The following US economic statistics were announced today:

Chain stores are reporting mostly lower sales growth for November, as weak sales early in the month wasn’t offset by stronger sales later.

Initial claims for unemployment fell 23,000 last week, to 393,000. The 4-week moving average remains high at 405,250. Continuing claims fell 70,000 to 3.287 million.

The first revision for 3rd Quarter GDP was revised upwards substantially to 2.7% annualized, but due to inventories, not demand growth. Consumer spending and business equipment were both revised downwards. The GDP Price Deflator, an inflation measure, remained high at 2.7%, though the core rate, ex-food and energy, was revised down to 1.3%.

Corporate profits in the 3rd quarter grew to $1.752 trillion annualized, versus $1.665 trillion in the 2nd quarter.

The Pending Home Sales Index rose 5.2% to 104.8 in October.

The Bloomberg Consumer Comfort Index rose 0.9 points to -33.0.

The Kansas City Fed Manufacturing Index fell to -6 in November, down from -4 in October.

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Dale Franks
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