USA • The Consumer Price Index rose 0.9% MoM in October after climbing 0.4% the prior month. This result was significantly stronger than the +0.6% print expected by consensus. The energy component advanced 4.8% thanks in part to a 6.1% gain in the gasoline segment. Electricity prices, for their part, rose at the quickest monthly [...]
USA • Non-farm payrolls rose 531K in October, more than the +450K print expected by consensus. Adding to the good news, the prior month’s results were upgraded by a sizeable 235K. The private sector added 604K jobs. Employment in the goods segment sprang 108K thanks to gains in manufacturing (+60K), construction (+44K) and mining/logging (+4K). [...]
USA • The Bureau of Economic Analysis put out its first estimate of Q3 GDP growth. The economy reportedly expanded an annualized 2.0% in the quarter, which was less than the +2.6% print expected by consensus. Following in the footsteps of four solid expansions, this gain nonetheless hoisted economic output 1.4% above its pre-crisis level. [...]
USA • September instead of rising 0.1% as per consensus. Adding to the disappointment, the prior month’s figure was revised down from +0.4% to -0.1%. As a result, industrial production fell 1.3% below its pre-pandemic level in September after surpassing that mark for the first time in July. Manufacturing output sagged 0.7% MoM as production [...]
USA • The Consumer Price Index advanced 0.4% MoM in September after climbing 0.3% the prior month. The result was a touch stronger than the 0.3% print expected by consensus. The energy component rose 1.3% thanks in part to a 1.2% gain in the gasoline segment. The cost of food, for its part, increased 0.9%.The [...]
USA • Non-farm payrolls rose just 194K in September, a lot less than the +500K print expected by consensus. Partially compensating for this disappointing result, the prior month’s results were upgraded by a sizeable 169K. The private sector added 317K jobs. Employment in the goods sector sprang 52K thanks to gains in manufacturing (+26K), construction [...]
USA • Durable goods orders increased in August. Total orders were up 1.8% MoM, far above the +0.7% print expected by consensus. July orders growth was revised from -0.1% to +0.5%. Following the monthly increase for this indicator, total orders were 14.1% above their February 2020 (prepandemic) level. The improvement in August was due mainly [...]
USA • New-home starts rose 3.9% to an annual pace of 1.615 million units following a revised decline of 6.2% the previous month. Reflecting stronger demand for apartments, multifamily starts accounted for the overall gain in August. They rose 20.6% or 92K to an annual rate of 539K units. This more than offset the 2.8% [...]
USA • The Consumer Price Index advanced 0.3% MoM in August after climbing 0.5% the prior month. This result was slightly weaker than the +0.4% print expected by consensus. The energy component rose 2.0% thanks in part to a 2.8% gain in the gasoline segment. The cost of food, for its part, increased 0.4%. The [...]
USA • The Producer Price Index (PPI) for final demand jumped 0.7% MoM, one tick more than expected by consensus. This gain came in the wake of seven solid prints in January (+1.2%), February (+0.7%), March (+0.8%), April (+1.0%), May (+0.5%), June (+1.0%) and July (+1.0%). Goods prices rose 1.0% on a healthy gain for [...]
