Employment Situation Report for October 2014

The Employment Situation report for October 2014 was released by The Department of Labor's Bureau of Labor Statistics this morning:

Unemployment Rate
Predicted: 5.9%
Actual: 5.8%

Non-farm Payrolls (month-to-month change)
Predicted: +240,000
Actual: +214,000

Average Hourly Earnings (month-to-month change)
Predicted: +0.2%
Actual: +0.1%

Average Workweek
Predicted: 34.6 hrs
Actual: 34.6 hrs

Economist, academics, central bankers and investors pay very close attention to the monthly Employment Situation report as it offers penetrating insight as to the current and near-future state of the overall U.S. economy. If a) Americans are earning more money and b) the economy is creating new jobs, this typically translates to more money being pumped into the economy (and vice versa.)

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

Click here to view the full Department of Labor report.

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ISM Manufacturing Index for October 2014

Earlier today, the Institute for Supply Management (ISM) released their Purchasing Manager's Index (PMI) for October 2014:

Predicted: 56.0%
Actual: 59.0%

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the factory sector contracted.

Last month, the PMI was 56.6%.

The following is a sampling of quotes from a diverse pool of U.S. manufacturers:

"...'Holiday orders are exceeding seasonal forecasts. Customers are demanding additional quantities above prior orders. Fuel costs and other positive signals appear to be creating demand above normal.'
(Food, Beverage and Tobacco Products)

    'Weakness in commodity prices very positive on our business.'
(Fabricated Metal Products)

    'We continue to see strong demand across multiple sectors.'
(Transportation Equipment)

    'Another strong month in terms of business growth.'
(Computer and Electronic Products)

    'Demand in the United States is consistent and geopolitics remain a concern.'
(Chemical Products)

    'Production is oversupplying demand, and prices have softened.'
(Wood Products)

    'Business steady and strong.'
(Furniture and Related Products)

    'Outer body material changes in the auto industry means new equipment and manufacturing growth...'
(Machinery)"

Click here to view the complete ISM report.

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