U.S. Economic News

U.S. Economic News

December 10, 2018

U.S. News

The Job Openings and Labor Turnover Survey (“JOLTS”), a closely-watched measure of labor market health, indicated there were 7.1 million job openings at the end of October, a slight increase from September.  Hires edged up to 5.9 million while the quits rate eased slightly to 2.3%.  BLS Report

The Wall Street Journal reports that oil prices experienced their worst month in a decade in November, falling over 30% from multiyear highs. While some analysts believe the price slip indicates a slowing economy, lower retail gasoline prices can be a boon to American consumers. WSJ

Laurence Norman of the Wall Street Journal reports that the U.K. government can unilaterally reverse its decision to leave the European Union without approval of its EU peers, according to a European Court of Justice ruling.  The Court’s decision makes it more likely that Theresa May’s Brexit deal she negotiated with the EU will lose the parliamentary vote on Tuesday, potentially throwing the process into further disarray. WSJ

U.S. Economic News

U.S. Economic News

December 7, 2018

U.S. Economic Indicators

The U.S. economy added 155,000 jobs in November, below consensus. The unemployment rate held steady at 3.7%, the labor force participation rate remained at 62.9%, and average hourly earnings annual growth was unchanged at 3.1%. BLS Report

The U.S. Census Bureau reports that wholesale merchant inventories rose 0.8% in October to $652.1 billion. Inventories were up 6.9% year-over-year. Census Report

The University of Michigan Consumer Sentiment Index held steady at 97.5 in the preliminary December reading, and is up 1.6 points on the year. The Index of Consumer Expectations declined 2.0 points to 86.1, while the Current Economic Conditions Index increased 2.9 points to 115.2. Report

U.S. News

The Wall Street Journal reports that American importers are paying record amounts in customs duties as additional tariffs take effect. As tariff costs rise, companies will have to bear the costs, negotiate price reductions with foreign suppliers, or pass the higher costs to consumers. WSJ

U.S. Economic News

U.S. Economic News

December 6, 2018

U.S. Economic Indicators

The ADP Employment Report shows that private-sector employment increased by 179,000 jobs in November, below expectations of 190,000.  The services sector added 163,000 jobs and the goods-producing sector added 16,000 jobs. ADP Report

Initial jobless claims fell 4,000 to 231,000 last week. The four-week moving average increased 4,250 to 228,500. DOL Report

Nonfarm business sector labor productivity increased 2.3% (revised) in Q3 and was up 1.3% on the year. Hours worked increased 1.8% in Q3 and unit labor costs rose 0.9%. BLS Report

The ISM Non-Manufacturing Index edged up 0.4 percentage point to 60.7 in November. The New Orders Index increased 1.0 percentage point to 62.5 while the Employment Index fell 1.3 percentage points to 58.4. ISM Report

New factory orders for manufactured goods fell 2.1% in October following a 0.2% (revised) increase in September, but are up 8.3% year to date. New orders excluding transportation rose 0.3% while new orders for nondefense capital goods excluding aircraft were unchanged. Census Bureau Report

U.S. Economic News

U.S. Economic News

December 5, 2018

U.S. News

The Wall Street Journal reports that China’s Commerce Ministry acknowledged that Beijing and the U.S. agreed to a 90-day pause in tariff increases to allow negotiations to proceed. Top government agencies and China’s supreme court also announced new, strict punishments for violating intellectual property rights, a key demand from the Trump administration. WSJ

Mike Bird at the Wall Street Journal reports that the U.S. yield curve is close to inversion, indicating lower expectations for future economic growth. Yields on longer-dated bonds have dropped while yields on short-dated Treasurys have remained flat due to falling longer-term growth and interest rate expectations. WSJ

 

U.S. Economic News

U.S. Economic News

December 4, 2018

U.S. News

Daniel Kruger of the Wall Street Journal reports that the yield on the 10-year Treasury dropped to its lowest in three months, a sign that some investors are worried U.S. growth may be easing. U.S. trade tensions with China, volatile oil and stock markets, and sliding global growth all have put downward pressure on the 10-year rate. WSJ

According to the Wall Street Journal, Fed Vice Chairman Randal Quarles stated that last week’s remarks from Jerome Powell do not indicate a change in the interest-rate outlook. Quarles also said that current data suggest that the Fed is meeting its dual mandate of full employment and price stability. WSJ

 

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