The Labor Department reports that 321,000 net new jobs were created in November, while the unemployment rate was unchanged at 5.8%. Average weekly hours rose 0.1 hours to 34.6, while average hourly earnings rose 9 cents to $24.66. The labor force participation rate was unchanged at 62.8%. The real rate of unemployment, using the pre-crisis historical average participation rate of 66.2%, rose 0.06% to 10.59%.
In October, the US trade gap narrowed very slightly to $-43.4 billion from a revised $-43.6 billion in September.
Factory orders fell a further -0.7% in October, following September’s -0.5% decline.
Consumer credit rose $13.2 billion in October, mainly on a $12.3 billion rise in non-revolving credit, which disappoints retailers.
Chain stores are reporting monthly sales today, showing mostly stronger rates of year-on-year sales growth in November than October.
Challenger’s Job Cut Report shows that the layoff count fell to 35,940 in November from 51,183 in October and 45,314 in November last year.
Gallup’s November Payroll to Population employment rate was 44.2%, down two ticks from October’s rate of 44.4%.
Initial weekly jobless claims fell 17,000 to 297,000. The 4-week average rose 5,000 to 299,000. Continuing claims rose 39,000 to 2.362 million.
The Bloomberg Consumer Comfort Index fell -0.9 points to 39.8 in the latest week, still close to a seven-year high.
The Fed’s balance sheet rose $0.3 billion last week, with total assets of 4.486 trillion. Reserve bank credit fell $-7.6 billion.
The Fed reports that M2 money supply rose by $3.5 billion in the latest week.
The Fed’s Beige book reports that national economic activity—including employment—continues to expand, with wages and prices restrained.
Nonfarm productivity growth for the 3rd Qtr was revised up to an annualized 2.3%, while Unit labor costs were revised down sharply to -1.0%.
ADP estimates that private payroll growth for November was a worse-than-expected 208,000.
The MBA reports that mortgage applications fell -7.3% last week, with purchases up 3.0% but refis down -13.0%.
Gallup’s U.S. Job Creation Index ticked up a point in November to 28.
The ISM non-manufacturing index rose 2.2 points to 59.3 in November.
Markit’s PMI Services Index fell -0.9 points in November to 56.2.
The J.P. Morgan Global Composite PMI fell -0.4 points to 53.2 in November, while the Global Services PMI fell -0.2 points to 53.5.
Motor vehicle sales for November were strong, up 4.2% to a 17.2 million annual rate, well over the high end of analyst’s forecasts. Domestic vehicle units also tapped expectations, coming in at a 14.0 million annual rate.
Construction spending rose a strong 1.1% in October, led by a 2.3% rise in public outlays, and a 1.3% increase in private residential spending.
ICSC-Goldman reports weekly retail sales fell -1.8%, but rose 2.8% on a year-over-year basis. Redbook reports retail sales rose 4.8% on a year-ago basis. Both reports are actually positive, and point to strength for December sales.
Gallup’s U.S. Economic Confidence Index climbed 4 points to -8 in November, the highest reading in 18 months.
Markit’s PMI Manufacturing Index for November fell -1.1 points to 54.8.
The ISM manufacturing index fell -0.3 points to a still-strong 58.7 in November.
The J.P. Morgan Global Manufacturing PMI fell -0.4 points in November to 51.8.
Gallup’s self-reported Consumer Spending measure rose $6 to $95 in November.
The MBA reports that mortgage applications fell -4.3% last week, with purchases down -10.0% and refis down -4.0%.
Initial weekly jobless claims rose 21,000 to 313,000. The 4-week average rose 6,250 to 294,000X. Continuing claims fell 17,000 to 2.316 million.
October durable goods orders rose 0.4%, almost entirely on a 45.3% increase in defense aircraft orders, without which, orders actually fell by a sharp -0.9%. On a year-over-year basis, orders are up 5.5%, and ex-transportation orders are up 6.4%.
Both personal income and spending rose 0.2% in October, while the PCE Price index rose 0.1% at the headline level and 0.2% at the core.
The Chicago PMI fell -5.4 points in November to a still-strong 60.8.
The Bloomberg Consumer Comfort Index rose 2.2 points last week to 40.7, the highest level since December 2007.
The Reuter’s/University of Michigan’s consumer sentiment index fell -0.6 points to 88.8 in November.
New home sales in October came in at a weaker-than-expected 458,000 annual rate.
The pending home sales index fell -1.1% to 104.1 in October.
GDP growth in the 3rd Quarter was revised upwards unexpectedly, coming in at 3.9% annualized. The GDP Price index was also revised upwards slightly to 1.4%.
Corporate profits in the 3rd Quarter came in at $1.873 trillion, following $1.842 trillion for the 2nd Quarter.
The Conference Board’s consumer confidence index fell -5.8 points to 88.7 in November.
FHFA House Price Index was unchanged in September. On a year-over-year basis, the index is up 4.3%.
The S&P/Case-Shiller home price index rose 0.3% in September, and is up 4.9% from a year ago.
The Richmond Fed Manufacturing Index declined sharply from 20 to 4 in November.
The State Street Investor Confidence Index fell -1.1 points to 114.0 in November.
ICSC-Goldman reports weekly retail sales rose 2.2%, but on only rose 1.7% on a year-over-year basis. Redbook reports retail sales rose 4.2% on a year-ago basis.
The Chicago Fed National Activity Index declined from 0.47 in September to 0.14 in October.
Markit’s PMI Services Flash for November fell -1.0 points from the October final to 56.3.
The Dallas Fed Manufacturing Index was unchanged in November at 10.5.
Consumer prices were unchanged at the headline level in October, while prices less food and energy rose 0.2%. On a year-over-year basis, the CPI is up 1.7%, while the core rate is up 1.8%.
Markit’s PMI Manufacturing Index Flash for November is down 1.8 points from October’s final reading, coming in at 54.7.
The Philadelphia Fed Survey surged a spectacular 20.1 points to 40.8, contrasting wildly with the falling PMI Manufacturing flash.
Existing home sales rose 1.5% in October to a 5.260 million annual rate.
The Conference Board’s index of leading indicators rose a very strong 0.9% in October, following September’s 0.8% increase.
Initial weekly jobless claims fell 2,000 to 291,000. The 4-week average rose 2,500 to 287,500. Continuing claims fell 73,000 to 2.330 million.
The Bloomberg Consumer Comfort Index rose 0.3 points to 38.5 in the latest week, the highest since January, 2008.
The Fed’s balance sheet rose $3.9 billion last week, with total assets of $4.493 trillion. Reserve bank credit rose $14.8 billion.
The Fed reports that M2 money supply rose by $63.5 billion in the latest week.