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NEWS FOR THE WEEK OF AUGUST 7

113,000 Jobs Were Created In July – More Than 5.5 The Congressional Budget Office Now Expects The
Million Jobs Have Been Created Since Aug. 2003. Budget Deficit To Be $260 Billion This Year – The
(Bureau Of Labor Statistics Website, www.bls.gov, Accessed 8/4/06) Lowest In 4 Years And Much Lower Than Previously
• Monthly Job Growth Averaged 145,000 Over Expected. (“Congressional Budget Office Issues $260 Billion Deficit
Estimate – Best In 4 Years,” The Associated Press, 8/4/06)
The Past Year, In Line With The 20-Year
Historical Average. (Bureau Of Labor Statistics The Treasury Dept. Said The Deficit For The First 10
Website, www.bls.gov, Accessed 8/4/06) Months Of FY 2006 Was $239.7 Billion, Down 21%
The July Unemployment Rate Was 4.8%, Below The From The 10 Months Of FY 2005. (“July Budget Deficit
Shrank As Receipts Increased Over 12%,” The Wall Street Journal,
Average Of The 1970s, 1980s, And 1990s. (Bureau Of 8/11/06)
Labor Statistics Website, www.bls.gov, Accessed 8/4/06)

Major Employer Job Cut Announcements Are Down
64% From Last Year And At Their Lowest Since June
2000. (“Job Cuts Plunge To Six-Year Low,” MarketWatch, 8/1/06)
Factory Orders Were Up 1.2% In June, The Best
Growth In 3 Months, And Are Up 7.6% This Year.
(“Factories Orders Pick Up In June, Retailers Score Solid Sales In
July,” The Associated Press, 8/3/06)
The U.S. Trade Gap Narrowed 0.3% In June. (“U.S. Trade The Chicago Purchasing Managers’ Index Jumped To
Gap Narrows In June,” MarketWatch, 8/10/06)
57.9% In July From 56.5% In June (Over 50% Indicates
U.S. Retail Sales Increased 1.4% In July, The Fastest Growth) And Has Been Above 50% For 39 Straight
Increase In 6 Months. (“Retail Sales Surge 1.4% In July,” Months. (Editorial, “Manufacturing Lives,” The Wall Street Journal,
MarketWatch, 8/11/06) 8/1/06)

The 56-Month Economic Expansion Is The Fourth The ISM Manufacturing Index Increased To 54.7% In
Longest Since World War II. (“Bush Finds Economy Is Turning July (Above 50% Indicates Expansion). (“ISM Factory
From Potential Asset to Liability,” Bloomberg, 8/3/06) Activity Picks Up In July,” MarketWatch, 8/1/06)

Take-Home Pay Rose 0.4% In June, The Largest • The Index Has Been Above 50% Since May
Increase Since Dec. (“Core Inflation Rising At 11-Year High In 2003. (“ISM Factory Activity Picks Up In July,”
June,” MarketWatch, 8/1/06) MarketWatch, 8/1/06)

The ISM Services Index Was Above 50% (Indicating Construction Spending Increased 0.3% In June,
Expansion) For The 40th Straight Month. (Institute For Beating Expectations. (“U.S. June Construction Spending Rises
Supply Management, Press Release, 8/3/06) 0.3%,” MarketWatch, 8/1/06)

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