USA The Consumer Price Index held steady in October instead of rising 0.1% as per consensus. This followed a 0.4% gain the prior month. Prices in the energy segment fell 2.5% in October as a 1.2% gain for utility gas services was more than offset by declines for gasoline (-5.0%) and fuel oil (-0.8%). The cost [...]
USA The trade deficit widened from $58.7 billion to $61.5 billion. Good imports increased $7.0-billion (to $263.0 billion), led by cell phones/other household goods (+$1.8 billion), passenger cars (+1.7 billion), and computer accessories (+$0.4 billion). Goods exports, for their part, climbed $5.3 billion on gains for civilian aircraft (+$1.0 billion), gem diamonds (+$0.8 billion), and other [...]
USA Nonfarm payrolls rose 150K in October, below the median economist forecast calling for a +180K print. This negative surprise was compounded by a -101K cumulative revision to the previous months’ data. Employment in the goods sector fell 11K as a 23K gain in the construction segment was more than offset by a 35K drop for [...]
USA Real GDP grew 4.9% annualized in the third quarter, more than the median economist forecast calling for a +4.5% print. YOY, real GDP expanded 2.9%. Domestic demand grew at a very healthy clip in the three months to September, supported by household consumption (+4.0% QoQ annualized) and structure (+1.6%), intellectual property (+2.6%), and residential (+3.9%) [...]
USA Retail sales advanced 0.7% in September, overshooting the +0.3% print expected by consensus. Adding to the good news, the prior month’s result was revised upward, from +0.6% to +0.8%. Sales of motor vehicles/parts contributed positively to the headline print as they advanced 1.0% in the final month of Q3. Without autos, retail outlays rose a [...]
USA The Consumer Price Index progressed 0.4% in September, a tick more than the +0.3% print expected by consensus. Prices in the energy segment advanced 1.5% as gains for fuel oil (+8.5%), gasoline (+2.1%), and electricity (+1.3%) were only partially offset by a 1.9% drop in the utility gas services segment. The cost of food, meanwhile, [...]
USA Nonfarm payrolls rose 336K in September, blowing past consensus expectations calling for a +170K print. This positive surprise was compounded by a 119K cumulative revision to the previous months’ data. Employment in the goods sector advanced 29K on gains in both manufacturing (+17K) and construction (+11K). Payrolls in the mining/logging segment (+1K) also rose, but [...]
USA The third estimate of Q2 GDP growth came in at +2.1% in annualized terms, unchanged from the second estimate but a nick shy of the median economist forecast (+2.2%). In addition, the series of historical data has been revised down a tad. Household consumption was revised down sharply (from +1.7% QoQ annualized to +0.8%) on [...]
USA Housing starts decreased 11.3% to 1,283K in August, a sharper decline than expected by consensus (1,439K). Adding to the disappointment, the previous month’s result was revised down from 1,452K to 1,447K. The August print was the lowest since July 2019, excluding the pandemic. The single-family (-4.3% to 941K) and the multi-unit (-26.3% to 342K) segments [...]
USA The Consumer Price Index rose a consensus-matching 0.6% in August. Prices in the energy segment shot up 5.6% on gains for gasoline (+10.6%) and fuel oil (+9.1%). The cost of food, meanwhile, advanced 0.2%. The core CPI, which excludes food and energy, progressed 0.3%, overshooting the +0.2% print expected by economists. Prices for ex-energy services [...]
