Economic Statistics for 4 Oct 12
The following US economic statistics were announced today:
Chain store sales are reporting mainly positive results this morning, but the rate of sales growth seems to be slowing. Still, the positive reports are helping sales of chain retailers’ stock this morning.
The Challenger Job-Cut Report indicates layoffs remain near recovery lows, at 33,816 for September.
Initial claims for unemployment rose 8,000 to 367,000 last week. The 4-week average rose 1,000 to 375,000. Continuing claims continue to fall, down 13,000 to 3.285 million.
Consumers continue to become more optimistic, as the Bloomberg Consumer Comfort Index rose 3.3 points to -39.6.
Factory orders were down a very sharp –5.2% in August, mainly on a drop in aircraft orders. Ex-aircraft, orders actually rose 0.7%.
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Dale Franks
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Note that the weekly ‘revision’ (always upwards of course) in unemployment claims moved up to 4,000. This was typically 2,000 through the summer, then increased to 3,000 in September. Now that we are approaching the election the data has to be massaged even more. By ‘adjusting’ claims by 4,000 each week, the reported change each week appears to be 8,000 better than reality. If Obama bombs any more debates watch for the revisions to hit 5,000 per week.