The U.S. international trade deficit widened in October to $43.9 billion, up $1.4 billion from September. October exports were $184.1 billion, down $2.7 billion on the month, while imports fell $1.3 billion to $228.0 billion. The goods deficit increased $2.1 billion to $63.1 billion, while the surplus in services increased by $0.6 billion to $19.2
Total nonfarm payroll employment rose by 211,000 in November, lower than last month’s upwardly revised total of 298,000 jobs. The national unemployment rate remained unchanged at 5.0 percent. According to Joel Naroff of Naroff Economics, “The increase came despite further cut backs in energy-related firms, weakness in clothing stores, a weird crash in the motion
New orders for manufactured goods rose 1.5 percent in October to $473.9 billion, following two consecutive months of declines, according to the U.S. Census Bureau. New orders excluding transportation grew 0.2 percent to $391.8 billion. New orders for manufactured durable goods increased 2.9 percent to $238.8 billion, following a 0.8 percent September decrease. New orders
Employers announced plans to cut 30,953 jobs in November, the lowest number of planned layoffs in over a year according to a report issued by Challenger, Gray & Christmas. November’s announced cuts were 39 percent lower than October’s, and 14 percent lower than a year ago. Year-to-date, employers have announced 574,888 job cuts, 28 percent
Federal Reserve Chairman Janet Yellen said today that the economy has “recovered substantially” in recent years and hinted that an increase to the federal funds rate could come before year-end while cautioning that a delay could inadvertently lead to another recession.
Economic activity expanded across most of the twelve Federal Reserve Districts according to the November edition of the Federal Reserve Beige Book. Seven districts reported modest growth, while conditions leveled off in the New York District. Labor markets tightened modestly since the previous report. The Atlanta, Kansas City and Dallas districts reported a slight increase
According to the ADP National Employment Report, the non-farm private sector added 217,000 jobs in November, up from 196,000 in October. The majority of November’s jobs were created within the services sector, which saw the strongest gains since June. “Job growth remains strong and steady,” said Mark Zandi, chief economist of Moody’s Analytics. “The current
The ISM Manufacturing Index fell to 48.6 points in November – down 1.5 points from October’s reading. November’s reading marked the first contraction since November 2012, as readings below 50 indicate contraction in the manufacturing industry. Of the 18 industries, 10 reported contraction in November, while only 5 reported expansion. Some survey respondents expressed concern
Construction spending grew 1.0 percent in October to $1,107.4 billion (SAAR). September’s spending estimate was revised up to $1,096.6 billion (0.6 percent growth). Construction spending during the first 10 months of 2015 amounted to $888.1 billion, 10.7 percent higher than in the first 10 months of 2014. Total private construction rose to $802.4 billion (SAAR),
The Federal Reserve Board today issued a final rule, as required by the Dodd-Frank Act, specifying procedures and requirements for emergency lending under the Federal Reserve Act.