Economic Update
The U.S. unemployment rate unexpectedly fell to a five-year low of 4.4% in October from 4.6% in September, even though the economy created fewer jobs in October than in any month in the past year, the Labor Department reported November 3. There were 92,000 new jobs created in October, fewer than the 125,000 new jobs economists had expected.
U.S. worker productivity -- the amount of output per hour of work -- showed no change in the July-September quarter, while labor costs rose by 3.8%, the largest quarterly rise in more than two decades, the Labor Department reported November 2. For the past year, labor costs are up by 5.3%, the fastest increase since 1982, which is likely to raise inflation concerns at the Federal Reserve.
Construction spending fell 0.3% in September as home building declined for a sixth consecutive month, the longest stretch of weakness in residential construction in more than a decade, the Commerce Department said November 1. The decline was the largest since a 0.7% fall in July.
Consumer confidence in the economy slightly weakened from 105.9 in September to 105.4 in October, the Conference Board reported October 31. Analysts had expected a reading of 107.8. Economists cited worries over job losses at auto plants and other manufacturers for the decline.
Orders to U.S. factories for manufactured goods rose by 2.1% in September, the biggest increase in six months, the Commerce Department reported November 2. Excluding a surge in demand for commercial aircraft, factory orders would have fallen 2.4%.
This week look for updates on the trade balance on November 9.
Thank you,
Jason Lash
Branch Manager
Family Home Lending
866-366-5724
http://www.virtualloanpro.com/
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Posted by Jason Lash at 10:26 AM
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