U.S. Incomes and Inflation Jump
Oct 31, 9:43 AM EST |
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| Real spending drops 0.4% in September while incomes and inflation soared on the impact of destructive hurricanes, the Commerce Department announced. |
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| Incomes advanced 1.7% in September after falling a revised 0.9% in August. The reverse was due to the impact of the storms on rental income, which were depressed severely in August by uninsured losses from Hurricane Katrina. Analysts anticipated incomes to increased 0.3%. |
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U.S. Employment Costs up 0.8%
Oct 28, 9:10 AM EDT |
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| U.S. employment costs advanced 0.8% in Q3, matching analysts' expectations and virtually flat from the 0.7% gain seen during Q2. |
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| Benefit costs again outpaced wages and salaries, the Labor Department announced. Benefit costs between June and September increased 1.3%, while wages and salaries climbed 0.6%. Compensation costs for civilian workers have consistently dropped on a year-over-year basis since 2000. For the year ended September 2005, costs rose 3.1%, down from an increase of 3.8% in the prior year period. |
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U.S. GDP Advances 3.8% in the Third Quarter
Oct 28, 9:06 AM EDT |
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| U.S. economy growth rose in the third quarter to a 3.8% annualized rate, the Commerce Department announced. |
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| Spending by consumers and the federal government contributed most of the rise in GDP. Foreign trade was a slight drag on growth.The economy grew 3.6% in the past year. GDP increased at a 3.3% rate in the second quarter. Analysts were expecting GDP to increase 3.6% in the third quarter. |
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The Housing Market Has Cooled
Oct 28, 6:38 AM EDT |
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| Inventories of unsold new homes advanced to a record level in September. |
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| Sales of new homes in the U.S. rose 2.1% in September a seasonally adjusted annual rate of 1.222 million after an 11.6% decline in August, the Commerce Department announced. Sales in September remained unchanged from a year earlier. Inventories of unsold homes advanced to a record 493,000 in September, representing a 4.9-month supply at the current sales pace, the same as in August. It's the highest inventory-sales ratio since late 1996. |
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U.S. Durable Goods Orders Drop in September
Oct 27, 9:08 AM EDT |
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| U.S.-made durable goods new orders dropped 2.1% in September, the Commerce Department announced. |
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| Broadly-based, the decline reflected a sharp drop in aircraft orders. Analysts were hoping for orders to fall 1.1% in September. Durable orders in August were revised up 3.8% from 3.4% previously anticipated. Shipments of durable goods rose 0.1% in September after a 2.3% advance in August. Orders for core capital goods equipment shed 1.2% in September. |
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Jobless Claims Decline
Oct 27, 9:06 AM EDT |
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| U.S. weekly initial jobless claims drop 28,000 to 328,000. |
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| Filing first-time claims for unemployment benefits dropped by 28,000 to 328,000 the week ending Oct. 22, the Labor Department announced. The number was lower than the 342,000 expected by analysts. The Labor Department stated that 24,000 of the new claims were related to Hurricanes Katrina and Rita, bringing the total of hurricane-related claims to 502,000. The largest increases in initial claims for the week ending Oct. 15 were in North Carolina, while the largest decreases were in Louisiana. |
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Existing Home Sales Hold Steady
Oct 27, 6:21 AM EDT |
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| Sales of previously owned homes remained stable in September at the second-highest level on record. |
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| The National Association of Realtors announced that sales of existing homes last month remained unchanged at a seasonally adjusted annual rate of 7.28 million, the same as August. The Realtors said sales would have fallen without the increased demand for houses because of the devastation from Hurricane Katrina. |
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Weekly Petroleum Report
Oct 26, 10:44 AM EDT |
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| Crude oil inventories rose 4.4 million bpd and that of gasoline rose by 0.2 mbpd, and that of distillate fell by 1.6 mbpd for the week ending Oct 21. |
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| U.S. crude oil imports averaged nearly 10.0 million barrels per day last week, up 750,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged nearly 9.0 million barrels per day, a decline of 1.2 million barrels per day from the comparable four weeks last year. |
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Philadelphia Factory Index Soars
Oct 21, 12:37 PM EDT |
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| Manufacturing growth in the Philadelphia area bounced back this month. |
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| The Federal Reserve Bank of Philadelphia's general economic index for October advanced to 17.3 from 2.2 last month. A number greater than zero means a higher percentage of the factories surveyed in the area stated business was getting better rather than worse. |
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U.S. Leading Economic Indicators Index down 0.7%
Oct 21, 7:01 AM EDT |
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| The index of leading economic indicators in the U.S. declined for a third month in September. |
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| Hurricane Katrina made jobless claims and fuel costs jump, depressing consumer confidence. The Conference Board's measure, which gauges the likely performance of the U.S. economy in the next three to six months, dropped a greater-than-expected 0.7 % after declining 0.1 % in August. |
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