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Economy

Economic Data (USA)

Friday, February 28, 2020

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

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

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

Consumer Spending (Personal Consumption Expenditures)
Predicted: +0.3%
Actual: +0.2%

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

Personal Income
Predicted: +0.3%
Actual: +0.6%

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  • Disposable Personal Income, Current Dollars: +0.6%
  • Disposable Personal Income, 2012 Chained* Dollars: +0.5%

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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: +0.1%
Actual: +0.1%

  • Change from 12 months previous: +1.7%
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Core PCE Price Index
( = PCE Price Index minus food and energy)
Predicted: +0.2%
Actual: +0.1%

  • Change from 12 months previous: +1.6%
=====================

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.


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Chart: Disposable Personal Income and Real Consumer Spending  January 2020 Update

Chart: Disposable Personal Income and Real Consumer Spending
January 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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Wednesday, February 26, 2020

Crude Oil Inventories Report for Week of February 21, 2020

Crude Oil Inventories
Crude Oil Inventories

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

-- Change from Last Week: +500,000 Barrels

-- Change from A Year Ago (Y/Y): -2,500,000 Barrels

-- Current U.S. Crude Oil Stocks: 443,300,000 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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Tuesday, February 25, 2020

Consumer Confidence Index (CCI) for February 2020

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

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Predicted: 132.5
  • Actual: 130.7

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Previous Month (revised): 130.4
 
  • Change from Previous Month: +0.23% (+0.3 point)
================

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

From Today's Report:

"...'Consumer confidence improved slightly in February, following an increase in January,' said Lynn Franco, Senior Director of Economic Indicators. 'Despite the decline in the Present Situation Index, consumers continue to view current conditions quite favorably. Consumers’ short-term expectations improved, and when coupled with solid employment growth, should be enough to continue to support spending and economic growth in the near term.'..."

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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Thursday, February 20, 2020

Crude Oil Inventories Report for Week of February 14, 2020

Crude Oil Inventories
Crude Oil Inventories

The U.S. Crude Oil Inventories report for the week that ended on February 14, 2020 was released this morning:

-- Change from Last Week: +400,000 Barrels

-- Change from A Year Ago (Y/Y): -11,600,000 Barrels

-- Current U.S. Crude Oil Stocks: 442,900,000 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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Leading Economic Index for January 2020

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

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Index for January: 112.1 (The baseline 100 score is associated with 2016 data.)

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Predicted: +0.3%
  • Actual: +0.809% (+0.9 point)

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  • LEI for December 2019: 111.2
     
  • LEI for November 2019: 111.5

  • LEI for October 2019: 111.4

  • LEI for September 2019: 111.6

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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 - January 2020 Update
Chart: Leading Economic Index - January 2020 Update
==============

 
From Today's Report:

"...'The strong pickup in the January US LEI was driven by a sharp drop in initial unemployment insurance claims, increasing housing permits, consumers’ outlook on the economy and financial indicators,' said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board. 'The LEI’s six-month growth rate has returned to positive territory, suggesting that the current economic expansion -- at about 2 percent -- will continue through early 2020. While weakness in manufacturing appears to show signs of softening, the COVID-19 outbreak may impact manufacturing supply chains in the US in the coming months.'..."

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New Unemployment Insurance Claims for The Week of February 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  February 15, 2020:

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Predicted: 211,000

  • Actual: 210,000
====================

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): 206,000
  • 4-Week Moving Average: 209,000
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Wednesday, February 19, 2020

Producer Price Index - Final Demand (PPI-FD) for January 2020

The Producer Price Index - Final Demand (PPI-FD) for January 2020 was released this morning:

Predicted: +0.1%
Actual: +0.5%

Change from 12 months previous:  +2.1%

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

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

Predicted: +0.1%
Actual: +0.5%

Change from 12 months previous:  +1.7%

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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.


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Housing Starts During January 2020

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

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Housing Starts:
Predicted: 1,420,000
Actual: 1,567,000

Change From Previous Month: -3.629% (-59,000 units)
Change From One Year Previous: +21.379% (+276,000 units)

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Building Permits:
Predicted: 1,453,000
Actual: 1,551,000

Change From Previous Month: +9.225% (+131,000 units)
Change From One Year Previous: +17.857% (+235,000 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 - January 2020 Update
Chart: Housing Starts - January 2020 Update
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Friday, February 14, 2020

Import and Export Price Indexes for January 2020

The Labor Department's Bureau of Labor Statistics this morning released its report on U.S. Import and Export Price Indexes for January 2020:

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

Import Prices
Predicted: -0.2%
Actual: Unchanged

Change From 12 Months Previous: +0.3%

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Export Prices
Predicted: Unchanged
Actual: +0.7%

Change From 12 Months Previous: +0.5%

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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.


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Chart: Import Price Index - January 2020 Update
Chart: Import Price Index - January 2020 Update

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Chart: Export Price Index - January 2020 Update
Chart: Export Price Index - January 2020 Update

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Industrial Production + Manufacturing + Capacity Utilization During January 2020

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

Industrial Production:
Predicted: -0.3%
Actual: -0.3%

Manufacturing:
Predicted: -0.2%
Actual: -0.1%

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: 76.8%
Actual: 76.8

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 declined 0.3 percent in January, as unseasonably warm weather held down the output of utilities and as a major manufacturer significantly slowed production of civilian aircraft. The index for manufacturing edged down 0.1 percent in January; excluding the production of aircraft and parts, factory output advanced 0.3 percent. The index for mining rose 1.2 percent. At 109.2 percent of its 2012 average, total industrial production was 0.8 percent lower in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.3 percentage point in January to 76.8 percent, a rate that is 3.0 percentage points below its long-run (1972–2019) average..."

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

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

Predicted: +0.3%
Actual: +0.265% (+$1,399,000,000)

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.

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  • Estimated Retail Sales During January 2020: $529,766,000,000
  • Change From 12 Months Previous: +4.378% (+$22,221,000,000)

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Chart: Retail Sales - January 2020 Update
Chart: Retail Sales - January 2020 Update

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Thursday, February 13, 2020

New Unemployment Insurance Claims for The Week of February 8, 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  February 8, 2020:
====================

Predicted: 211,000

  • Actual: 205,000
====================

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): 203,000
  • 4-Week Moving Average: 212,000
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Consumer Price Index (CPI) for January 2020

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

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Predicted: +0.2%
Actual: +0.1%

  • Change From 12 Months Previous: +2.5%

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

Predicted: +0.2%
Actual: +0.2%

  • Change From 12 Months Previous: +2.3%

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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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From Today's Report:

"...The index for shelter accounted for the largest part of the increase in the seasonally adjusted all items index, with the indexes for food and for medical care services also rising. These increases more than offset a decrease in the gasoline index, which fell 1.6% percent in January. The energy index declined 0.7%, and the major energy component indexes were mixed. The index for food rose 0.2% in January with the indexes for both food at home and food away from home increasing over the month.

The index for all items less food and energy rose 0.2% in January after increasing 0.1% in December. Along with the indexes for shelter and medical care, the indexes for apparel, recreation, education, and airline fares all increased in January. The indexes for used cars and trucks, prescription drugs, motor vehicle insurance, and household furnishings and operations were among those to decline..."

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

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Wednesday, February 12, 2020

Crude Oil Inventories Report for Week of February 7, 2020

Crude Oil Inventories
Crude Oil Inventories

The U.S. Crude Oil Inventories report for the week that ended on February 7, 2020 was released this morning:

-- Change from Last Week: +7,500,000 Barrels

-- Change from A Year Ago (Y/Y): -8,400,000 Barrels

-- Current U.S. Crude Oil Stocks: 442,500,000 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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Tuesday, February 11, 2020

NFIB Small Business Optimism Index for January 2020

The National Federation of Independent Business® (NFIB®) released its Small Business Optimism Index (SBOI) for January 2020:

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Predicted: 103.2
Actual: 104.3

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  • Change from Previous Month: +1.558% (+1.6 points)
  • Change from 12 Months Previous: +3.063% (+3.1 points)

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  • The December 2019 SBOI reading was 102.7

  • The January 2019 SBOI reading was 101.2

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Chart: NFIB Small Business Optimism Index January 2020 Update
Chart: NFIB Small Business Optimism Index
January 2020 Update
=========

From Today's Report:


"...'2020 is off to an explosive start for the small business economy, with owners expecting increased sales, earnings, and higher wages for employees,' said NFIB Chief Economist William Dunkelberg. 'Small businesses continue to build on the solid foundation of supportive federal tax policies and a deregulatory environment that allows owners to put an increased focus on operating and growing their businesses.'..."

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  • Small business survey questions can be found at the end of today's report.
  • The baseline "100" score is associated with 1986 survey data.
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Job Openings and Labor Turnover Survey (JOLTS) for December 2019

The Job Openings and Labor Turnover Survey (JOLTS*) for December 2019 was released by the Labor Department this morning:

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Job Openings

Predicted: 6,775,000
Actual:    6,423,000

  • Previous Month (revised): 6,787,000

  • One Year Previous: 7,479,000

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Hires: 5,907,000

Total Separations: 5,730,000

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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.

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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Chart: Job Openings, Hires and Separations December 2019 Update
Chart: Job Openings, Hires and Separations
December 2019 Update

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Friday, February 07, 2020

Employment Situation Report for January 2020

The Employment Situation Report for January 2020 was released by The Department of Labor's Bureau of Labor Statistics this morning:

Nonfarm Payrolls (month-to-month change)
Predicted: +160,000
Actual: +225,000


U-3 Unemployment Rate (Headline)
Actual: 3.6%
Previous Month: 3.5%
12 Months Previous: 4.0%

U-6 Unemployment Rate*
Actual: 6.9%
Previous Month: 6.7%
12 Months Previous: 8.0%

Average Hourly Earnings (month-to-month change)
Predicted: +0.3%
Actual: +0.247% (+$0.07)

Average Hourly Earnings (year-on-year change)
Predicted: +3.0%
Actual: +3.118% (+$0.86)

Average Weekly Earnings (month-to-month change)
Actual: +0.247% (+$2.40)


Average Weekly Earnings (year-on-year change)
Actual: +2.52% (+$23.98)

Civilian Labor Force Participation Rate: 63.4%
Previous Month: 63.2%
12 Months Previous: 63.2%

Average Workweek
Predicted: 34.3 hours
Actual: 34.3 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 January, average hourly earnings for all employees on private nonfarm payrolls rose by 7 cents to $28.44 [
+0.247%]. Over the past 12 months, average hourly earnings have increased by [+3.118%]. Average hourly earnings of private-sector production and nonsupervisory employees were $23.87 in January, little changed over the month (+3 cents [+0.126%])...

...The change in total nonfarm payroll employment for November was revised up by 5,000 from +256,000 to +261,000, and the change for December was revised up by 2,000 from +145,000 to +147,000. With these revisions, employment gains in November and December combined were 7,000 higher than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors. The annual benchmark process also contributed to the November and December revisions.)
After revisions, job gains have averaged 211,000 over the last 3 months..." [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."


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Thursday, February 06, 2020

New Unemployment Insurance Claims for The Week of February 1, 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  February 1, 2020:
====================

Predicted: 215,000

  • Actual: 202,000
====================

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): 217,000
  • 4-Week Moving Average: 211,750
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Wednesday, February 05, 2020

Crude Oil Inventories Report for Week of January 31, 2020

Crude Oil Inventories
Crude Oil Inventories

The U.S. Crude Oil Inventories report for the week that ended on January 31, 2020 was released this morning:

-- Change from Last Week: +3,400,000 Barrels

-- Change from A Year Ago (Y/Y): -12,200,000 Barrels

-- Current U.S. Crude Oil Stocks: 435,000,000 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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ISM Non-Manufacturing Index (NMI®) for January 2020

Earlier today, the Institute for Supply Management (ISM®) released their Non-Manufacturing Index (NMI®) for January 2020:

Predicted: 55.2%
  • Actual: 55.5% (+0.6 point month-on-month change)

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Previous month: 54.9%

==========

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).

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From today' report:

"..Economic activity in the non-manufacturing sector grew in January for the 120th consecutive month, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM® Report On Business®..."

==========

Here's a sampling of comments made by survey participants:

  •     “Outlook remains favorable for growth in 2020. Pricing on goods and services [are] stable, with little to no pricing escalations expected for the remainder of the first quarter, except for seasonal- and trade/tariff-related impacts on food products.”
     (Accommodation & Food Services)

  •     “Q1 sales are improving, which makes us more optimistic.”
     (Construction)

  •     “Cautious start to 2020. Looking forward with optimism and encouragement. Conditions are favorable.”
     (Finance & Insurance)

  •     “Closely monitoring China’s coronavirus and its potential impact on medical supplies like surgical masks and protective goggles.”
     (Health Care & Social Assistance)

  •     “The labor market continues to be a challenge, impacting capacity and pushing up costs. Despite this, overall business volume remains positive, with growth in key sectors for our business.”
     (Management of Companies & Support Services)

  •     “The oil and gas industry is off to a slow start in 2020, as oil prices dropped slightly to start the year. Companies continue to be highly disciplined about hiring direct employees or contractors and making capital investments that drive hiring. Several notable oil and gas companies announced layoffs in the first week of January 2020.”
     (Professional, Scientific & Technical Services)

  •     “Customer inquiries are strong to start the new year.”
     (Real Estate, Rental & Leasing)

  •     “Activity is fair overall, but with regional ups and downs. The West in general has been favorable due to snowfall increasing sales activity, while the East has been down due to warmer weather in key winter tire markets. Optimism for the month, however, is good.”
     (Wholesale Trade)

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ISM Non-Manufacturing Index (NMI®) - 12 Month History - January 2020 Update
ISM Non-Manufacturing Index (NMI®) - 12 Month History

January 2020 Update

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Monday, February 03, 2020

ISM Manufacturing Index for January 2020

Earlier today, the Institute for Supply Management® (ISM®) released their Manufacturing Purchasing Manager's Index (PMI®) for January 2020:

Predicted: 48.7%

  • Actual: 50.9% (+3.1 points month-on-month change)

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Previous month: 47.8%

=========

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.

=========

From Today's Report:

"...Economic activity in the manufacturing sector grew in January, and the overall economy grew for the 129th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®..."
=========

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


  •     “Business has picked up considerably. Many of our suppliers are working at or above full capacity. Tariffs are still a concern and are believed to be a factor in short supply and higher prices of electronic parts. Our profit margin has been somewhat negatively affected by high tariffs, particularly on electronic parts from China.”
     (Computer + Electronic Products)

  •     “Small signs of increased global demand in the chemical segment.”
     (Chemical Products)

  •     “Continued signs of slowdown in manufacturing.”
     (Transportation Equipment)

  •     “Demand for prepared frozen food continues to be strong, but margins compressing as inputs rise with price elasticity preventing accompanying increases.”
     (Food, Beverage + Tobacco Products)

  •     “Our customer slowdown has not reached the bottom.”
     (Petroleum + Coal Products)

  •     “Our business is starting 2020 stronger than we finished 2019, as we saw a dramatic downturn in orders over the last four months of 2019. Orders are up to start the year, but slightly behind where they were one year ago.”
     (Fabricated Metal Products)

  •     “Business is good — above last year, though a little below plan.”
     (Furniture + Related Products)

  •     “The annual holiday slowdown was slightly more significant compared to the previous three years, heightening concerns over the 2020 first-quarter forecast.”
     (Electrical Equipment, Appliances + Components)

  •     “The lack of faith in the economy seems to be why we cannot sell capital projects.”
     (Machinery)

  •     “Tariffs on injection molds will impact selection of mold builder for future jobs. We are more likely to choose domestic rather than offshore.”
     (Plastics + Rubber Products)
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ISM Manufacturing Index - 12 Month History - January 2020 Update
ISM Manufacturing Index - 12 Month History

January 2020 Update

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