Hugo Dante is an economist in Washington, D.C. He was previously an economic research specialist at ABA. In addition to the ABA Banking Journal, his writing has appeared in The Hill, The National Interest and Townhall. Views expressed here are his own.
Consumer credit increased at a seasonally adjusted annual rate of 6.7 percent in November, down from a downwardly revised 7.6 percent rate in October. Total outstanding credit increased $22.2 billion during the month (compared with $25.4 billion in October) to $3.979 trillion. Revolving credit, largely a reflection of credit card debt, increased at an annual
The ISM Non-Manufacturing Index registered 57.6 points in December, 3.1 percentage points below November’s figure. This was the 107th consecutive month of expansion, as a reading above 50 indicates growth. Sixteen non-manufacturing industries reported growth, while one reported a decrease. The majority of respondents remain positive about business conditions and the economy, but tariffs (even with
Total nonfarm payroll employment grew by 312,000 in December, an increase from last month’s upwardly revised reading of 176,000, according to the Bureau of Labor Statistics. The national unemployment rate rose from 3.7 percent to 3.9 percent. Private service-providing industries gained 227,000 jobs, led by education and health services, which added 82,000 jobs. Goods-producing employment
The non-farm private sector added 271,000 jobs in December, according to the ADP National Employment Report. This followed a 179,000 job increase in November. Small businesses with fewer than 50 employees gained 89,000 jobs. Medium-sized businesses with 50-499 employees created 129,000, while large businesses added 54,000 jobs. “We wrapped up 2018 with another month of
The ISM Manufacturing Index registered 54.1 points in December, down 5.2 percentage points from the previous month, according to the Institute for Supply Management. December’s reading indicates the one-hundred-and-sixteenth consecutive month of expansion in manufacturing, as readings over 50 points denote expansion. Of the eighteen manufacturing industries, eleven reported growth, while six reported contraction. Nine
New orders for manufactured durable goods increased 0.8 percent in November to $250.8 billion, following two consecutive monthly decreases including a 4.3 percent decrease in October, according to the U.S. Census Bureau. Transportation equipment drove the increase, rising 2.9 percent to $87.0 billion over the month. New orders, excluding the transportation sector, decreased 0.3 percent.
Real GDP grew at a seasonally adjusted annual rate of 3.4 percent during the third quarter of 2018, according to the Bureau of Economic Analysis’s third estimate, revised down from the “second” estimate. Personal Consumption and Expenditures (PCE) and exports were revised down, and private inventory investment was revised up. The general picture of economic
Existing-home sales increased 1.9 percent, the second consecutive monthly increase, to a seasonally adjusted annual rate of 5.32 million in November, according to the National Association of Realtors (NAR). This followed a 1.4 percent increase in October. Sales are 7.0 percent below the November 2017 level.Lawrence Yun, NAR chief economist, says two consecutive months of