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Economy

Economic Data (USA)

Tuesday, October 20, 2020

Housing Starts During September 2020

The U.S. Commerce Department this morning released its Housing Starts report for September 2020:

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Housing Starts:
Predicted: 1,400,000
Actual: 1,415,000

Change From Previous Month: +1.945%% (+27,000 units)
Change From One Year Previous: +11.068% (+141,000 units)

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Building Permits:
Predicted: 1,500,000
Actual: 1,553,000

Change From Previous Month: +5.217% (+77,000 units)
Change From One Year Previous: +8.072% (+116,000 units)

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Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.


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CHART: Housing Starts - September 2020 Update
CHART: Housing Starts
September 2020 Update


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Sunday, October 18, 2020

October 16, 2020 Bull Market Update

Since The March 9, 2009 Bear-Market Low:


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www.FedPrimeRate.com: History of The NASDAQ Composite Index
History of The NASDAQ Composite Index

 
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- NYMEX Crude Oil for Future Delivery closed @ $40.78 per barrel

- The United States Prime Rate is 3.25%

- The Target Range for the Fed Funds Rate is 0.00% - 0.25%

- The yield on the 10-Year Treasury Note is currently @ 0.76%


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Friday, October 16, 2020

Industrial Production + Manufacturing + Capacity Utilization During September 2020

The Industrial Production, Manufacturing and Capacity Utilization numbers for September 2020 were released by the Federal Reserve this morning:

Industrial Production:
Predicted: +1.0%
Actual: -0.6%

Manufacturing:
Predicted: +5.0%
Actual: -0.3%

The yellow-highlighted percentages represent the month-to-month change in manufacturing, and physical output from mining operations, utility plants and factories for the entire United States.

Capacity Utilization Rate:
Predicted: 71.0%
Actual: 71.5

The Capacity Utilization Rate represents the use of available resources at mining operations, utility plants and factories for the entire United States last month.

The "predicted" figures are what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...Industrial production fell 0.6 percent in September, its first decline after four consecutive months of gains. The index increased at an annual rate of 39.8 percent for the third quarter as a whole. Although production has recovered more than half of its February to April decline, the September reading was still 7.1 percent below its pre-pandemic February level. Manufacturing output decreased 0.3 percent in September and was 6.4 percent below February's level. The output of utilities dropped 5.6 percent, as demand for air conditioning fell by more than usual in September. Mining production increased 1.7 percent in September; even so, it was 14.8 percent below a year earlier. At 101.5 percent of its 2012 average, total industrial production was 7.3 percent lower in September than it was a year earlier. Capacity utilization for the industrial sector decreased 0.5 percentage point in September to 71.5 percent, a rate that is 8.3 percentage points below its long-run (1972–2019) average but 7.3 percentage points above its low in April..."


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U.S. Retail And Food Services Sales Report for September 2020

The Commerce Department this morning released advance estimates of U.S. Retail and Food Services Sales for September 2020:

Predicted: +1.0%
Actual: +1.907% (+$10,277,000,000)

The yellow-highlighted percentage above represents the month-to-month change in total sales receipts for retailers that sell durable and non-durable goods, and retailers that provide food and beverage services.

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  • Estimated Retail Sales During September 2020: $549,256,000,000
  • Change From 12 Months Previous: +5.356% (+$27,921,000,000)

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CHART: Retail Sales - September 2020 Update
CHART: Retail Sales - September 2020 Update

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 From Today's Report:

"...Statement Regarding COVID-19 Impact: The Census Bureau continues to monitor response and data quality and has determined that estimates in this release meet publication standards."
 
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Thursday, October 15, 2020

Crude Oil Inventories Report for Week of October 9, 2020

Crude Oil Inventories
Crude Oil Inventories

The U.S. Crude Oil Inventories report for the week that ended on October 9, 2020 was released this morning:

-- Change from Last Week: -3,800,000 Barrels

-- Change from A Year Ago (Y/Y): +54,300,000 Barrels

-- Current U.S. Crude Oil Stocks: 507,800,000 Barrels

Diminishing crude oil inventories often translate to higher crude oil prices (and vice versa), but not always.

The report is produced by the U.S. Energy Information Administration (EIA).



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New Unemployment Insurance Claims for The Week of October 10, 2020

Jobless Claims
Jobless Claims

Earlier today, the Labor Department released its weekly report on New Jobless Insurance Claims for the week that ended on October 10, 2020:

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Predicted: 850,000

  • Actual: 898,000
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The yellow-highlighted figure represents the number of first-time claims for unemployment benefits for the entire United States. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

  • Previous Week (revised): 845,000
  • 4-Week Moving Average: 866,250

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Persons Claiming UI Benefits In All Programs
Persons Claiming UI Benefits In All Programs

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Tuesday, October 13, 2020

Consumer Price Index (CPI) for September 2020

Earlier this morning, the Labor Department's Bureau of Labor Statistics released the Consumer Price Index (CPI) for September 2020:

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Predicted: +0.1%
Actual: +0.2%

  • Change From 12 Months Previous: +1.4%

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Below is the CPI when food and energy are removed, also known as core CPI:

Predicted: +0.3%
Actual: +0.2%

  • Change From 12 Months Previous: +1.7%

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The above, yellow-highlighted figures represent the seasonally adjusted, month-to-month change in prices for a specific group of goods and services that consumers buy, and is, therefore, a very important part of the overall inflation picture for the country.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

General categories that constitute the CPI are:

  • Healthcare
  • Housing
  • Clothing
  • Communications
  • Education
  • Transportation
  • Food and Beverages
  • Recreation
  • Miscellaneous Goods and Services (grooming expenses, etc.)

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Chart: Consumer Price Index (CPI) - September 2020 Update
Chart: Consumer Price Index (CPI)
September 2020 Update

 
 
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Tuesday, September 29, 2020

Consumer Confidence Index (CCI) for September 2020

The Consumer Confidence Index® (CCI) for this month (September 2020) was released by The Conference Board® this morning:

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Predicted: 90.0
  • Actual: 101.8

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Previous Month (revised): 86.3
 
  • Change from Previous Month: +17.961% (+15.5 points)
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The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...'Consumer Confidence increased sharply in September, after back-to-back monthly declines, but remains below pre-pandemic levels,' said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. 'A more favorable view of current business and labor market conditions, coupled with renewed optimism about the short-term outlook, helped spur this month’s rebound in confidence. Consumers also expressed greater optimism about their short-term financial prospects, which may help keep spending from slowing further in the months ahead.'..."

Every month, The Conference Board sends a questionnaire to 5,000 U.S. households. Survey participants are polled about their feelings regarding the U.S. economy, current and future, and about their own fiscal circumstances. On average, 3,500 participants complete and return the 5-question survey.

  • The baseline "100" score for the CCI is associated with 1985 survey data.

When consumers feel good about the economy, they tend to do more spending, and vice versa.

Based in New York City, The Conference Board is a private, not-for-profit organization with a mission to, "create and disseminate knowledge about management and the marketplace to help businesses strengthen their performance and better serve society."

The CCI is usually released on the last Tuesday of the month.

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Friday, September 11, 2020

Consumer Price Index (CPI) for August 2020

Earlier this morning, the Labor Department's Bureau of Labor Statistics released the Consumer Price Index (CPI) for August 2020:

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Predicted: +0.4%
Actual: +0.4%

  • Change From 12 Months Previous: +1.3%

=========================================

Below is the CPI when food and energy are removed, also known as core CPI:

Predicted: +0.4%
Actual: +0.4%

  • Change From 12 Months Previous: +1.7%

=========================================

The above, yellow-highlighted figures represent the seasonally adjusted, month-to-month change in prices for a specific group of goods and services that consumers buy, and is, therefore, a very important part of the overall inflation picture for the country.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

General categories that constitute the CPI are:

  • Healthcare
  • Housing
  • Clothing
  • Communications
  • Education
  • Transportation
  • Food and Beverages
  • Recreation
  • Miscellaneous Goods and Services (grooming expenses, etc.)

=========================================

From Today's Report:

"...The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in August on a seasonally adjusted basis after rising 0.6 percent in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 1.3 percent before seasonal adjustment.

The monthly increase in the seasonally adjusted all items index was broad-based; a sharp rise in the used cars and trucks index was the largest factor, but the indexes for gasoline, shelter, recreation, and household furnishings and operations also contributed. The energy index rose 0.9 percent in August as the gasoline index rose 2.0 percent. The food index rose 0.1 percent in August after falling in July; an increase in the food away from home index more than offset a slight decline in the food at home index.

The index for all items less food and energy rose 0.4 percent in August after increasing 0.6 percent in July. The sharp rise in the index for used cars and trucks accounted for over 40 percent of the increase; the indexes for shelter, recreation, household furnishings and operations, apparel, motor vehicle insurance, and airline fares also rose. The indexes for education and personal care were among the few to decline.

The all items index increased 1.3 percent for the 12 months ending August; this figure has been rising since the period ending May 2020, when the 12-month increase was 0.1 percent. The index for all items less food and energy increased 1.7 percent over the last 12 months. The food index increased 4.1 percent over the last 12 months, with the index for food at home rising 4.6 percent. Despite recent monthly
increases, the energy index fell 9.0 percent over the last 12 months..."
=============


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Chart: Consumer Price Index (CPI) - August 2020 Update
Chart: Consumer Price Index (CPI) - August 2020 Update

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Thursday, September 10, 2020

New Unemployment Insurance Claims for The Week of September 5, 2020

Jobless Claims
Jobless Claims

Earlier today, the Labor Department released its weekly report on New Jobless Insurance Claims for the week that ended on September 5, 2020:

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Predicted: 800,000

  • Actual: 884,000
====================

The yellow-highlighted figure represents the number of first-time claims for unemployment benefits for the entire United States. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

  • Previous Week (revised): 884,000
  • 4-Week Moving Average: 970,750

====================


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Persons Claiming UI Benefits In All Programs
Persons Claiming UI Benefits In All Programs

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Wednesday, September 09, 2020

Job Openings and Labor Turnover Survey (JOLTS) for July 2020

The Job Openings and Labor Turnover Survey (JOLTS*) for July 2020 was released by the Labor Department this morning:

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Job Openings

Predicted: 6,400,000
Actual:    6,618,000

  • Previous Month (revised): 6,001,000

  • One Year Previous: 7,236,000

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Hires: 5,787,000 

Total Separations §: 5,007,000 

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The above, yellow-highlighted percentage represents the estimated number of job openings in the United States during the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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From Today's Release:

"...These changes in the labor market reflected an ongoing resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, and by four geographic regions..."

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Chart: Total Nonfarm Hires and Separation Rates - July 2020 Update
Chart: Total Nonfarm Hires and Separation Rates

July 2020 Update
 
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§ = Here's How The Labor Department Defines Total Separations:

"Total separations includes quits, layoffs and discharges, and other separations. Total separations is referred to as turnover. Quits are generally voluntary separations initiated by the employee. Therefore, the quits rate can serve as a measure of workers’ willingness or ability to leave jobs. Layoffs and discharges are involuntary separations initiated by the employer. Other separations includes separations due to retirement, death, disability, and transfers to other locations of the same firm."

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Friday, August 28, 2020

Consumer Sentiment: Final Results for August 2020

The University of Michigan's Index of Consumer Sentiment (ICS) - Final Results for August 2020 was released today:

Predicted: 75.0
  • Actual: 74.1
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  • Change from Previous Month: +2.207% (+1.6 points)
  • Change from 12 Months Previous: -17.483% (-15.7 points)

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  • Final ICS Reading for July 2020: 72.5

  • Final ICS Reading for August 2019: 89.8

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From today's report:

"...Consumer sentiment has remained trendless in the same depressed range it has traveled during the past five months. The August figure posted an insignificant gain of just +0.4 Index points above the April to July average. The small August gain reflected fewer concerns about the year-ahead outlook for the economy, although those prospects still remained half as favorable as six months ago. The pandemic has created distinctive consumer reactions to the economy.

Since the April shutdown of the economy, a sizable number of consumers thought conditions could hardly get any worse. The natural response was that economic conditions would improve given the absence of any negative economic causes for the recession. For example, while nine-in-ten consumers viewed the current state of the economy negatively in August, half of all consumers anticipated the economy would improve in the year ahead.

Although half anticipates an improved economy, when asked to judge the performance of the economy, 62% judged that the overall conditions in the economy could be best described as unfavorable. Although strong gains in consumer spending from the 2nd quarter lows can be anticipated, those gains will significantly slow by year-end without some additional fiscal spending programs to diminish the hardships faced by unemployed workers, small businesses, as well as support for state and local governments..."

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The ICS is derived from the following five survey questions:


  1. "We are interested in how people are getting along financially these days. Would you say that you (and your family living there) are better off or worse off financially than you were a year ago?"


  2. "Now looking ahead, do you think that a year from now you (and your family living there) will be better off financially, or worse off, or just about the same as now?"


  3. "Now turning to business conditions in the country as a whole, do you think that during the next twelve months we'll have good times financially, or bad times, or what?"


  4. "Looking ahead, which would you say is more likely: that in the country as a whole we'll have continuous good times during the next five years or so, or that we will have periods of widespread unemployment or depression, or what?"


  5. "About the big things people buy for their homes, such as furniture, a refrigerator, stove, television, and things like that. Generally speaking, do you think now is a good or bad time for people to buy major household items?"

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The ICS uses a 1966 baseline, i.e. for 1966, the ICS = 100. So any number that is below the 1966 baseline of 100 means that the folks who were polled recently aren't as optimistic about the U.S. economy as those polled back in 1966.

The ICS is similar to the Consumer Confidence Index in that they both measure consumer attitudes and offer valuable insight into consumer spending.

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The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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PCE Price Index + Personal Income + Consumer Spending Report for July 2020

The Commerce Department's Bureau of Economic Analysis (BEA) released its report on The PCE Price Index, Consumer Spending and Personal Income for July 2020:

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Consumer Spending (Personal Consumption Expenditures)

Predicted: +2.0%

  • Actual: +1.9%
  • Actual (2012 Chained* Dollars): +1.6%
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Personal Income

Predicted: +0.5%
  • Actual: +0.4%
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  • Disposable Personal Income, Current Dollars: +0.2%
  • Disposable Personal Income (2012 Chained* Dollars): -0.1%

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The above highlighted percentages represent the month-to-month change in Consumer Spending (aka Personal Consumption Expenditures), Personal Income and Disposable Personal Income for the entire United States.

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Personal Consumption Expenditures (PCE) Price Index
Predicted: +0.5%
Actual: +0.3%

  • Change from 12 months previous: +1.0%
=====================

Core PCE Price Index
( = PCE Price Index minus food and energy)
Predicted: +0.5%
Actual: +0.3%

  • Change from 12 months previous: +1.3%
=====================

The yellow-highlighted percentages represent the month-to-month change in the prices associated with domestic personal consumption.  The PCE Price Index is different from the Consumer Price Index (CPI) in that it is a very broad measure of the prices associated with domestic products and services, while the CPI measures a more limited fixed basket of goods and services.

The broad nature of the PCE Price Index is key to why it is the Federal Reserve's preferred measure of inflation.  The Federal Open Market Committee (FOMC) pays very close attention to it.

=====================

The "predicted" figures are what economists were expecting, while the "actual" figures are the true or real figure.


=====================

From Today's Report:


"...Coronavirus (COVID-19) Impact on July 2020 Personal Income and Outlays


The July estimate for personal income and outlays was impacted by the response to the spread of COVID-19. Federal economic recovery payments continued but were at a lower level than in June, and government “stay-at-home” orders lifted in some areas of the country. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified..."

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CHART: Month-to-Month Change In Personal Income - July 2020 Update
CHART: Month-to-Month Change In Personal Income
July 2020 Update

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*Chained dollars is a method of adjusting real dollar amounts for inflation over time, so as to allow comparison of figures from different years. The Commerce Department introduced the chained-dollar measure in 1996. Chained dollars generally reflect dollar figures computed with 2012 as the base year.

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Thursday, August 27, 2020

Gross Domestic Product (GDP): Second Estimate for Q2, 2020

Earlier this morning, the Commerce Department's Bureau of Economic Analysis (BEA) released its second estimate for U.S. Real Gross Domestic Product (GDP) for the second quarter of 2020:

Predicted: -32.9%
Actual: -31.7%

The yellow-highlighted percentage represents the quarter-to-quarter change for Real Gross Domestic Product for the entire United States.

============

"...Corporate Profits

Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) decreased $226.9 billion in the second quarter, compared with a decrease of $276.2 billion in the first quarter.

Profits of domestic financial corporations increased $39.5 billion in the second quarter, in contrast to a decrease of $42.2 billion in the first quarter. Profits of domestic nonfinancial corporations decreased $170.1 billion, compared with a decrease of $190.5 billion. Rest-of-the-world profits decreased $96.2 billion, compared with a decrease of $43.5 billion. In the second quarter, receipts decreased $139.7 billion, and payments decreased $43.4 billion.
.."

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"...Coronavirus (COVID-19) Impact on the Second-Quarter 2020 GDP Estimate

The decline in second quarter GDP reflected the response to
COVID-19, as “stay-at-home” orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses. This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the second quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified..."

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CHART: GDP, Second Quarter 2020, Second Estimate
CHART: GDP, Second Quarter 2020, Second Estimate
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  • On September 30, 2020, a third and "final" GDP estimate will be released by the BEA, which will contain the most accurate and authoritative data for the second quarter of 2020.

The GDP is a very broad measure of economic activity for the entire United States, covering all sectors of the economy. The Commerce Department defines real GDP as, "the output of goods and services produced by labor and property located in the United States."

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New Unemployment Insurance Claims for The Week of August 22, 2020

Jobless Claims
Jobless Claims

Earlier today, the Labor Department released its weekly report on New Jobless Insurance Claims for the week that ended on August 22, 2020:

====================

Predicted: 1,000,000

  • Actual: 1,006,000
====================

The yellow-highlighted figure represents the number of first-time claims for unemployment benefits for the entire United States. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

  • Previous Week (revised): 1,104,000
  • 4-Week Moving Average: 1,068,000

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Wednesday, August 26, 2020

Durable Goods Orders During July 2020

The Durable Goods Orders report for July 2020 was released by the Commerce Department this morning:

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Predicted: +5.0%

  • Actual: $230,672,000,000 (+$23,216,000,000 [+11.191%])

================

  • June 2020 (revised): $207,456,000,000 (+$14,851,000,000 [+7.711%])
 
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CHART: Durable Goods Orders - July 2020 Update
CHART: Durable Goods Orders - July 2020 Update
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The yellow-highlighted figures represent the dollar amount of new orders for durable or hard goods for immediate or future delivery from U.S. manufacturers, along with both the dollar and month-to-month percentage change.

Examples of durable goods: cars, airplanes, computers, furniture -- items that are built to last at least three years.

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Crude Oil Inventories Report for Week of August 21, 2020

Crude Oil Inventories
Crude Oil Inventories

The U.S. Crude Oil Inventories report for the week that ended on August 21, 2020 was released this morning:

-- Change from Last Week: -4,700,000 Barrels

-- Change from A Year Ago (Y/Y): +80,000,000 Barrels

-- Current U.S. Crude Oil Stocks: 507,800,000 Barrels

Diminishing crude oil inventories often translate to higher crude oil prices (and vice versa), but not always.

The report is produced by the U.S. Energy Information Administration (EIA).



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Thursday, August 20, 2020

New Unemployment Insurance Claims for The Week of August 15, 2020

Jobless Claims
Jobless Claims

Earlier today, the Labor Department released its weekly report on New Jobless Insurance Claims for the week that ended on August 15, 2020:

====================

Predicted: 1,200,000

  • Actual: 1,106,000
====================

The yellow-highlighted figure represents the number of first-time claims for unemployment benefits for the entire United States. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

  • Previous Week (revised): 971,000
  • 4-Week Moving Average: 1,175,750

====================

From This Morning's Report:

"...The COVID-19 virus continues to impact the number of initial claims and insured unemployment. This report includes information on claimants filing Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation claims..."

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Leading Economic Index for July 2020

The Conference Board® released its Leading Economic Index® (LEI) for July 2020 this morning:

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Index for July 2020: 104.4 (The baseline 100 score is associated with 2016 data.)

==============

Predicted: +2.0%

  • Actual: +1.359% (+1.4 points)

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  • LEI for June 2020: 103.0

  • LEI for May 2020: 100.0
  • LEI for April 2020: 97.0
     
  • LEI for March 2020: 103.5

  • LEI for February 2020: 111.8
     
  • LEI for January 2020: 112.0

  • LEI for December 2019: 111.4

  • LEI for November 2019: 111.6

  • LEI for October 2019: 111.4

  • LEI for September 2019: 111.6

==============

The yellow-highlighted percentage is the month-to-month change for the index.  The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

The LEI is a composite of 10 of the nation's economic data releases that's put together by The Conference Board. Statistically, the components listed below have shown a significant increase or decrease before national economic upturns or downturns:

  1. The Standard + Poor's 500 Index

  2. Average weekly claims for unemployment insurance

  3. Building permits for new private housing

  4. The interest rate spread between the yield on the benchmark 10-Year Treasury Note and Federal Funds

  5. ISM® Index of New Orders

  6. Manufacturer's new orders for consumer goods or materials

  7. Manufacturers' new orders, nondefense capital goods excluding aircraft orders

  8. Average weekly manufacturing hours

  9. Average consumer expectations for business conditions

  10. Leading Credit Index™

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CHART: Leading Economic Index - July 2020 Update
CHART: Leading Economic Index - July 2020 Update

==============

CHART: Leading Economic Index - Six-Month Growth July 2020 Update
CHART: Leading Economic Index - Six-Month Growth
July 2020 Update

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From Today's Report:

"...'The US LEI increased for the third consecutive month in July, albeit at a slower pace than the sharp increases in the previous two months,' said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board. 'Despite the recent gains in the LEI, which remain fairly broad-based, the initial post-pandemic recovery appears to be losing steam. The LEI suggests that the pace of economic growth will weaken substantially during the final months of 2020.'..."

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Tuesday, August 18, 2020

Housing Starts During July 2020

The U.S. Commerce Department this morning released its Housing Starts report for July 2020:

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Housing Starts:
Predicted: 1,400,000
Actual: 1,496,000

Change From Previous Month: +22.623% (+276,000 units)
Change From One Year Previous: +23.432% (+284,000 units)

---------------------------------------------------

Building Permits:
Predicted: 1,400,000
Actual: 1,495,000

Change From Previous Month: +18.84% (+237,000 units)
Change From One Year Previous: +9.44% (+129,000 units)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.



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CHART: Housing Starts - July 2020 Update
CHART: Housing Starts - July 2020 Update


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