Record Decline in University of Michigan Consumer Confidence
Posted: October 31, 2008 at 11:07 AM (Friday)
The October survey recorded the largest monthly decline in consumer confidence in the history of the surveys. “Consumer confidence had already declined by mid 2008 by more than prior to any past recession and the steep October loss indicates that accelerated cutbacks in spending can be expected during the months ahead,” according to ...
New York Purchasing Managers index drops to 35.6
Posted: October 31, 2008 at 11:06 AM (Friday)
The intensification of the financial crisis generated the worst month for New York City business activity since July 2007, according to the survey taken by the National Association of Purchasing Management- New York (NAPM-NY). The Current Business Conditions index dropped to 35.6 in ...
Chicago Purchasing Managers plummeted to its lowest level
Posted: October 31, 2008 at 11:03 AM (Friday)
CHICAGO BUSINESS BAROMETER™ PLUMMETED
The Chicago Purchasing Managers reported the CHICAGO BUSINESS BAROMETER plummeted in October to the lowest level since May 2001 as the three month moving average fell for all series except Inventories
PRICES PAID and PRODUCTION indexes reported record declines;
EMPLOYMENT continued year-long decline;
BUYING POLICY: lead-times were reduced. ...
Personal Income up 0.2%, Spending down 0.3%
Posted: October 31, 2008 at 09:31 AM (Friday)
Personal income increased $24.5 billion, or 0.2 percent, and disposable personal income (DPI) increased $25.7 billion, or 0.2 percent, in September, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $33.6 billion, or 0.3 percent. In August, personal income increased $44.8 billion, or 0.4 percent, ...
Employment Cost Index up 0.7% in 3Q2008
Posted: October 31, 2008 at 09:30 AM (Friday)
Total compensation costs for civilian workers increased 0.7 percent from June to September 2008, seasonally adjusted, the Bureau of Labor Statistics of the U.S. Department of Labor reported today, the same as the increase for the last two quarters. Both components of compensation--wages and salaries and benefits--registered increases that were ...
DJ-BTMU U.S. Business Barometer down -0.7%
Posted: October 30, 2008 at 11:01 AM (Thursday)
For the week ending October 18, 2008, the DJ-BTMU U.S. Business Barometer declined by -0.7 percent, and has not posted a gain in seven weeks. An all-out financial panic has permeated the consumer sector of the economy driving auto production to new lows, causing chain store sales to tank, and housing activity to fall off the map. Through ...
3Q2008 GDP advance estimate -0.3%
Posted: October 30, 2008 at 09:31 AM (Thursday)
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 0.3 percent in the third quarter of 2008, (that is, from the second quarter to the third quarter), according to advance estimates released by the Bureau of Economic Analysis. In the ...
Weekly initial unemployment claims unchanged at 479,000
Posted: October 30, 2008 at 09:31 AM (Thursday)
In the week ending Oct. 25, the advance figure for seasonally adjusted initial claims was 479,000, unchanged from the previous week's revised figure of 479,000. The 4-week moving average was 475,500, a decrease of 5,000 from the previous week's revised average of 480,500.
The advance seasonally adjusted insured unemployment rate was 2.8 percent for the week ending Oct. 18, unchanged from the prior week's unrevised rate of 2.8 percent. ...
FOMC lowers federal funds rate to 1%
Posted: October 29, 2008 at 03:20 PM (Wednesday)
The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 1 percent.
The pace of economic activity appears to have slowed markedly, owing importantly to a decline in consumer expenditures. Business equipment spending and industrial production have weakened in recent months, and slowing economic activity in many foreign economies is damping ...
New orders for durable goods increased 0.8%
Posted: October 29, 2008 at 09:31 AM (Wednesday)
New orders for manufactured durable goods in September increased $1.6 billion or 0.8 percent to $207.8 billion, the U.S. Census Bureau announced today. This was the fourth increase in the last five months and followed a 5.5 percent August decrease. Excluding transportation, new orders decreased 1.1 percent. Excluding defense, new orders ...
Richmond Fed's latest survey decreased to -26
Posted: October 28, 2008 at 11:06 AM (Tuesday)
In October, the seasonally adjusted manufacturing index — our broadest measure of manufacturing activity — decreased to -26 from September's reading of -18. Manufacturing activity in the central Atlantic region contracted more sharply in October, according to the Richmond Fed's latest survey. The index of overall activity was pushed lower ...
Consumer Confidence Plummets to an All-Time Low
Posted: October 28, 2008 at 11:05 AM (Tuesday)
The Conference Board Consumer Confidence Index™, which had improved moderately in September, fell to an all-time low in October. The Index now stands at 38.0 (1985=100), down from 61.4 in September. The Present Situation Index decreased to 41.9 from 61.1 last month. The Expectations Index declined to 35.5 from 61.5 in ...
S&P/Case-Shiller Home Price Indices declines 17.7%
Posted: October 28, 2008 at 10:07 AM (Tuesday)
Data through August 2008, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, shows continued broad based declines in the prices of existing single family homes across the United States, a trend that prevailed throughout the first half of 2008 and has continued into the ...
ICSC Chain Store Sales Up 0.5% In Oct 25 Week
Posted: October 28, 2008 at 08:42 AM (Tuesday)
The International Council of Shopping Centers and Goldman Sachs Retail Chain Store Sales Index increased 0.5% in the week to Oct. 25 from its level a week before, on a seasonally-adjusted, comparable store basis. This result Tuesday followed a 1.6% decline in the prior week and a 0.7% rise in the week before ...
Chicago Fed Midwest Mfg Index Drops 2.6% in September
Posted: October 27, 2008 at 01:03 PM (Monday)
The Chicago Fed Midwest Manufacturing Index (CFMMI) declined 2.6% in September, to a seasonally adjusted level of 100.6 (2002 = 100). Revised data show the index decreased 2.6% in August, to 103.3. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) decreased 2.7% in September. Regional output in September was ...
Texas Manufacturing Outlook Survey Continues to Deteriorate
Posted: October 27, 2008 at 11:36 AM (Monday)
Texas manufacturing activity continued to decline in October. Most indicators of current production and general business conditions remained weak. Nearly all indexes for future activity dipped considerably, and several manufacturers noted that the credit crisis had dampened their outlook. Indexes for production, capacity utilization, volume ...
New Home Sales in September at annual rate of 464,000
Posted: October 27, 2008 at 11:03 AM (Monday)
Sales of new one-family houses in September 2008 were at a seasonally adjusted annual rate of 464,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 2.7 percent above the revised August rate of 452,000, but is 33.1 percent below the September 2007 estimate ...
Existing-Home Sales Rise on Improved Affordability
Posted: October 24, 2008 at 10:02 AM (Friday)
Existing-home sales increased last month as buyers responded to improved housing affordability conditions, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.5 percent to a seasonally adjusted annual rate¹ of 5.18 million units in September from a level of 4.91 million in August, and are 1.4 percent higher than the 5.11 million-unit pace ...
DJ-BTMU U.S. Business Barometer down -0.3%
Posted: October 23, 2008 at 10:02 AM (Thursday)
For the week ending October 11, 2008, the DJ-BTMU U.S. Business Barometer declined by -0.3 percent following a small gain of +0.1 percent in the prior week. The deepening financial crisis, which has caused a world slowdown in economic activity, is having a noticeable affect on the barometer’s production components. In particular, steel ...
Weekly initial unemployment claims was 478,000 up 15,000
Posted: October 23, 2008 at 08:33 AM (Thursday)
In the week ending Oct. 18, the advance figure for seasonally adjusted initial claims was 478,000, an increase of 15,000 from the previous week's revised figure of 463,000. It is estimated that the effects of Hurricane Ike in Texas added approximately 12,000 claims to the total. The 4-week moving average was 480,250, a decrease of 4,500 from ...
Mortgage Applications Decrease In Latest MBA Weekly Survey
Posted: October 22, 2008 at 07:03 AM (Wednesday)
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 17, 2008. This week’s results include an adjustment to account for the Columbus Day holiday. The Market Composite Index, a measure of mortgage loan application volume, was 408.1, a decrease of 16.6 percent on a ...
September Chicago Fed Index weakened further
Posted: October 21, 2008 at 10:02 AM (Tuesday)
The Chicago Fed National Activity Index was −2.57 in September, down from −1.61 in August. Most of the index's decline in September was driven by the steep drop in industrial production, as reflected in the contribution of the production and income category of indicators. However, all four broad categories of indicators made negative ...
U.S. leading index increased 0.3 percent
Posted: October 20, 2008 at 10:08 AM (Monday)
The Conference Board announced today that the U.S. leading index increased 0.3 percent, the coincident index decreased 0.5 percent and the lagging index decreased 0.2 percent in September.
Real money supply, consumer expectations, the interest rate spread, and the index of supplier deliveries all made large positive contributions to the index in September, more than offsetting the negative contributions from building permits, stock prices, initial claims for ...
Reuters/U of Mich Surveys of Consumers drops to 57.5 in Mid-Oct
Posted: October 17, 2008 at 10:05 AM (Friday)
Consumer confidence suffered its steepest monthly drop on record in October, a survey showed on Friday, as the worst financial crisis since the Great Depression sent shocks waves through the economy.The Reuters/University of Michigan Surveys of Consumers said its index of confidence plummeted to 57.5 in October from 70.3 ...
Housing starts down 6.3%, Permits down 8.3%, in September
Posted: October 17, 2008 at 08:31 AM (Friday)
Privately-owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 786,000. This is 8.3 percent (±1.6%) below the revised August rate of 857,000 and is 38.4 percent (±1.6%) below the revised September 2007 estimate of ...
Builder confidence receded to a new record low.
Posted: October 16, 2008 at 01:04 PM (Thursday)
Reflecting profound uncertainties tied to the financial market shocks of recent weeks, builder confidence in the market for new single-family homes receded to a new record low this month. The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) declined three points to 14 in October after having edged up slightly in ...
DJ-BTMU U.S. Business Barometer gained +0.1%
Posted: October 16, 2008 at 10:09 AM (Thursday)
For the week ending October 4, 2008, the DJ-BTMU U.S. Business Barometer gained +0.1 percent following three consecutive weeks of hefty losses. The deepening financial crisis has squeezed the U.S. economy into contraction in the second half of the year. The business barometer points to negative growth in the real economy in Q3 (which BTMU ...
Philadelphia Fed October Outlook deteriorated significantly
Posted: October 16, 2008 at 10:02 AM (Thursday)
Conditions in the region's manufacturing sector deteriorated significantly in October, according to firms polled this month. Coincident with the turmoil in financial markets over the past few weeks, indexes for general activity, new orders, shipments, and employment all decreased sharply from their readings in September. Cost pressures, which ...
Consumer Price Index decreased 0.1% in September
Posted: October 16, 2008 at 08:35 AM (Thursday)
The Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.1 percent in September, before seasonal adjustment, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The September level of 218.783 (1982-84=100) was 4.9 percent higher than in September 2007.
The Consumer Price Index for Urban Wage Earners ...
Industrial production dropped 2.8%,
Capacity Utilization fell to 76.4% in September
Posted: October 16, 2008 at 08:35 AM (Thursday)
Industrial production dropped 2.8 percent in September, as hurricanes Gustav and Ike and a strike at a major producer of civilian aircraft severely curtailed output. For the third quarter as a whole, industrial production decreased at an annual rate of 6.0 percent. Manufacturing production fell 2.6 percent in September. The output of mines ...
U.S. Goods and Services Deficit Decreases in August 2008
Posted: October 16, 2008 at 08:33 AM (Thursday)
The Nation's international deficit in goods and services decreased to $59.1 billion in August from $61.3 billion (revised) in July, as imports decreased more than exports,
Goods and Services
Exports decreased to $164.7 billion in August from $168.1 billion in July. Goods were $117.6 billion in August, down from $120.8 billion in July, and services were $47.1 billion in August, down from $47.3 billion in July. ...
Weekly initial unemployment claims was 461,000 down 16,000.
Posted: October 16, 2008 at 08:30 AM (Thursday)
In the week ending Oct. 11, the advance figure for seasonally adjusted initial claims was 461,000, a decrease of 16,000 from the previous week's revised figure of 477,000. It is estimated that the effects of Hurricane Ike in Texas added approximately 12,000 claims to the total. The 4-week moving average was 483,250, an increase of 750 from ...
Beige Book: Economic activity weakened in September
Posted: October 15, 2008 at 02:05 PM (Wednesday)
Reports indicated that economic activity weakened in September across all twelve Federal Reserve Districts. Several Districts also noted that their contacts had become more pessimistic about the economic outlook.
Consumer spending decreased in most Districts, with declines reported in retailing, auto sales and tourism. Nearly all Districts commenting on nonfinancial service industries noted reduced activity. Manufacturing slowed in most Districts. Residential real estate markets ...
Empire State Manufacturing Survey Falls to Record Low
Posted: October 15, 2008 at 08:35 AM (Wednesday)
The Empire State Manufacturing Survey indicates that conditions for New York manufacturers deteriorated significantly in October. The general business conditions index dropped 17 points to a record-low -24.6. The new orders index also fell to a record low, and the indexes for shipments, unfilled orders, and inventories all declined sharply. ...
U.S. Retail Sales for September decreased 1.2%
Posted: October 15, 2008 at 08:35 AM (Wednesday)
The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for September, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $375.5 billion, a decrease of 1.2 percent (±0.5%) from the previous month and 1.0 percent (±0.7%) below September 2007. ...
Producer Price Index decreased 0.4% in September
Posted: October 15, 2008 at 08:35 AM (Wednesday)
The Producer Price Index for Finished Goods decreased 0.4 percent in September, seasonally adjusted, the Bureau of Labor Statistics of the U.S. Deparment of Labor reported today. This decline followed a 0.9-percent drop in August and a 1.2-percent increase in July. At the earlier stages of processing, prices received by producers of ...
Mortgage Applications Increase In Latest MBA Weekly Survey
Posted: October 15, 2008 at 07:15 AM (Wednesday)
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 10, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 489.3, an increase of 5.1 percent on a seasonally adjusted basis from 465.5 one week earlier. On an unadjusted basis, the Index ...
U.S. Import Price Index decreased 3.0% in September
Posted: October 10, 2008 at 08:33 AM (Friday)
The U.S. Import Price Index decreased 3.0 percent in September, the Bureau of Labor Statistics of the U.S. Department of Labor reported today, following a 2.6 percent decline in August. Falling petroleum prices led the overall decrease, although nonpetroleum prices also declined. Prices for overall exports decreased 1.0 percent for ...
Wholesale Inventories up 0.8% in August
Posted: October 9, 2008 at 10:04 AM (Thursday)
The U.S. Census Bureau announced today that August 2008 sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $404.9 billion, down 1.0 percent (+/-0.5%) from the revised July level, but up 13.4 percent ...
Weekly initial unemployment claims was 478,000 down 20,000
Posted: October 9, 2008 at 08:35 AM (Thursday)
In the week ending Oct. 4, the advance figure for seasonally adjusted initial claims was 478,000, a decrease of 20,000 from the previous week's revised figure of 498,000. It is estimated that the effects of Hurricane Gustav in Louisiana and the effects of Hurricane Ike in Texas added approximately 17,000 claims to the total. The 4-week ...
Pending Home Sales up Strongly
Posted: October 8, 2008 at 10:02 AM (Wednesday)
Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.
The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level ...
Mortgage Applications Increase Slightly In MBA Weekly Survey
Posted: October 8, 2008 at 07:30 AM (Wednesday)
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 3, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 465.5, an increase of 2.2 percent on a seasonally adjusted basis from 455.4 one week earlier. On an unadjusted basis, the Index ...
Consumer credit decreased in August
Posted: October 7, 2008 at 03:01 PM (Tuesday)
Consumer credit decreased at an annual rate of 3-3/4 percent in August. Revolving credit decreased at an annual rate of 3/4 percent, and nonrevolving credit decreased at an annual rate of 5-1/2 percent.
ISM Non-Manufacturing Index - September 2008 : 50.2
Posted: October 3, 2008 at 10:05 AM (Friday)
"The NMI (Non-Manufacturing Index) registered 50.2 percent in September, 0.4 percentage point lower than the 50.6 percent registered in August, indicating growth for the second consecutive month in the non-manufacturing sector. The Non-Manufacturing Business Activity Index increased 0.5 percentage point to 52.1 percent. The New Orders ...
September Employment declined by 159,000,
Unemployment rate unchanged at 6.1%
Posted: October 3, 2008 at 08:36 AM (Friday)
Nonfarm payroll employment declined by 159,000 in September, and the unemployment rate held at 6.1 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Employment continued to fall in construction, manufacturing, and retail trade, while mining and health care continued to ...
Factory orders in August decreased 4%
Posted: October 2, 2008 at 10:04 AM (Thursday)
New orders for manufactured goods in August, down following five consecutive monthly increases, decreased $18.6 billion or 4.0 percent to $444.4 billion, the U.S. Census Bureau reported today. This was the largest percent decrease in new orders since October 2006 and followed a 0.7 percent July increase. Shipments, down following five ...
Weekly initial unemployment claims was 497,000 down 1,000
Posted: October 2, 2008 at 08:31 AM (Thursday)
In the week ending Sept. 27, the advance figure for seasonally adjusted initial claims was 497,000, an increase of 1,000 from the previous week's revised figure of 496,000. It is estimated that the effects of Hurricane Gustav in Louisiana and the effects of Hurricane Ike in Texas added approximately 45,000 claims to the total. The 4-week ...
Construction spending of $1,072.1 billion during August
Posted: October 1, 2008 at 10:04 AM (Wednesday)
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during August 2008 was estimated at a seasonally adjusted annual rate of $1,072.1 billion, nearly the same as (±1.4%)* the revised July estimate of $1,071.8 billion. The August figure is 5.9 percent (±1.9%) below the August 2007 estimate of ...
September Manufacturing ISM Report at 43.5%
Posted: October 1, 2008 at 10:01 AM (Wednesday)
"The PMI indicates a significantly faster rate of decline in manufacturing during September, marking a departure from the 2008 trend toward negligible growth or contraction each month. This is the lowest level for the PMI since October 2001. This month's report is showing prices rising at a much slower rate, as the Prices Index fell to the ...
ADP National Employment Report decreased 8,000
Posted: October 1, 2008 at 08:15 AM (Wednesday)
Nonfarm private employment decreased 8,000 from August to September 2008 on a seasonally adjusted basis, according to the ADP National Employment Report®. The estimated change in employment from July to August was revised down from a decrease of 33,000 to a decrease of 37,000.
September’s ADP National Employment Report continues to ...