US On Tuesday, the JOLTS survey was released and indicated that demand for workers continues exhibiting strength. This is not necessarily a surprising story, given to low unemployment rate at just 4.1%, since December 2000. The job openings rate, which is the percentage of openings compared to the total level of employment including open roles, [...]
US Consumer spending accelerated at the end of Q3, with nominal consumption rising 1.0% in September. Inflation trimmed off 0.4%, leaving real consumer spending up 0.6% on the month. Spending was higher for both services and goods, with durable goods posting an especially strong increase. Hurricane related purchases were likely at work in September’s gain, [...]
US The modest 0.3% gain in industrial production for September would have likely been larger had it not been for the quarter percentage point drag from Hurricanes Harvey and Irma. Industrial production fell at a 1.5% annualised rate in the third quarter, but according to Fed estimates, this figure would have been an increase of [...]
US The modest 0.3% gain in industrial production for September would have likely been larger had it not been for the quarter percentage point drag from Hurricanes Harvey and Irma. Industrial production fell at a 1.5% annualised rate in the third quarter, but according to Fed estimates, this figure would have been an increase of [...]
US August JOLTS data show demand for labor was solid before the storms, suggesting the decline in September should reverse rather easily. Openings remained at their record highs, though that did little to entice workers to leave their current positions. The quit rate held in its 2.1% to 2.2% range that it has bounced between [...]
US In the US, employment contracted for the first time in seven years last month as Hurricanes Harvey and Irma disrupted work and typical hiring. NFP (nonfarm payroll) contracted by 33,000 jobs in September, led by a 111,000 decline in the leisure & hospitality sector. Average hourly earnings rose a stronger-than-expected 0.5% but the drop [...]
US Housing data kicked off the week in what was a relatively light data week in the United States. New home sales fell 3.4% to a 560,000-unit annualised pace in August. The Houston metro area accounts for about 5.0% of new home sales, providing an indication of the magnitude of hurricane-related disruptions. Inventory of new [...]
US The Federal Reserve is further along in reducing monetary stimulus, with four rate hikes under its belt. This week it formally announced that it will start reducing the size of its $4.4 trillion balance sheet in October. The pace will be very gradual, with the monthly runoff amounting to 0.2% of its balance sheet. [...]
US Consumer prices rose 0.4% in August, the largest monthly jump since January. Leading the index was a 2.8% rise in energy costs. Prices for gasoline had already been inching higher ahead of the Harvey-related surge late in the month. Core inflation rose 0.2% in August, which was the largest monthly gain since February. On [...]
US Jobless claims jumped to 298K from 236K in the prior week. The Labor Department reported an unadjusted increase of roughly 52K claims in Texas. It is reasonable to expect claims will continue to rise in coming weeks due to the recent calamities affecting the South of the US. The US trade deficit remained largely [...]
