- Advance estimates of retail and food services sales for September were up 1.9% from the previous month, and were up 5.4% from a year ago, according to the U.S. Census Bureau. Excluding motor vehicle & parts, retail sales were up 1.5% from the previous month, and were up 3.0% from a year ago. Year-to-date, retail sales were down 0.8% from the first nine months of 2019.
- Total manufacturing and trade sales for August increased 0.6% from July, following a 3.4% increase in the previous month, according to the U.S. Census Bureau. Inventories increased 0.3%, following a 0.1% increase in the previous month. The total business inventories/sales ratio was 1.32 in August, compared with 1.39 a year ago.
- Total Industrial production decreased 0.6% in September, following a 0.4% increase in the previous month. Total industrial production in September was 7.3% below its level a year earlier. The rate of capacity utilization decreased to 71.5%, 8.3 percentage points below its 1972-2019 average, and 5.9 percentage points below September 2019.
- Import prices increased 0.3% in September, according to the U.S. Bureau of Labor Statistics, following a 1.0% increase in the previous month. Prices for imports decreased 1.1% from September 2019. The price index for exports increased 0.6% in September, after an increase of 0.5% in the previous month. Prices for exports decreased 1.8% over the past year.
- The producer price index for total final demand increased 0.4% in September, following a 0.3% increase in the previous month. The index for final demand less foods, energy and trade held also increased 0.4%, following a 0.3% increase in the previous month. The producer price index for final demand increased 0.4% from September 2019 to September 2020, while the index for final demand less foods, energy and trade increased 0.7%.
- The consumer price index increased 0.2% in September, following a 0.4% increase in the previous month. The core index also increased 0.2%, following a 0.4% increase in the previous month. The consumer price index increased 1.4% for the 12-month period ending in September, while the core index rose 1.7%.
- Real average hourly earnings for all employees decreased 0.1% from August to September. This result stems from an increase of 0.1% in average hourly earnings being more than offset by an increase of 0.2% in the consumer price index for all urban consumers.
- The advance figure for initial claims for unemployment insurance increased 53 thousand to 898 thousand in the week ending October 10. The 4-week moving average was 866.25 thousand, an increase of 8 thousand from the previous week’s revised average. The advance number for seasonally adjusted insured unemployment (ongoing) during the week ending October 3 was 10,018 thousand, a decrease of 1,165 thousand from the previous week’s revised level. The 4-week moving average was 11,481.75 thousand, a decrease of 682.25 thousand from the previous week’s revised average. The advance seasonally adjusted insured unemployment rate was 6.8% for the week ending October 3, a decrease of 0.9 percentage point from the previous week’s revised rate. It was stated that: “In response to recommendations resulting from an internal review of state operations, the state of California has announced a two week pause in its processing of initial claims for unemployment insurance benefits. The state will use this time to reduce its claims processing backlog and implement fraud prevention technology. Recognizing that the pause will likely result in significant week to week swings in initial claims for California and the nation unrelated to any changes in economic conditions, California’s initial claims published in the UI Claims News Release will reflect the level reported during the last week prior to the pause. Upon completion of the pause and the post-pause processing, the state will submit revised reports to reflect claims in the week during which they were filed.”
- Median weekly earnings of the nation’s 109.7 million full-time wage and salary workers were $994 in the third quarter of 2020 (not seasonally adjusted), according to the U.S. Bureau of Labor Statistics. This was 8.2% higher than a year earlier, compared with a gain of 1.2% in the Consumer Price Index for All Urban Consumers over the same period. Women had median weekly earnings of $902, or 81.7% of the $1,104 median for men. It was stated: “Usual weekly earnings data for the third quarter of 2020 continue to reflect the impact on the labor market of the coronavirus (COVID-19) pandemic and efforts to contain it. Changes in weekly earnings in recent quarters must be interpreted with caution. More information on labor market developments in recent months is available at www.bls.gov/covid19/effects-of-covid-19-pandemic-and-response-on-theemployment-situation-news-release.htm.”
- The results of Freddie Mac’s Primary Mortgage Market Survey showed average fixed mortgage rates dropped further, to its lowest levels in survey’s history dating back to 1971. The 30-year fixed mortgage rate averaged 2.81% for the week ending October 15, down from last week when it averaged 2.87%. A year ago, at this time, the 30-year fixed-rate averaged 3.69%. The 15-year fixed mortgage rate averaged 2.35%, down from last week when it averaged 2.37. A year ago, at this time, the 15-year fixed-rate averaged 3.15%.
- Mortgage applications decreased 0.7% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending October 9,2020.
- The University of Michigan Index of Consumer Sentiment increased to 81.2 in October, from 80.4 in September. The Index was 95.5 in October of last year. The Current Economic Conditions Index decreased from 87.9 in September to 84.9 in October, while The Index of Consumer Expectations increased from 75.6 to 78.8.
- There were 39,081,143 COVID-19 confirmed cases in the world, 1,100,635 deaths, and 26,950,857 recovered, according to Johns Hopkins University, Coronavirus Resource Center (access date and time: 10/16/2020, 14:45 EST). In the United States, there are 8,008,402 confirmed cases, 218,097 deaths, and 3,177,397 recovered cases. The world is struggling to control the spread of the virus.
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