reasons increased in February to 4.94 million from 4.48 million in January.  This is above the pre-pandemic levels. alternate measure of labor underutilization (U-6) that increased to 8.0% from 7.5% in the previous month. This is down from the record high in April 2020 of 22.9% and up from the lowest level on record (seasonally adjusted) in December 2022 (6.6%). (This series started in 1994). This measure is above the 7.0% level in February 2020 (pre-pandemic). Unemployed over 26 Weeks This graph shows the number of workers unemployed for 27 weeks or more. This is down from post-pandemic high of 4.171 million, and up from the recent low of 1.056 million. Job Streak Through February 2025, the employment report indicated positive job growth for 50 consecutive months, putting the current streak in 2nd place of the longest job streaks in US history (since 1939).   Headline Jobs, Top 10 Streaks Year EndedStreak, Months 12020113 2N/A501 3199048 4200746 5197945 6 tie194333 6 tie198633 6 tie200033 9196729 10199525 1Currrent Streak Summary: The headline number was decent.

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The Census Bureau and the Bureau of Economic Analysis reported: The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $131.4 billion in January, up $33.3 billion from $98.1 billion in December, revised. emphasis added Click on graph for larger image. Both exports and imports increased in January. Both imports and exports have generally increased recently.   The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products. The surge in imports in January happened as some importers were avoiding the coming tariffs.