Banks and the Economy

Consumer Credit Growth Soared in October

Consumer credit increased at a seasonally adjusted annual rate of 7.7 percent in October, up from an upwardly revised 3.5 percent rate in September. Total outstanding credit increased $25.4 billion during the month (compared with $11.6 billion in September) to $3.96 trillion. This was the fifth largest monthly increase in total credit in the post-crisis period. Revolving credit, largely a ...

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155,000 Jobs Added in November, Unemployment Rate Unchanged at 3.7%

Total nonfarm payroll employment grew by 155,000 in November, a decrease from last month’s downwardly revised reading of 237,000, according to the Bureau of Labor Statistics. The national unemployment rate remained at 3.7%. Private service-providing industries gained 132,000 jobs, led by health care and social assistance, which added 40,000 jobs. Goods-producing employment rose by 29,000 jobs during the month, as ...

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Factory Orders Declined 2.0 percent in October

New orders for manufactured goods decreased 2.0 percent to $502.7 billion in October, according to the U.S. Census Bureau. The increase followed a 0.2 percent increase in September. New orders for manufactured durable goods decreased 4.3 percent to $249.0 billion in October. Transportation equipment drove the decrease, falling 12.0 percent to $84.8 billion. Shipments of manufactured durable goods decreased 0.5 ...

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International Trade Gap Widened 1.3 percent in October

The U.S. international trade deficit widened in October, rising 1.7 percent to $55.5 billion, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. Imports rose by 0.2 percent, while exports declined by 0.1 percent. September’s trade deficit was revised from $54.0 billion to $54.6 billion. The goods deficit increased 1.0 percent to $78.1 billion, while the ...

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ISM: Non-Manufacturing Sector Growth Stronger in November

The ISM Non-Manufacturing Index registered 60.7 points in November, 0.4 percentage point above October’s figure. This was the 106th consecutive month of expansion as a reading above 50 indicates growth. Seventeen non-manufacturing industries reported growth, while one reported a decrease. The majority of respondents remain positive about business conditions and the economy, but employment resources and tariffs are ongoing concerns. Growth ...

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ADP: 179,000 Jobs Added in November

The non-farm private sector added 179,000 jobs in November, according to the ADP National Employment Report. This followed a downwardly revised 225,000 job increase in October. Small businesses with fewer than 50 employees gained 46,000 jobs. Medium-sized businesses with 50-499 employees created 119,000, while large businesses added 13,000 jobs. “Although the labor market performed well, job growth decelerated slightly,” said ...

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Beige Book: Economic Activity Continues to Expand, Headwind Concerns Growing

Economic activity expanded at a modest to moderate pace across most of the twelve Federal Reserve Districts in mid-October through late November, according to the just-released Federal Reserve Beige Book. Dallas and Philadelphia reported slower growth compared to the prior period. The report was based on information collected through November 26. The economic expansion over the period was driven in ...

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