Free Markets, Free People
Economic Statistics for 30 Nov 11
Today’s economic statistical releases:
The Mortgage Bankers Association reports that mortgage applications were down by -11.7%, but the short Thanksgiving week clouds the significance of this week’s results. Delving deeper into the report shows new purchase applications were down -0.8% while refinance apps fell -15.3%.
The Challenger Job-Cut Report shows layoff announcements are fairly steady this month at 42,474 compared to 42,759 in October and 48,711 last year.
ADP, the country’s largest third-party payroll processor, estimates private payrolls rose 206,000 in November. We’ll see if Friday’s Employment Situation confirms that.
3Q productivity and costs were revised downward slightly, with productivity increasing at 2.3% annually, while labor costs fell -2.5%. This is pretty much in line with the GDP revision for 3Q.
The Chicago PMI indicates a pickup in business activity for the Chicago area, with the index rising to 62.6 from 58.4. This report is widely seen as a predictor of the national PMI, which will be released tomorrow.
The National Association of Realtors reports their pending home sales index rose to 93.3 from 84.5.