New filings for jobless claims inched up by 1.8% last week to 230,000, remaining above the pre-pandemic level for the fifth week in a row. There is no doubt that the labor market has been slowing down as more companies reassess their hiring plans. It has also become clear that the bottom in initial ... READ MORE >
U.S. service sector grows, adding pressure on Fed
The Institute for Supply Management's service index rose in November as business activities increased on the month. The unexpectedly strong purchasing managers survey data, released on Monday, added more pressure on the Federal Reserve as focuses on taming inflation, especially in services. The ... READ MORE >
Canada job gains slow in November
The Canadian economy added 10,100 jobs in November, easing some of the concerns over an overheating labor market after a blockbuster October jobs report. The data might prove that October's robust job gains was an aberration. Still, the implications regarding the central bank's fight against inflation ... READ MORE >
Manufacturing sector nears contraction
The manufacturing sector grew for the 30th month in a row but barely hovered above contraction in November, according to data released by the Institute for Supply Management on Thursday. The ISM’s overall index slowed to 49%, barely above the contraction threshold at 48.7%. It was the third straight ... READ MORE >
Spending holds strong as inflation moderates in October
Overall demand remained robust as holiday shopping kicked off in October, according to data on inflation, spending and income from the Bureau of Economic Analysis released on Thursday. Spending rose by 0.8% while income increased by 0.7%. After adjusting for inflation, real spending rose by 0.5% ... READ MORE >
Job openings and quits continue to moderate
Job openings fell in October to 10.3 million, continuing to signal moderation in labor demand amid the Federal Reserve's aggressive rate hike campaign. Since its peak in March, when the Fed began increasing rates, the number of job vacancies has dropped by almost 13% as the impact of the tightening has ... READ MORE >
Consumer confidence drops as outlook darkens
Consumer confidence fell for the second month in a row as inflation and recession fears dampened the economic outlook. The Conference Board's confidence index dipped to 100.2 in November from 102.2 in October, significantly below the pre-pandemic level of 130. Rising prices remained consumers' top ... READ MORE >
Durable goods spending and jobless claims rise
Durable goods orders and shipments posted sharp increases in October, defying recession fears, according to data from the Census Bureau on Wednesday. New orders rose by 1% in October, while core orders, which exclude transportation and defense, rose by 0.8%. Orders for capital goods, a proxy for ... READ MORE >
RSM US Supply Chain Index returns to pre-pandemic level
Amid the many challenges in today’s economy, there is a bright spot: Supply chains, after a period of severe disruption, are back to normal. Our RSM US Supply Chain Index pointed to supply efficiency for the fourth month in a row, reaching 0.49 standard deviations above neutral in October. That ... READ MORE >
Housing starts and initial jobless claims give Fed mixed signals
Builders continued to pull back on the supply of new houses in October amid sharp declines in demand as mortgage rates steepened, the Census Bureau reported on Thursday. The decline came as the labor market continued to show resilience, with initial jobless claims falling unexpectedly by 4,000 to ... READ MORE >