U.S. Economic News

U.S. Economic News

October 30, 2020

U.S. Economic Indicators

Real disposable personal income increased 0.7% in September, while real personal consumption expenditures (PCE) rose  1.2%. The PCE price index rose 0.2% (up 1.4% Y/Y), and the core price index rose 0.2% (up 1.5% Y/Y). BEA Report

The University of Michigan Consumer Sentiment Index rose 1.4 points to 81.8 in the final October reading but is down 13.7 points from October of last year. The Index of Consumer Expectations rose 3.6 points to 79.2, while the Current Economic Conditions Index declined 1.9 points to 85.9. University of Michigan

U.S. Economic News

U.S. Economic News

October 29, 2020

U.S. Economic Indicators

The advance estimate of Q3 GDP indicates that the U.S. economy expanded at an annualized rate of 33.1%, slightly above consensus estimates. The increase in real GDP reflects positive contributions from consumer spending, private inventories, business investment, and residential investment that were partly offset by negative contributions from government spending and net exports. BEA Report

Initial jobless claims fell 40,000 to 751,000 last week. The four-week moving average decreased 24,500 to 787,750. DOL Report

The National Association of Realtors Pending Home Sales Index fell 2.2% in September (up 20.5% Y/Y).  NAR reports that while pending home sales experienced a minor decline in September, the demand for home buying remains strong with total home sales in 2020 expected to exceed 2019 levels. NAR Report

U.S. Economic News

U.S. Economic News

October 28, 2020

U.S. Economic Indicators

The U.S. Census Bureau Advance Economic Indicators Report shows that the goods deficit declined to $79.4 billion in September from $83.1 billion in August. Meanwhile, wholesale inventories edged down 0.1% and retail inventories rose 1.6%. Census Bureau Report

U.S. News

The Wall Street Journal reports that accelerating retail spending at then end of the third quarter has had mixed implications for credit-card issuers, as improving consumer spending has not been accompanied by new borrowing. Consumers have been paying down existing debts and avoiding new ones, indicating continuing caution about the economic outlook despite the recent improvement in spending. WSJ

U.S. Economic News

U.S. Economic News

October 27, 2020

U.S. Economic Indicators

New orders of manufactured durable goods rose 1.9% in September after increasing 0.4% (revised) in August. Excluding transportation, new orders rose 0.8% last month after rising 1.0% the month before. Census Bureau Report

The Conference Board’s Consumer Confidence Index decreased from 101.3 (revised) in September to 100.9 in October. The decline was driven by deteriorating near-term expectations for jobs, income, and business conditions. Conference Board Report

U.S. Economic News

U.S. Economic News

October 26, 2020

U.S. Economic Indicators

The Chicago Fed National Activity Index declined from +1.11 in August to +0.27 in September. Three of the four broad categories of indicators – employment, consumption, and sales, orders, & inventories – contributed positively to the overall index, while the production & income category contributed negatively. Chicago Fed Report

New home sales declined 3.5% in September to a seasonally adjusted annual pace of 959,000 but were up 32.1% above year-ago levels. The median sales price rose to $326,800 and the inventory of new homes edged up to 3.6 months at the current sales rate. Census Bureau Report