The Revised GDP Rises to 4.3%
Nov 30, 9:05 AM EST |
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| The U.S. economy grew at a 4.3% annual rate in the third quarter, the Commerce Department announced. |
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| It''''s the fastest growth since the first quarter of 2004. During the previous month, agency estimated real (inflation-adjusted) growth in the July through September period at 3.8% annualized. Analysts were looking for a revision to 4%. |
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New Home Sales Jump in October
Nov 30, 6:39 AM EST |
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| U.S. new home sales soared by 13% in October to a record 1.42 million seasonally adjusted annual rate. |
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| This is the biggest increase since April 1993. October sales set a new record of 1.37 million. The gain was much larger than expected. Analysts were anticipating sales of about 1.22 million in October. The sales figures seem to contradict reports that the housing market has cooled dramatically as mortgage rates increase above 6%. |
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Consumer Confidence Rises
Nov 30, 6:38 AM EST |
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| U.S. consumer confidence jumped in November as gasoline prices retreated, the Conference Board announced. |
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| The consumer confidence index soared 13.7 points to 98.9 in November from a revised 85.2 in October. It was the largest jump since just after the invasion of Iraq in 2003. Analysts anticipated an increase to about 90. |
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Durable Goods Jump in October
Nov 29, 8:48 AM EST |
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| Orders for durable goods rose 3.4% in October after falling a revised 2.0% in the month before. |
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| The gain in October orders was much larger than expected. Analysts were expecting orders to rise 1.4%. Orders for core capital goods equipment advanced 1.3% in October after falling 1.7% in the previous month. Shipments of durable goods rose 1.4% in October to record high levels after remaining flat in September. |
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Home Sales Fall 2.7 % in October
Nov 29, 7:58 AM EST |
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| Sales of existing U.S. homes slowed and the inventory of unsold houses rose to a twenty-year high. |
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| Sales of previously owned homes fell 2.7 % from September''''s revised 7.29 million unit annual pace, and the plunge would have been even deeper if not for a surge in home-buying linked to Hurricane Katrina. |
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Stronger Crude Inventories
Nov 24, 6:42 AM EST |
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| The Energy Department announced that crude supplies increased 400,000 barrels in the week ended Nov. 18. |
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| EIA also placed the total inventory of 321.8 million well above the upper end of the average range for this time of year. Gasoline inventories are in the lower half of the average range after adding 200,000 barrels. Distillate-fuel inventories, which include heating oil, advanced by 1.1 million barrels and just above the lower end of the average range for this time of year. |
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Jobless Claims Increase to 335,000
Nov 23, 8:49 AM EST |
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| U.S. initial claims for state unemployment insurance increased to their highest level in a month. |
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| The number of initial claims outpaced analysts’ expectations, who had been predicting that claims would rise to 310,000 in the latest week. There were 10,000 claims related to Hurricane Rita and Hurricane Katrina in the latest week. The cumulative total of Rita- and Katrina-related claims is now 555,000. The largest increases in initial claims for the week ending Nov. 12 were in Florida, while the largest decreases were in Louisiana. |
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Leading Indicators Index Rises 0.9%
Nov 22, 7:40 AM EST |
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| A widely watched predictor of future economic activity increased in October, signaling that the economy would grow this year. |
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| Perhaps the growth would be at a more moderate pace than in 2004 — despite the fact that the economy having being battered by hurricanes in August and September. Some of that moderation may be owing to a slowdown in the real estate market, which was a major booster of overall economic growth. |
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Industrial Production Bounces Back
Nov 18, 6:13 AM EST |
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| U.S. industrial production advanced by 0.9% in October on manufacturing output growth, the Federal Reserve announced. |
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| Recovery efforts related to Hurricanes Katrina and Rita and the end of a machinists strike at Boeing are the key factors in the output growth. The jump in production was matched the 0.9% increase predicted by analysts. Manufacturing output advanced by 1.4%, the greatest in six years. |
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Jobless Claims Drop
Nov 17, 9:10 AM EST |
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| Initial claims for state unemployment benefits hit the lowest level since April. |
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| The Labor Department reported the drop was sharper than expected. Analysts expected claims to inch lower to 322,000. The new claims included an estimated 10,000 related to Hurricanes Katrina and Rita and 9,000 related to Hurricane Wilma. The largest increases in initial claims for the week ending Nov. 5 were in Louisiana, while the largest decreases were in Pennsylvania. |
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