USA • Retail sales rose just 0.3% in November, less than the median economist forecast calling for a +0.8% print. The previous month’s result, meanwhile, was revised up from +1.7% to +1.8%. Sales of motor vehicles and parts edged down 0.1%. Even without autos, sales still expanded 0.3% as advances for gasoline stations (+1.7%), food/beverages [...]
USA • Core CPI inflation slowed slightly from October but remained hot at 0.5% MoM. As expected, motor vehicles once again pushed core goods prices higher. New vehicle prices rose 1.1% while used car and truck prices rose 2.5% for the second month in a row. On the services side, shelter costs continued their steady [...]
USA • Nonfarm payrolls rose just 210K in November, a lot less than the +550K figure expected by consensus. Partially compensating for this disappointing result, the prior months’ results were upgraded by 82K. The private sector added 235K jobs. Employment in the goods segment sprang 60K thanks to gains in manufacturing (+31K) and construction (+31K). [...]
USA • Markit’s flash composite PMI came in at 56.5 in November, down from 57.6 the month before but still consistent with a solid rate of expansion in the private sector. Operating conditions continued to improve in the manufacturing sector, as evidenced by a rise from 58.4 to 59.1 in the corresponding gauge. New orders [...]
USA • Retail sales rose 1.7% in October, topping the median economist forecast calling for a +1.4% print. The previous month’s result, meanwhile, was revised up from +0.7% to +0.8%. Sales of motor vehicles and parts progressed 1.8%. Without autos, sales still sprang 1.7% on advances for non-store retailers (+4.0%), gasoline stations (+3.9%), electronics (+3.8%), [...]
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 [...]
