Free Markets, Free People

Economic Statistics for 29-30 Oct

Real GDP in the 3rd Quarter of 2015 rose a disappointing 1.5% annualized, while the GDP Price index rose 1.2%.

September’s pending home sales index fell -2.3% to a reading of 106.8.

Both personal income and spending rose 0.1% in September, while the PCE Price Index fell -0.1% overall, and rose 0.1% less food and energy. 

The employment cost index for the 3rd Quarter of 2015 rose a sizable 0.6%, but the year-on-year rise is unchanged at 2.0%.

The University of Michigan’s Consumer Sentiment Index fell -2.1 points to 90.0 in October.

The Chicago PMI surged 7.5 points from September and 6.0 points over consensus to 56.2 in October.

Initial weekly jobless claims rose 1,000 to 260,000. The 4-week average fell 4,000 to 259,250. Continuing claims fell 100,000 to 2.144 million.

The Bloomberg Consumer Comfort Index fell -0.7 points to 42.8 in the latest week.

The Fed’s balance sheet fell $-12.0 billion last week, with total assets of $4.489 trillion. Reserve bank credit rose $0.9 billion.

The Fed reports that M2 money supply fell by $-7.6 billion in the latest week.


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One Response to Economic Statistics for 29-30 Oct

  • The Commerce Department’s GDP numbers don’t make any sense

    Increases in durable-goods spending contributed 0.48 of a percentage point to that 1.5 percent GDP number. Without that increase — on products like cars, refrigerators and planes, which are long-lasting — annualized third-quarter GDP would have been just 1.02 percent.

    Here’s the bizarre part: Sales of durable goods have been in a free fall.

    The Census Bureau, part of Commerce, reported earlier this week that durable goods sales in September fell 1.2 percent, after a 3 percent decline in August.

    The only other month in the third quarter is July. And durable goods sales rose 2 percent in that month.

    But how does an increase of 2 percent (in July), a decline of 3 percent (in August) and a drop of 1.2 percent in September add up to durable goods contributing 0.48 of a percentage point to the third-quarter GDP?