Economic Statistics for 3 Nov 11
Today’s economic calendar is fairly full, so let’s get cracking:
Initial jobless claims continue to drop slowly, with this week’s claims tallying 397,000, finally getting us below the awful 400,000 mark. Once again, though, last week’s number was revised upward to 406,000. These upward revisions have become quite commonplace.
Retail sales growth for October is mixed at best, trending at about 3% for same-store sales and about 5% for total sales.
Nonfarm business productivity jumped an annualized 3.1% in the 3rd quarter, much better than expected. Compensation growth, on the other hand, was restrained, rising an annualized 0.6%. Overasll, unit labor costs fell -2.4%.
Bloomberg reports that their consumer confidence index dropped to its lowest level since the 1st quarter of 2009, to -53.2.
Strong sales for non-durable goods and an upward revision to durable goods resulted in a better-than-expected 0.3% jump in September factory orders.
The ISM Non-Manufacturing index continues to point to steady, if slow, growth in the service sector, with the index at 52.9, just one tick below last month’s 53.