March data indicates continued improvement. (Industry Forecast & Update).More positive signs of an economic recovery are apparent in recently released data. At the same time, some caution about the strength of the economic recovery is present in some data series. The rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. homing market continues to show signs of strength in rent increases and new apartment construction. Rental Housing Market * Rent increases remain strong. Net effective rents rose at a 6.2 percent annual rate during March 2002. The March 2002 level was 4.8 percent above the March 2001 level. Moderation in rent increases in the consumer price index (CPI (1) (Characters Per Inch) The measurement of the density of characters per inch on tape or paper. A printer's CPI button switches character pitch. (2) (Counts Per I ) data is probably several months away, but street rents are moderating in a growing number of metropolitan area markets. * New apartment construction starts rose to a 292,000 seasonally adjusted Seasonally adjusted Mathematically adjusted by moderating a macroeconomic indicator (e.g., oil prices/imports) so that relative comparisons can be drawn from month to month all year. annual rate in March 2002 from the 272,000 unit rate for February February: see month. 2002. The March 2002 rate is near the 300,000 average that is expected for the next several months. The Economy * Real GDP Real GDP This inflation-adjusted measure that reflects the value of all goods and services produced in a given year, expressed in base-year prices. Often referred to as "constant-price", "inflation-corrected" GDP or "constant dollar GDP". for fourth quarter 2001 was revised upward again to a 1.7 percent annual rate from the previous estimate of 1.4 percent. There also is growing evidence that the growth rate during first quarter 2002 might be in the range of 4 percent to 5 percent. The large growth rate, if realized, will largely come from the start of the rebuilding of inventories in many sectors of the economy. Inventories fell precipitously pre·cip·i·tous adj. 1. Resembling a precipice; extremely steep. See Synonyms at steep1. 2. Having several precipices: a precipitous bluff. 3. last year. * Real disposable disposable Nursing adjective Referring to that which is discarded or disposed of noun An item used in health care-related Pt contact which is discarded after use–eg masks, gloves, gowns, needles, paper products, syringes, wipes. See Biohazardous waste. per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. personal income jumped in February 2002. It rose at a 5.9 percent annual rate in inflation-adjusted terms. Tax cuts and the ending of the recession played major roles in the increase. * Consumers became decidedly more confident in March. There was a 15 point increase from February 2002 in The Conference Board's Consumer Confidence Index Consumer Confidence Index A measure of consumer views regarding the current economic situation and consumer expectations for the future. Information for the index is compiled and released on the last Tuesday of each month by the Conference Board, an . The Conference Board reported that confidence improved for every age and income group in March. This is a strong sign for economic recovery. One caution was not in the survey. Consumer confidence improvement did not extend to their buying plans. This could reflect the fact that pent-up pent-up adj. Not given expression; repressed: pent-up emotions. pent-up Adjective not released; repressed: demand is lacking during this upturn. * The Conference Board's Economic Indicators Economic indicators The key statistics of the economy that reveal the direction the economy is heading in; for example, the unemployment rate and the inflation rate. Index rose 0.1 percent in March. The modest increase still places the Index 2.9 percent above last October October: see month. , and indicates a good recovery through the fall. Labor Markets labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience * The labor market still remains weak. The economy added 58,000 jobs in March 2002, but the February 2002 gains disappeared with the revision (programming) revision - A release of a piece of software which is not a major release or a bugfix, but only introduces small changes or new features. of the data. * The jobless job·less adj. 1. Having no job. 2. Of or relating to those who have no jobs. n. (used with a pl. verb) Unemployed people considered as a group. Used with the. rate reversed itself, but not significantly. The March joblessness rate at 5.7 percent is higher than the 5.7 percent for the two previous months. The unemployment rate increased, even though more potential workers are not entering the labor market. * The seasonally adjusted annual rate of unemployment among construction workers again rose in March 2002. It rose to 8.8 percent from 7.9 percent in February 2002, largely as a result of a weaker nonresidential Adj. 1. nonresidential - not residential; "the commercial or nonresidential areas of a town"; "community colleges are typically nonresidential" residential - used or designed for residence or limited to residences; "a residential hotel"; "a residential quarter"; "a buildings sector. Inflation and Interest Rates * It now appears that The Federal Reserve Board will not change monetary policy in the near term. It is concerned that the economic recovery will be constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. after an expected sharp rise in the first quarter. * Energy costs produced a sharp rise of 7 percent at an annual rate rise in consumer prices in March 2002, and producer prices jumped at an 11 percent annual rate. Nevertheless, the core rate of inflation remains modest. * Lumber lumber, term for timber that has been cut into boards for use as a building material. The major steps in producing lumber involve logging (the felling and preparation of timber for shipment to sawmills), sawing the logs into boards, grading the boards according to and plywood plywood, manufactured board composed of an odd number of thin sheets of wood glued together under pressure with grains of the successive layers at right angles. Laminated wood differs from plywood in that the grains of its sheets are parallel. prices continued an upward trend in March 2002. Some easing might now be underway. The Random Lengths Lumber Composite composite, alternate common name for Asteraceae or Compositae, the aster family. composite - aggregate Price Index dropped to $320 in mid-April Noun 1. mid-April - the middle part of April period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" Apr, April - the month following March and preceding May 2002 from the $339 average for March 2002. A decline to $258 from $274 was recorded over the same period in the Structural Panel Composite Index Composite Index A grouping of equities, indexes or other factors combined in a standardized way, providing a useful statistical measure of overall market or sector performance over time. Also known simply as a "composite". . Rental Apartment Vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. Rate Rose Again in First Quarter The vacancy rates for rental apartments (structures with five or more units) rose again in first quarter 2002, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the U.S. Department of Commerce. A 10.8 percent rate was recorded for first quarter 2002, versus a 10 percent in fourth quarter 2001. The vacancy rate for all rental units in first quarter 2002 was 9.1 percent, versus 8.8 percent in fourth quarter 2001. The economic recession and the lingering lin·ger v. lin·gered, lin·ger·ing, lin·gers v.intr. 1. To be slow in leaving, especially out of reluctance; tarry. See Synonyms at stay1. 2. effects of the September September: see month. 11, terrorist attacks helped push the rental apartment vacancy rate to its highest level since second quarter 1993. And the fourth quarter 2001 rate was 1.5 percent higher than that recorded in the first quarter of last year. The rental apartment vacancy might have peaked in first quarter 2001, and it should drop when job growth improves during what appears to be an ongoing economic recovery. Vacancy rates for all rental units increased in all regions of the country except the Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians . The changes from fourth quarter 2001 to first quarter 2002 were: * South 11.9 percent, versus 11.5 percent * West 7 percent, versus 6.6 percent * Northeast “Northeastern” redirects here. For the Boston college, see Northeastern University, Boston. Northeast or north east is the ordinal direction halfway between north and east. It is the opposite of southwest. See boxing the compass. 5.8 percent, versus 5.4 percent * The Midwest rate was unchanged at 10.3 percent The homeownership rate declined to a 67.9 percent seasonally adjusted rate in the first quarter 2002 from 68 percent in the fourth quarter 2001.
CURRENT RENTAL HOUSING MARKET - ECONOMIC & DEMOGRAPHIC INDICATORS
Year Previous
Unit of Measure Ago Period
Economic Activity
GDP billions of
1996 $'s 9303.9 9310.4
billions of 10141.7 10224.9
Per Capita Disposable current $'s
Income current $'s 25636 26353
1996 Dollars 23450 24007
Index of Leading Economic
Indicators 1992=100 108.7 112.2
Consumer Confidence Index 1985=100 116.9 95.0
Non-Farm Business
Productivity (5) Annualized % growth 2.3 1.1
Manufacturing
Productivity (5) Annualized % growth 2.8 4.5
Employment
Household Basis (1) thousands 135808 134319
Establishment Basis (1) thousands 132654 131210
Unemployment Rate (1) percent 4.3 5.5
Construction Workers
(1) percent 6.4 7.9
Employment Cost Index Annualized % change 4.1 4.1
Compensation Cost Index
Construction Annualized % change 5.8 4.5
Interest Rates
Moody's Aaa Corporate
Bonds percent 6.98 6.51
3 Month T Bills percent 4.42 1.73
1 Year Treasuries percent 4.30 2.23
10 Year Treasuries percent 4.89 4.91
Bank Prime Rate percent 8.32 4.75
Yield Curve (6) percent 59 268
CURRENT
Reporting
Unit of Measure No. Period
Economic Activity
GDP billions of
1996 $'s 9348.6 Q4 01
billions of 10263.3 Q4 01
Per Capita Disposable current $'s
Income current $'s 26503 Feb.
1996 Dollars 24122 Feb.
Index of Leading Economic
Indicators 1992=100 112.3 March
Consumer Confidence Index 1985=100 110.2 March
Non-Farm Business
Productivity (5) Annualized % growth 3.5 Q4 01
Manufacturing
Productivity (5) Annualized % growth 4.3 Q4 01
Employment
Household Basis (1) thousands 133894 March
Establishment Basis (1) thousands 131268 March
Unemployment Rate (1) percent 5.7 March
Construction Workers
(1) percent 8.8 March
Employment Cost Index Annualized % change 4.1 Q4 01
Compensation Cost Index
Construction Annualized % change 4.3 Q4 01
Interest Rates
Moody's Aaa Corporate
Bonds percent 6.81 March
3 Month T Bills percent 1.79 March
1 Year Treasuries percent 2.57 March
10 Year Treasuries percent 5.28 March
Bank Prime Rate percent 4.75 March
Yield Curve (6) percent 271 March
CURRENT
Change From
Year Previous
Unit of Measure Ago Period
Economic Activity
GDP billions of
1996 $'s 0.5% 1.7% (4)
billions of 1.2% 1.5% (4)
Per Capita Disposable current $'s
Income current $'s 3.4% 7.0% (4)
1996 Dollars 2.9% 5.9% (4)
Index of Leading Economic
Indicators 1992=100 3.6 0.1
Consumer Confidence Index 1985=100 -6.7 15.2
Non-Farm Business
Productivity (5) Annualized % growth 1.2 2.4
Manufacturing
Productivity (5) Annualized % growth 1.5 -0.2
Employment
Household Basis (1) thousands -1914 -425
Establishment Basis (1) thousands -1386 58
Unemployment Rate (1) percent 1.4 0.2
Construction Workers
(1) percent 2.4 0.9
Employment Cost Index Annualized % change 0.0 0.0
Compensation Cost Index
Construction Annualized % change -1.5 -0.2
Interest Rates
Moody's Aaa Corporate
Bonds percent -17 bp 30 bp
3 Month T Bills percent -263 bp 6 bp
1 Year Treasuries percent -173 bp 34 bp
10 Year Treasuries percent 39 bp 37 bp
Bank Prime Rate percent -357 bp 0 bp
Yield Curve (6) percent
(1.) Seasonally adjusted annual rates
(2.) Also includes all vacant and seasonal properties
(3.) Not seasonally adjusted
(4.) At annual rates
(5.) Based on output per hour worked
(6.) Difference in yields between 10 year and 1 year Treasuries
QUARTERLY RENTAL VACANCY RATES (1)
Units in Structure
All
Rental
Units 1 2+ 5+
1992
1st 7.4 4.1 9.5 10.2
2nd 7.7 3.6 9.6 10.3
3rd 7.3 3.7 9.3 10.1
4th 7.1 3.8 8.9 9.7
1993 (2)
1st 7.8 4.1 10.0 10.7
2nd 7.6 3.6 9.8 10.9
3rd 7.0 3.7 9.0 9.8
4th 6.9 3.5 8.8 9.4
1994
1st 7.5 4.7 9.2 9.9
2nd 7.4 4.2 9.2 10.0
3rd 7.2 4.4 8.9 9.5
4th 7.4 5.0 8.8 9.9
1995
1st 7.4 5.0 8.8 9.4
2nd 7.7 5.5 9.0 9.5
3rd 7.7 5.6 9.0 9.5
4th 7.7 5.3 9.2 9.6
1996
1st 7.9 5.6 9.2 9.8
2nd 7.8 5.3 9.2 9.5
3rd 8.0 5.6 9.5 9.9
4th 7.7 5.6 9.0 9.4
1997
1st 7.5 5.5 8.7 8.8
2nd 7.9 6.0 9.1 9.4
3rd 7.9 5.7 9.2 9.4
4th 7.7 6.0 8.8 9.0
1998
1st 7.7 6.2 8.7 9.1
2nd 8.0 5.9 9.4 9.9
3rd 8.2 6.5 9.4 9.9
4th 7.8 6.7 8.5 8.9
1999
1st 8.2 6.9 9.0 9.2
2nd 8.1 7.1 8.8 9.0
3rd 8.2 7.9 8.6 8.7
4th 7.9 7.4 8.4 8.7
2000
1st 7.9 6.9 8.6 8.9
2nd 8.0 7.0 8.7 9.4
3rd 8.2 7.5 8.8 9.4
4th 7.8 7.0 8.4 8.9
2001
1st 8.2 7.6 8.7 9.3
2nd 8.3 7.7 8.8 9.7
3rd 8.4 8.1 8.7 9.6
4th 8.8 8.3 9.2 10.0
2002
1st 9.1 7.9 10.0 10.8
Region
Northeast Midwest South West
1992
1st 6.5 6.7 8.8 8.4
2nd 7.1 6.9 8.8 7.2
3rd 6.7 6.8 7.9 7.4
4th 7.4 6.1 8.0 6.4
1993 (2)
1st 8.3 6.7 8.3 7.9
2nd 6.9 6.5 8.4 7.8
3rd 6.5 6.8 7.6 6.9
4th 6.4 6.2 7.4 7.1
1994
1st 7.3 7.0 8.2 7.2
2nd 7.1 7.1 7.7 7.3
3rd 7.0 6.5 7.8 7.2
4th 7.1 6.8 8.3 6.8
1995
1st 7.3 6.7 8.3 6.8
2nd 7.5 7.1 8.2 7.7
3rd 7.1 7.4 8.2 7.9
4th 6.9 7.6 8.5 7.5
1996
1st 6.9 8.3 8.5 7.6
2nd 7.6 7.2 8.6 7.2
3rd 7.8 7.8 8.7 7.4
4th 7.1 8.2 8.5 6.7
1997
1st 6.1 8.5 8.7 6.2
2nd 6.7 8.2 9.3 6.8
3rd 7.2 7.9 9.1 6.8
4th 6.9 7.3 9.3 6.5
1998
1st 6.3 7.7 9.2 7.0
2nd 7.2 7.3 10.0 6.6
3rd 7.0 8.5 9.9 6.6
4th 6.1 8.0 9.5 6.6
1999
1st 6.5 8.4 10.4 6.3
2nd 7.0 8.2 10.2 6.6
3rd 6.3 8.9 10.4 6.3
4th 5.3 9.0 10.2 6.1
2000
1st 5.6 8.5 10.2 6.0
2nd 5.8 8.3 10.5 6.0
3rd 5.8 9.6 10.6 5.7
4th 5.3 8.7 10.8 5.3
2001
1st 5.1 8.9 11.3 5.8
2nd 5.3 10.3 10.8 5.7
3rd 5.5 9.3 10.8 6.6
4th 5.4 10.3 11.5 6.6
2002
1st 5.8 10.3 11.9 7.0
(1.) not seasonally adjusted
(2.) series break
Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. J. Sheehan People whose surname is or was Sheehan include:
An economist is an expert in the social science of economics.[1] . He can be reached at 703/893-9185 or via e-mail at gdad@erols.com. |
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