PCE Price Index + Personal Income + Consumer Spending Report for September 2016

Earlier today, the Commerce Department's Bureau of Economic Analysis (BEA) released its report on The PCE Price Index, Consumer Spending and Personal Income for September 2016:

Consumer Spending (Personal Consumption Expenditures)
Predicted: +0.5%
Actual: +0.5%

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

Personal Income
Predicted: +0.4%
Actual: +0.3%


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

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

Personal Consumption Expenditures (PCE) Price Index
Predicted: +0.2%
Actual: +0.2%

• Change from 12 months previous: +1.2%

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

Core PCE Price Index
( = PCE Price Index minus food and energy)
Predicted: +0.1%
Actual: +0.1%

• Change from 12 months previous: +1.7%

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

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.

Click here to view the full Commerce Department report (PDF).

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Consumer Sentiment: Final Result for October 2016

The Consumer Sentiment (Final Result) reading for October 2016 was released today:

Predicted: 88.5
Actual: 87.2

• Change from Last Month: -4.386%

• Change from 12 Months Ago: -3.111%

=========

From today's report:

"...The Sentiment Index slipped in October to the same low recorded last September and to the lowest level since October 2014. The October decline was due to less favorable prospects for the national economy, with half of all consumers anticipating an economic downturn sometime in the next five years for the first time since October 2014. Objectively, the probability of a downturn during the next five years is far from zero-this would be the longest expansion in 150 years if it lasted just over half of the five year horizon. Nonetheless, the October rise may simply reflect a temporary bout of uncertainty caused by the election. Prospects for renewed spending gains will depend on continued growth in jobs and wages as well as low inflation and interest rates. The small rise in interest rates now expected in December will have a minimal impact on spending. Along with small increases in interest rates, consumers also anticipate a mild slowdown in job creation that is likely to prevent any further declines in the national unemployment rate. To be sure, these changes are all anticipated to be small during the year ahead. Overall, real personal consumption expenditures can be expected to increase by 2.5% through mid 2017..."

=========

The Consumer Sentiment Index is compiled on a monthly basis by the University of Michigan; 500 U.S. households are queried about their own financial circumstances and about the economy in general. 200 questions are asked, e.g. "Do you think that right now is a good time to purchase a major household item, like a new microwave oven, TV set, or a new sofa?"

The Consumer Sentiment Index uses a 1966 baseline, i.e. for 1966, the Consumer Sentiment Index = 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 the sample that was polled back in 1966.

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

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

=========

Last month's Consumer Sentiment reading was 91.2.

Click here to view the full University of Michigan report.

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Gross Domestic Product (GDP) First Estimate Released Today for Q3, 2016

The U.S. Gross Domestic Product (GDP) "advance" (first estimate) report for the third quarter of 2016 was released this morning by the Commerce Department's Bureau of Economic Analysis (BEA):

Predicted: +2.5%
Actual: +2.9%

The highlighted figure represents the quarter-to-quarter change in the Gross Domestic Product for the United States.

The GDP is the broadest measure of economic activity in the entire United States, covering all sectors of the economy.

The "advance" estimate is based on data that are subject to future revision.

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

GDP - First Estimate - Q3 2016

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

• On November 29, 2016, the Commerce Department will release a "preliminary" GDP report for Q3 2016, which will contain more accurate data.
  
  
• On December 22, 2016, a "final" GDP report will be released by the BEA, which will contain the most accurate and authoritative data for Q3 2016.

Click here to view the full Commerce Department report.

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Latest GDPNow Real Gross Domestic Product Forecast for Q3:2016

The Federal Reserve Bank of Atlanta released its latest GDPNow forecast for the growth rate of real gross domestic product (GDP) for the third quarter of 2016.

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

Latest Forecast for Q3, 2016: +2.1%

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

Previous Reading (October 19, 2016): +2.0%

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

GDPNow: October 27, 2016

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


From Today's Report:

"...The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2016 is 2.1% on October 27, up from 2.0% on October 19. The forecast of the contribution of net exports to third-quarter real GDP growth increased from -0.15 percentage points to 0.07 percentage points after yesterday's Advance Economic Indicators release from the U.S. Census Bureau. This was partly offset by a decline in the forecast of the contribution of inventory investment to third-quarter real GDP growth from 0.23 percentage points to 0.03 percentage points after the Census Bureau's Advance Economic Indicators release and its advance durable manufacturing report this morning..."

About The GDPNow Forecast Model:

"...The growth rate of real gross domestic product (GDP) measured by the U.S. Bureau of Economic Analysis (BEA) is a key metric of the pace of economic activity. It is one of the four variables included in the economic projections of Federal Reserve Board members and Bank presidents for every other Federal Open Market Committee (FOMC) meeting. As with many economic statistics, GDP estimates are released with a lag whose timing can be important for policymakers. For example, of the four scheduled 2014 release dates of an 'advance' (or first) estimate of GDP growth, two are on the second day of a scheduled FOMC meeting with the other two on the day after the meeting. In preparation for FOMC meetings, policymaker have the Fed Board staff projection of this 'advance' estimate at their disposal...

...The Atlanta Fed GDPNow model also mimics the methods used by the BEA to estimate real GDP growth. The GDPNow forecast is constructed by aggregating statistical model forecasts of 13 subcomponents that comprise GDP. Other private forecasters use similar approaches to 'nowcast' GDP growth. However, these forecasts are not updated more than once a month or quarter, are not publicly available, or do not have forecasts of the subcomponents of GDP that add 'color' to the top-line number. The Atlanta Fed GDPNow model fills these three voids..."

• Click here to view recent GDPNow forecasts (PDF).
  
  
•  Click here to view the full GDPNow report.

 

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Durable Goods Orders Report for September 2016

The Durable Goods Orders report for September 2016 was released by the Commerce Department this morning:

Predicted: +0.2%
Actual: -0.1%

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

• Previous month, revised: +0.3%
  
  
• Change from 12 months ago: +1.6%
  

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

The  highlighted figure represents the month-to-month change in orders for durable or hard goods for immediate or future delivery from U.S. manufacturers. Examples of durable goods: cars, airplanes, computers, furniture -- items that are built to last at least three years.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure. The Durable Goods Orders report is produced by the Commerce Department.

Click here to view the full Commerce Department report (PDF).

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New Unemployment Insurance Claims for The Week of October 22, 2016

Earlier today, the Labor Department released its weekly report on New Jobless Insurance Claims for the week that ended on October 22, 2016:

Predicted: 255,000
Actual: 258,000

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.

• Last Week (revised): 261,000
  
  
• 4-Week Moving Average: 253,000

From today's report:

"...There were no special factors impacting this week's initial claims. This marks 86 consecutive weeks of initial claims below 300,000, the longest streak since 1970..."

Click here to view the full Labor Department report

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New Home Sales for September 2016

The September 2016 New Home Sales report was released by the Commerce Department this morning:

Predicted: 601,000
Actual New Home Sales: 593,000

Change from One Month Previous:  +3.1%
Change from One Year Previous: +29.8%

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Median Price for a New Home during September: $313,500

Average Price for a New Home during September: $377,700

Click here for historical prices and a chart.

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

New Home Sales during September 2016

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

Compiled jointly by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development, the monthly New Home Sales report measures the number of newly-built homes with committed buyers during the indicated month.

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

The New Home Sales report is watched by economists and investors because it offers insight into the state of the U.S. housing market, and also provides data that can be used to predict sales of large household furniture and appliances like refrigerators, air conditioners, microwave ovens, etc.

Click here to view the full Commerce Department report (PDF).

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Crude Oil Inventories Report for Week of October 21, 2016

The U.S. Crude Oil Inventories report for the week that ended on October 21, 2016 was released this morning:

Weekly Change: -600,000 Barrels

Yearly Change: +20,200,000 Barrels

Current U.S. Crude Oil Stocks: 468,500,000 Barrels

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

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

• Click here for the full Week in Petroleum report.

• Click here for The Weekly Crude Oil Price

• Click here for A Crude Oil Price Chart

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Consumer Confidence Index (CCI) for October 2016

The Consumer Confidence Index® (CCI) for this month (October 2016) was released by The Conference Board® this morning:

Predicted: 101.0
Actual: 98.6

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

From Today's Report:

"...'Consumer confidence retreated in October, after back-to-back monthly gains,' said Lynn Franco, Director of Economic Indicators at The Conference Board. 'Consumers’ assessment of current business and employment conditions softened, while optimism regarding the short-term outlook retreated somewhat. However, consumers’ expectations regarding their income prospects in the coming months were relatively unchanged. Overall, sentiment is that the economy will continue to expand in the near-term, but at a moderate pace'..."

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.

Last month, the CCI was 103.5 (revised.)

Click here to view the full Conference Board report.

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Leading Economic Index for September 2016

The Conference Board® released its Leading Economic Index® for September 2016 this morning:

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

Index for September: 124.4 (The baseline 100 score is associated with 2010 data.)

Predicted: +0.2%

Actual: +0.2%

• Previous Month: -0.2%
  
  
• 2 Months Previous: +0.5%

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


The yellow-highlighted percentage represents 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 Leading Economic Indicators Index 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™
    

Click here to view the full Conference Board report. 

Click here to view the full Conference Board report with Technical Notes.

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Existing Home Sales for September 2016

The Existing Home Sales report for September 2016 was released by The National Association of Realtors® this morning:

Predicted: 5,350,000
Actual: 5,470,000

Change from Previous Month: +3.2%
Change from One Year Previous: +0.6%

Inventory: 2,040,000 (4.5 months supply)

==========

The "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for last month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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Median Price for A Used Home During September 2016: $234,200
Change from One Year Previous: +5.6%

Average Price for A Used Home During September 2016: $276,200
Change from One Year Previous: +4.2%

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

Click here for historical prices and a chart.


==========

Existing Home Sales - September 2016

==========





==========

• The monthly Existing Home Sales report is released on or around the 25^TH day of each month.

Click here to view the full NAR report.

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New Unemployment Insurance Claims for The Week of October 15, 2016

Earlier today, the Labor Department released its weekly report on New Jobless Insurance Claims for the week that ended on October 15, 2016:

Predicted: 250,000
Actual: 260,000

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.

• Last Week (revised): 247,000
  
  
• 4-Week Moving Average: 251,750

From today's report:

"...There were no special factors impacting this week's initial claims. This marks 85 consecutive weeks of initial claims below 300,000, the longest streak since 1970..."

Click here to view the full Labor Department report

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Housing Starts During September 2016

The U.S. Commerce Department this morning released the Housing Starts report for September 2016:

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

Housing Starts:
Predicted: 1,180,000
Actual: 1,047,000

Change From Previous Month: -9.0%
Change From One Year Previous: -11.9%

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

Building Permits:
Predicted: 1,165,000
Actual: 1,225,000

Change From Previous Month: +6.3%
Change From One Year Previous: +8.5%

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





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

The above is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. 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 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.

Click here to view the full Commerce Department report (PDF).

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Crude Oil Inventories Report for Week of October 14, 2016

The U.S. Crude Oil Inventories report for the week that ended on October 14, 2016 was released this morning:

Weekly Change: -5,200,000 Barrels

Yearly Change: +24,100,000 Barrels

Current U.S. Crude Oil Stocks: 468,700,000 Barrels

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

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

• Click here for the full Week in Petroleum report.

• Click here for The Weekly Crude Oil Price

• Click here for A Crude Oil Price Chart

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Consumer Price Index (CPI) for September 2016

Earlier this morning, the Labor Department's Bureau of Labor Statistics released the Consumer Price Index (CPI) for September 2016:

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

Predicted: +0.3%
Actual: +0.3%

(Change from 12 months previous: +1.5%)

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

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

Predicted: +0.2%
Actual: +0.1%

(Change from 12 months previous: +2.2%)

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

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.)

Click here to view the full Labor Department report.

 

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Latest GDPNow Real Gross Domestic Product Forecast for Q3:2016

The Federal Reserve Bank of Atlanta released its latest GDPNow forecast for the growth rate of real gross domestic product (GDP) for the third quarter of 2016.

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

Latest Forecast for Q3, 2016: +1.9%

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

Previous Reading (October 7, 2016): +2.1%

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

GDPNow: October 14, 2016

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


From Today's Report:

"...The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2016 is 1.9% on October 14, down from 2.1% on October 7. The forecast of third-quarter real personal consumption expenditures growth fell from 2.9 percent to 2.6% after this morning's retail sales report from the U.S. Census Bureau..."

About The GDPNow Forecast Model:

"...The growth rate of real gross domestic product (GDP) measured by the U.S. Bureau of Economic Analysis (BEA) is a key metric of the pace of economic activity. It is one of the four variables included in the economic projections of Federal Reserve Board members and Bank presidents for every other Federal Open Market Committee (FOMC) meeting. As with many economic statistics, GDP estimates are released with a lag whose timing can be important for policymakers. For example, of the four scheduled 2014 release dates of an 'advance' (or first) estimate of GDP growth, two are on the second day of a scheduled FOMC meeting with the other two on the day after the meeting. In preparation for FOMC meetings, policymaker have the Fed Board staff projection of this 'advance' estimate at their disposal...

...The Atlanta Fed GDPNow model also mimics the methods used by the BEA to estimate real GDP growth. The GDPNow forecast is constructed by aggregating statistical model forecasts of 13 subcomponents that comprise GDP. Other private forecasters use similar approaches to 'nowcast' GDP growth. However, these forecasts are not updated more than once a month or quarter, are not publicly available, or do not have forecasts of the subcomponents of GDP that add 'color' to the top-line number. The Atlanta Fed GDPNow model fills these three voids..."

• Click here to view recent GDPNow forecasts (PDF).
  
  
•  Click here to view the full GDPNow report.

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U.S. Retail & Food Services Sales Report for September 2016

The Commerce Department this morning released advanced estimates of U.S. Retail and Food Services Sales for September 2016:

Predicted: +0.6%
Actual: +0.6%

The yellow-highlighted percentage 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.

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

Previous Month (revised): -0.2%

Estimated Retail Sales During September: $459,800,000,000

Change from 12 Months Previous: +2.7%

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

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

Click here to view the full report.

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Producer Price Index - Final Demand (PPI-FD) for September 2016

The Producer Price Index - Final Demand (PPI-FD) for September 2016 was released this morning:

Predicted: +0.2%
Actual: +0.3%

Change from 12 months previous: +0.7%

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

Below is the PPI-FD when food and energy are removed:

Predicted: +0.1%
Actual: +0.2%

Change from 12 months previous: +1.2%

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

The above, yellow-highlighted percentages represent the month-to-month change in prices received by domestic producers of goods and services, for goods, services and construction in the United States, for final demand.

Final Demand = personal consumption (consumers), exports, government purchases and capital investment.

The PPI-FD is released by the Labor Department's Bureau of Labor Statistics.

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

Click here to view the full Labor Department report.

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Import and Export Price Indexes for September 2016

The Labor Department's Bureau of Labor Statistics this morning released its report on U.S. Import and Export Price Indexes for September 2016:

Import Prices
Predicted: +0.1%
Actual: +0.1%

Change From 12 Months Previous: -1.1%

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

Export Prices
Predicted: +0.1%

Actual: +0.3%

Change From 12 Months Previous: -1.5%

===============
 
The above percentages, highlighted in yellow, represent the month-to-month change in prices for:

• Imports: the cost of goods produced in other countries and sold in the United States.
• Exports: the cost of goods produced in the USA and sold in other countries.

Together, these indexes offer insight into the status of inflation in the United States, and for the global economy as well. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

Click here to view the full Labor Department report.

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Crude Oil Inventories Report for Week of October 7, 2016

The U.S. Crude Oil Inventories report for the week that ended on October 7, 2016 was released this morning:

Weekly Change: +4,900,000 Barrels

Yearly Change: +37,400,000 Barrels

Current U.S. Crude Oil Stocks: 474,000,000 Barrels

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

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

• Click here for the full Week in Petroleum report.

• Click here for The Weekly Crude Oil Price

• Click here for A Crude Oil Price Chart

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New Unemployment Insurance Claims for The Week of October 8, 2016

Earlier today, the Labor Department released its weekly report on New Jobless Insurance Claims for the week that ended on October 8, 2016:

Predicted: 254,000
Actual: 246,000

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.

• Last Week (revised): 246,000
  
  
• 4-Week Moving Average: 249,250

From today's report:

 "...The 4-week moving average was 249,250, a decrease of 3,500 from the previous week's revised average. This is the lowest level for this average since November 3, 1973 when it was 244,000..."

"...There were no special factors impacting this week's initial claims. This marks 84 consecutive weeks of initial claims below 300,000, the longest streak since 1970..."

Click here to view the full Labor Department report

 

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Latest GDPNow Real Gross Domestic Product Forecast for Q3:2016

The Federal Reserve Bank of Atlanta released its latest GDPNow forecast for the growth rate of real gross domestic product (GDP) for the third quarter of 2016.

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

Latest Forecast for Q3, 2016: +2.1%

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

Previous Reading (October 5, 2016): +2.2%

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

GDPNow: October 7, 2016

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


From Today's Report:

"...The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2016 is 2.1% on October 7, down from 2.2% on October 5. The forecast of the contribution of inventory investment to third-quarter real GDP growth fell from 0.28 percentage points to 0.24 percentage points after this morning's wholesale trade report from the U.S. Census Bureau. The forecast of real government spending growth fell from 0.1% to –0.1% following this morning's employment release from the U.S. Bureau of Labor Statistics..."

About The GDPNow Forecast Model:

"...The growth rate of real gross domestic product (GDP) measured by the U.S. Bureau of Economic Analysis (BEA) is a key metric of the pace of economic activity. It is one of the four variables included in the economic projections of Federal Reserve Board members and Bank presidents for every other Federal Open Market Committee (FOMC) meeting. As with many economic statistics, GDP estimates are released with a lag whose timing can be important for policymakers. For example, of the four scheduled 2014 release dates of an 'advance' (or first) estimate of GDP growth, two are on the second day of a scheduled FOMC meeting with the other two on the day after the meeting. In preparation for FOMC meetings, policymaker have the Fed Board staff projection of this 'advance' estimate at their disposal...

...The Atlanta Fed GDPNow model also mimics the methods used by the BEA to estimate real GDP growth. The GDPNow forecast is constructed by aggregating statistical model forecasts of 13 subcomponents that comprise GDP. Other private forecasters use similar approaches to 'nowcast' GDP growth. However, these forecasts are not updated more than once a month or quarter, are not publicly available, or do not have forecasts of the subcomponents of GDP that add 'color' to the top-line number. The Atlanta Fed GDPNow model fills these three voids..."

• Click here to view recent GDPNow forecasts (PDF).
  
  
•  Click here to view the full GDPNow report.

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Wholesale Trade, Sales And Inventories, for August 2016

Earlier today, the Commerce Department released its report on Wholesale Trade, Sales and Inventories, for August 2016:

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

Sales, change from previous month: +0.7%

Sales, change from 12 months previous: +0.6%

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

Inventories, change from previous month: -0.2%

Inventories, change from 12 months previous: -0.1%

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

The highlighted percentages represent the change in sales and inventories of merchant wholesalers, excluding manufacturers’ sales branches and offices.

When inventories swell and sales lag, manufacturing / production tends to wane, and vice versa.

Click here to view the full Census Bureau report (PDF.)

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Employment Situation Report for September 2016

The Employment Situation Report for September 2016 was released by The Department of Labor's Bureau of Labor Statistics this morning:

Nonfarm Payrolls (month-to-month change)
Predicted: +168,000
Actual: +156,000

U-3 Unemployment Rate (Headline)
Predicted: 4.9%
Actual: 5.0%

U-6 Unemployment Rate*
Actual: 9.7%
Previous Reading: 9.7%

Average Hourly Earnings (month-to-month change)
Predicted: +0.3%
Actual: +0.2332%

Civilian Labor Force Participation Rate: 62.9%
Previous Reading: 62.8%

Average Workweek
Predicted: 34.4 hours
Actual: 34.4 hours

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 were expecting, while the "actual" is the true or real figure.

From today's report:

"...In September, average hourly earnings for all employees on private nonfarm payrolls rose by 6 cents to $25.79 [+0.2332%]. Over the year, average hourly earnings have risen by 2.6% percent. Average hourly earnings of private-sector production and nonsupervisory employees increased by 5 cents to $21.68 [+0.2312%] in September...


...The change in total nonfarm payroll employment for July was revised down from +275,000 to +252,000, and the change for August was revised up from +151,000 to +167,000. With these revisions, employment gains in July and August combined were 7,000 less than previously reported. Over the past 3 months, job gains have averaged 192,000 per month..." [Establishment Survey Data]

====

* =  The U-6 Unemployment Rate is defined as:

"Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force."

Click here to view the full Department of Labor report.

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New Unemployment Insurance Claims for The Week of October 1, 2016

Earlier today, the Labor Department released its weekly report on New Jobless Insurance Claims for the week that ended on October 1, 2016:

Predicted: 256,000
Actual: 249,000

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.

• Last Week (unrevised): 254,000
  
  
• 4-Week Moving Average: 253,500

From today's report:

"...There were no special factors impacting this week's initial claims. This marks 83 consecutive weeks of initial claims below 300,000, the longest streak since 1970..."

Click here to view the full Labor Department report

 

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Crude Oil Inventories Report for Week of September 30, 2016

The U.S. Crude Oil Inventories report for the week that ended on September 30, 2016 was released this morning:

Weekly Change: -3,000,000 Barrels

Yearly Change: +38,700,000 Barrels

Current U.S. Crude Oil Stocks: 499,700,000 Barrels

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

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

Click here for the full Week in Petroleum report.

Click here for weekly crude oil price

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U.S. International Trade In Goods And Services for August, 2016

The U.S. International Trade In Goods And Services report for August, 2016 was released by The U.S. Commerce Department this morning:

Predicted: $-39,000,000,000
Actual: $-40,700,000,000

A negative number represents a trade deficit, while a positive number represents a trade surplus.

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

Previous month (revised): -39,500,000,000.

Click here to view the full Commerce Department report (PDF).

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ISM Non-Manufacturing Index (NMI®) for September 2016

Earlier today, the Institute for Supply Management (ISM®) released their Non-Manufacturing Index (NMI®) for September 2016:

Predicted: 52.9%
Actual: 57.1%

==========

The NMI® is a reliable barometer of the U.S. services sector; above 50% implies expansion, while a reading below 50% implies that the services sector contracted.

Service categories include: Agriculture, Forestry, Fishing + Hunting; Mining; Utilities; Construction; Wholesale Trade; Retail Trade; Transportation + Warehousing; Information; Finance + Insurance; Real Estate, Rental + Leasing; Professional, Scientific + Technical Services; Management of Companies + Support Services; Educational Services; Health Care + Social Assistance; Arts, Entertainment + Recreation; Accommodation + Food Services; Public Administration; and Other Services (services such as Equipment + Machinery Repairing; Promoting or Administering Religious Activities; Grantmaking; Advocacy; and Providing Dry-Cleaning + Laundry Services, Personal Care Services, Death Care Services, Pet Care Services, Photofinishing Services, Temporary Parking Services, and Dating Services).

Last month's non-manufacturing NMI reading was 51.4%.

Here's a sampling of comments from survey participants:

•     "Somewhat flat month of overall pricing conditions; however, labor cost and availability remains a concern."
   (Accommodation and Food Services)
  

•     "Business is showing a moderate unexpected uptick over last month. YTD business volume is moderately under forecast."
   (Management of Companies and Support Services)
  

•     "Macroeconomic issues like Brexit and reduced travel from South America impact summer travel."
   (Arts, Entertainment and Recreation)
  

•     "Sales ahead of plan. Net income below plan. Costs running higher than plan. In addition, continued low interest rates impact investment results."
   (Finance and Insurance)
  
  

•     "Affordable Care Act, changes in Medicare and Medicaid causing problems across much of the healthcare and insurance industries. Acquisition helping our company, but also lost a large client that will impact our financials for the next year."
   (Health Care and Social Assistance)
  

•     "Solid steady growth."
   (Professional, Scientific and Technical Services)
  

•     "Business is [at] an annual high."
   (Public Administration)

•     "Sales continue [at an] increased pace from last month."
   (Retail Trade) 

•     "We are watching the effects of the Hanjin Shipping issues with regard to cost and availability of Asian imports."
   (Wholesale Trade)

Click here to view the complete ISM report

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U.S. Factory Orders Report for August 2016

The U.S. Census Bureau this morning released their report on Manufacturers' Shipments, Inventories and Orders -- also known as Factory Orders -- for August 2016:

Predicted: -2.0%
Actual: +0.2%

The highlighted percentage is the month-to-month change in orders for both durable and nondurable goods made by from U.S. manufacturers. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

Previous Month (revised): +1.4

Click here to view the full Census Bureau report.

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Latest GDPNow Real Gross Domestic Product Forecast for Q3:2016

The Federal Reserve Bank of Atlanta released its latest GDPNow forecast for the growth rate of real gross domestic product (GDP) for the third quarter of 2016.

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

Latest Forecast for Q3, 2016: +2.2%

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

Previous Reading (September 30, 2016): +2.4%

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

GDPNow: October 3, 2016

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


From Today's Report:

"...The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2016 is 2.2% on October 3, down from 2.4% on September 30. After this morning's construction spending report from the U.S. Census Bureau, the forecast of third-quarter real nonresidential structures investment growth fell from 8.4% to 4.7% and the forecast of third-quarter real government spending growth declined from 0.8% to 0.1%..."

About The GDPNow Forecast Model:

"...The growth rate of real gross domestic product (GDP) measured by the U.S. Bureau of Economic Analysis (BEA) is a key metric of the pace of economic activity. It is one of the four variables included in the economic projections of Federal Reserve Board members and Bank presidents for every other Federal Open Market Committee (FOMC) meeting. As with many economic statistics, GDP estimates are released with a lag whose timing can be important for policymakers. For example, of the four scheduled 2014 release dates of an 'advance' (or first) estimate of GDP growth, two are on the second day of a scheduled FOMC meeting with the other two on the day after the meeting. In preparation for FOMC meetings, policymaker have the Fed Board staff projection of this 'advance' estimate at their disposal...

...The Atlanta Fed GDPNow model also mimics the methods used by the BEA to estimate real GDP growth. The GDPNow forecast is constructed by aggregating statistical model forecasts of 13 subcomponents that comprise GDP. Other private forecasters use similar approaches to 'nowcast' GDP growth. However, these forecasts are not updated more than once a month or quarter, are not publicly available, or do not have forecasts of the subcomponents of GDP that add 'color' to the top-line number. The Atlanta Fed GDPNow model fills these three voids..."

• Click here to view recent GDPNow forecasts (PDF).
  
  
•  Click here to view the full GDPNow report.

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Construction Spending During August 2016

Earlier today, the U.S. Census Bureau -- which is part of the Commerce Department -- released its Construction Spending report for August 2016:

Predicted: +0.3%
Actual: -0.7%

The yellow-highlighted percentage represents the month-to-month change in new public and private construction activity for the United States. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

Previous Month (revised): -0.3%

Change from 12 months previous: -0.3%

Click here to view the full Census Bureau report

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ISM Manufacturing Index for September 2016

Earlier today, the Institute for Supply Management (ISM) released their Manufacturing Purchasing Manager's Index (PMI) for September 2016:

Predicted: 50.2%
Actual: 51.5%

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 made-in-the-USA sector contracted.

The previous PMI reading was 49.4%.

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

•     "Domestic and international sales moving up slightly."
  (Chemical Products) 

•     "Negotiating prices down on all metals."
  (Computer and Electronic Products)
  

•     "Business is still strong, but we are seeing some pushouts from certain consumer market products."
  (Primary Metals)
  

•     "Sales on the increase and positive outlook for the remainder of 2016."
  (Fabricated Metal Products)
  

•     "Good growing conditions for this year’s corn and soybean crop has the protein market anticipating large supplies and lower cost of goods for 2017."
  (Food, Beverage and Tobacco Products)
  

•     "General business conditions are slowly improving with increased sales and sales leads."
  (Machinery)
  

•     "Furniture sales are increasing."
  (Furniture and Related Products)
  

•     "Some concern about fallout from the Hanjin Shipping bankruptcy. Spending time tracking containers — alternatives. Also, predicated on the impact to worldwide rates, there is some concern around both capacity and ocean rates in the near — to midterm future."
  (Transportation Equipment) 

•     "Demand increase after previous lackluster month. Some pre-buying activity underway by customers in advance of expected price increases."
  (Plastics and Rubber Products)
  

•     "Oil prices have increased with respect to the first quarter but they remain at low levels affecting our revenue and purchasing power."
  (Petroleum and Coal Products)

Click here to view the complete ISM report

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