Free Markets, Free People
The following US economic statistics were announced today, and today is a jam-packed day for economic data:
Last night, ADP revised their September jobs figures down by half, to only 88,000 new jobs, the final release of their employment report under the old Methodology. Today, ADP begins the series all over again using Moody’s as the data analyst for the report, so we have no earthly idea how accurate or relevant this report is now, as it is essentially a brand new report with no track record. With that in mind, ADP reports that 158,000 new jobs were created in October. Tomorrow, we’ll be able to compare it with the BLS’s Employment Situation for the first time.
Motor vehicle sales came in a disappointing 14.29 million which is sharply lower than September.
Monthly chain store sales, reported slightly higher sales growth, and most retailers increased earnings guidance.
The Challenger Job-Cut Report states that 47,724 layoffs were announced in October, as lower earnings pushed companies to cut costs. It’s the highest number of layoffs since May.
Initial claims for unemployment fell 9,000 to 363,000. The 4-week moving average fell 1,500 to 367,250. Continuing claims rose 4,000 to 3.263 million.
The initial estimate for nonfarm business productivity for the 3rd quarter rose 1.9%, while unit labor costs unexpectedly fell –0.1%, mainly due to a drop in hourly compensation.
The Markit PMI Manufacturing Index fell 0.1 points to 51.0 in October.
The Bloomberg Consumer Comfort Index fell -0.1 points to -34.7, but is still among the highest readings in 4 years.
The Institute for Supply Management’s manufacturing index rose 0.2 points to 51.7, indicating continued—if very mild—economic expansion.
The Conference Board’s consumer confidence index improved in October to 72.2 from 68.4 in September.
Construction spending rose 0.6% in September, following a 0.6% drop in August, and a 0.4% drop in July.
But the media is engaged otherwise:
Remember how the media treated Cindy Sheehan (until she was no longer useful?)?
Contrast that with how they’re treating Ty Wood’s dad, Charles.
Kind of makes the point, doesn’t it?