Economic Statistics for 7 Nov 13
Chain stores reported October sales today. They were slightly positive, though the government shutdown seems to have had a negative effect.
3rd Quarter real GDP came is surprisingly high at an annual 2.8%, but inventory increases played an outsized role, contribution 0.83%. Personal consumption expenditure growth declined from 1.8% last quarter to 1.5% in the 3rd quarter. The GDP Price Index rose 1.9%
Initial jobless claims fell 9,000 last week, to 336,000. The 4-week moving average fell 12,000 to 348,250. Continuing claims rose 4,000 to 2.868 million.
The Bloomberg Consumer Comfort Index was essentially unchanged at -37.9 for the week.
The government’s expanding student loan portfolio is inflating consumer credit, which was up $13.7 billion in September.
The Fed’s balance sheet rose $8.2 billion last week, with total assets of $3.852 trillion. Reserve Bank credit increased $7.6 billion.
The Fed reports that M2 Money Supply fell by $-7.8 billion last week.