Key Economic Indicators – November 10, 2014

  • Total non-farm payroll employment rose 214 thousand in October, following an increase of 256 thousand in the previous month, according to the U.S. Bureau of Labor Statistics.
  • The unemployment rate edged down to 5.8% in October, from 5.9% in September.
  • The average workweek of all employees on private nonfarm payrolls increased 0.1 hour to 34.6 hours. Average hourly earnings increased by 3 cents to $24.57. Over the past 12 months, average hourly earnings were up 2.0%.
  • The advance figure for initial claims for unemployment insurance decreased 10 thousand to 278 thousand in the week ending November 1, according to the Department of Labor. The 4-week average was 279 thousand, a decrease of 2.25 thousand from the previous week’s revised average. This is the lowest level for this average since April 29, 2000 when it was 273 thousand.
  • Third quarter productivity increased 2.0% (seasonally adjusted annual rate) in the non-farm business sector, following a 2.9% increase in the previous quarter, according to the U.S. Bureau of Labor Statistics. Unit labor costs increased 0.3% in the third quarter, following a 0.5% decrease in the previous quarter.
  • New orders for manufactured goods decreased 0.6% in September, following a 10.0% decrease in the previous month, according to the U.S. Census Bureau. Shipments rose 0.1% in September, following a 1.1% decrease in the previous month.
  • Sales of domestic cars increased 4.8% in October, while total light vehicle sales increased 0.1%, according to the U.S. Bureau of Economic Analysis. Total vehicle sales were 16.3 million units in October, at a seasonally adjusted annual rate, compared to 15.3 million in October of 2013.
  • In September international trade deficit was $43.0 billion, up from $40 billion in August, according to the U.S. Bureau of Economic Analysis.
  • September consumer credit outstanding increased at an annual rate of 5.9%, according to the Board of Governors of the Federal Reserve System.
  • September construction spending decreased 0.4%, according to the U.S. Census Bureau. Private construction decreased 0.1%, while public construction decreased 1.3%. September construction spending was up 2.9% from a year ago.
  • The results of Freddie Mac’s Primary Mortgage Market Survey of November 6th showed average fixed mortgage rates moving higher for the second consecutive week. 20-year fixed-rate mortgage averaged 4.02% for the week ending November 6, up from last week when it averaged 3.98%.
  • Mortgage applications decreased 2.6% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending October 31st.
  • The Institute for Supply Management’s (ISM) manufacturing survey indicated that the manufacturing sector expanded in October for the 17th consecutive month, and the overall economy grew for the 65th consecutive month.
  • The Institute for Supply Management’s (ISM) non-manufacturing survey indicated that economic activity in the non-manufacturing sector grew in October for the 57th consecutive month.

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