Economic Statistics for 15 Nov 11
Today’s economic statistical releases:
A decline in energy prices resulted in a -0.3% drop in producer prices, with the core rate, which excludes food and energy, remaining unchanged last month. On a year-over-year basis, producer prices have risen 6.1%, with the core rate rising 2.8%.
Retail sales activity continued to increase in October, rising 0.5% overall, and 0.3% excluding auto sales.
The Empire State Manufacturing Survey edged back into positive territory for the first time since May, rising from -8.48 to 0.61. The six-month outlook is strengthening, with predictions of growth in new orders, which should, if it materializes, result in increased hiring as well.
Finally, in the two weekly retail sales reports, Redbook reports pre-Thanksgiving promotions helped boost store sales by 3.3%. ICSC-Goldman says sales rose 0.3% last week, up 3.21% from the year before.
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Dale Franks
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The 17-nation eurozone’s Gross Domestic Product grew modestly by 0.2 percent during the July-September period from the previous 3 months. The minimal growth suggests that the eurozone economy has almost stalled amid the debt crisis stemming from Greece.
The European Union has revised its forecast for next year’s growth at 0.5 percent, significantly downward from the 1.8 percent announced earlier this year.
With no signs yet of an end to the debt problems, the European economy will likely remain tough next year.
http://www3.nhk.or.jp/daily/english/20111115_37.html
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Lower commodity prices means a stronger dollar, and without any real policy from the Fed that really means that the dollar strengthened only relatively. In other words, we suck, but we suck less than the Euro’s or anyone else.
It is not a pretty picture. Still we might see some very modest growth next year picking up steam if it looks like a republican victory is eminent.