U.S. Economic News

U.S. Economic News

November 13, 2020

U.S. Economic Indicators

The headline Producer Price Index (“PPI”) for final demand rose 0.3% in October and is up 0.5% year-over-year. The core – which removes the volatile prices of food, energy, and trade services – rose 0.2% and is up 0.8% from a year ago. BLS Report

The University of Michigan Consumer Sentiment Index fell 4.8 points to 77.0 in the preliminary November reading and is down 19.8 points from November of last year. The Index of Consumer Expectations fell 7.9 points to 71.3, while the Current Economic Conditions Index edged down 0.1 point to 85.8. University of Michigan

U.S. Economic News

U.S. Economic News

November 12, 2020

U.S. Economic Indicators

Initial jobless claims fell 48,000 to 709,000 last week. The four-week moving average decreased 33,250 to 755,250. DOL Report

Consumer prices were unchanged in October (up 1.2% from a year ago) after increasing 0.2% in September. The “core” CPI, which excludes food and energy, was also unchanged in October (up 1.6% from last year). BLS Report

U.S. Economic News

U.S. Economic News

November 10, 2020

U.S. Economic Indicators

The NFIB Small Business Optimism Index was unchanged at 104.0 in October as four components improved, five weakened, and one was unchanged. Expectations for future earnings improved while plans to increase employment softened. NFIB Report

The Job Openings and Labor Turnover Survey (“JOLTS”) indicated that the number of job openings was little changed at 6.4 million in September. The number of hires was little changed at 5.9 million, while the quits rate was little changed at 2.1 percent. BLS Report

U.S. Economic News

U.S. Economic News

November 9, 2020

U.S. News

The Wall Street Journal reports that the European Union is moving ahead with imposing tariffs on nearly $4 billion of Boeing jets and other U.S. goods in response to U.S. tariffs imposed on $7.5 billion of Airbus jets and EU products last year. The action is likely to be viewed as hostile by the U.S. given the prior repeal of the disputed subsidies, but European officials have expressed hope for reaching a negotiated trade settlement with the outgoing presidential administration. WSJ

According to the New York Times, despite the prospect of a divided Washington in January, the Biden team could follow the current administration’s lead and exert unilateral power over certain economic issues through executive action, regulatory tweaks, and personnel changes. Indirect economic stimulus, trade policy, and enhanced consumer protections are a few of the areas that a presidential administration could influence despite Congressional opposition. NYT

U.S. Economic News

U.S. Economic News

November 6, 2020

U.S. Economic Indicators

The U.S. economy gained 638,000 jobs in October, above expectations. The unemployment rate declined by 1.0 percentage point to 6.9% and the labor force participation rate rose 0.3 percentage point to 61.7%. BLS Report

U.S. News

The Wall Street Journal reports that Fed officials left policy essentially unchanged at the conclusion of their two-day meeting on Thursday while reemphasizing the scale of pandemic risks and the need for sustained stimulus. Fed officials remain insistent that additional fiscal support from Congress will be necessary given the limited effectiveness of the central bank’s tools to address the fallout from the pandemic. WSJ