November 2, 2020
The ISM Manufacturing Index rose 3.9 points to 59.3 in October. The Employment Index rose 3.6 points to 53.2, while the New Orders Index rose 7.7 points to 67.9. ISM Report
Construction spending rose 0.3% in September to an annualized rate of $1.41 trillion. Private construction rose 0.9%, while public construction fell 1.7%. Census Bureau Report
October 30, 2020
Real disposable personal income increased 0.7% in September, while real personal consumption expenditures (PCE) rose 1.2%. The PCE price index rose 0.2% (up 1.4% Y/Y), and the core price index rose 0.2% (up 1.5% Y/Y). BEA Report
The University of Michigan Consumer Sentiment Index rose 1.4 points to 81.8 in the final October reading but is down 13.7 points from October of last year. The Index of Consumer Expectations rose 3.6 points to 79.2, while the Current Economic Conditions Index declined 1.9 points to 85.9. University of Michigan
October 29, 2020
The advance estimate of Q3 GDP indicates that the U.S. economy expanded at an annualized rate of 33.1%, slightly above consensus estimates. The increase in real GDP reflects positive contributions from consumer spending, private inventories, business investment, and residential investment that were partly offset by negative contributions from government spending and net exports. BEA Report
Initial jobless claims fell 40,000 to 751,000 last week. The four-week moving average decreased 24,500 to 787,750. DOL Report
The National Association of Realtors Pending Home Sales Index fell 2.2% in September (up 20.5% Y/Y). NAR reports that while pending home sales experienced a minor decline in September, the demand for home buying remains strong with total home sales in 2020 expected to exceed 2019 levels. NAR Report
October 28, 2020
The U.S. Census Bureau Advance Economic Indicators Report shows that the goods deficit declined to $79.4 billion in September from $83.1 billion in August. Meanwhile, wholesale inventories edged down 0.1% and retail inventories rose 1.6%. Census Bureau Report
The Wall Street Journal reports that accelerating retail spending at then end of the third quarter has had mixed implications for credit-card issuers, as improving consumer spending has not been accompanied by new borrowing. Consumers have been paying down existing debts and avoiding new ones, indicating continuing caution about the economic outlook despite the recent improvement in spending. WSJ
October 27, 2020
New orders of manufactured durable goods rose 1.9% in September after increasing 0.4% (revised) in August. Excluding transportation, new orders rose 0.8% last month after rising 1.0% the month before. Census Bureau Report
The Conference Board’s Consumer Confidence Index decreased from 101.3 (revised) in September to 100.9 in October. The decline was driven by deteriorating near-term expectations for jobs, income, and business conditions. Conference Board Report