eased in October, edging down 0.2% for the second month in succession. Expectations had been for a flattish reading. This generally disappointing performance continued a comparatively weak trend, which has been in place for the past three months in this core economic sector.
Just when momentum for a December Federal Reserve-induced interest-rate increase was building strongly, with that expectation fueled notably by a surprisingly potent October jobs release, came word just moments ago that the
all-important retail sector was sputtering once again
. The retail spending survey was issued by the U.S. Commerce Department.
This morning, the investment community received positive news on the U.S. economy when the Department of Labor released its report on employment and unemployment for the month of October
at 8:30 A.M. (EST). Specifically, the report showed that the nation’s nonfarm payrolls increased by 271,000 last month.
This morning we received an encouraging report on the U.S. economy
when the Institute for Supply Management
reported data on nonmanufacturing activity
for the month of October
. It marked the 69th consecutive month that economic activity in the services sector had grown.
At 10:00 A.M. (EST) this morning, the Institute for Supply Management, a Tempe, Arizona-based trade group, issued its latest reading on manufacturing activity
, and it was not a good report for a sector that has been showing signs of slowing in recent months.
The nation's economy slowed down markedly in the third quarter
, according to data furnished by the U.S. Commerce Department. To wit the advance report on the gross domestic product, which was issued within the past hour, showed that the economy had pushed forward by just 1.5% over the summer months
As we had expected, the Federal Reserve's FOMC meeting
concluded with a decision to hold interest rates at near zero percent for at least another six weeks, or up until its mid-December get together. The vote was nearly unanimous, with just noted monetary hawk, Jeffrey Lacker dissenting--as he had done at the previous meeting last month.
The news is getting somewhat worse for the economy
. To wit, on the heels of weaker news on manufacturing, non-manufacturing, retail spending, and yesterday on sales of new homes, the Conference Board
, within the past hour, has issued its latest survey on consumer confidence
. And this metric was found to be wanting, as well.
In an additional sign that all is not well in the American economy, as 2015 winds down, the U.S. Government reported a bit earlier this morning, that sales of new homes
, a small, yet volatile, corner of the housing market
, fell in September
on a consecutive-month basis
, although they did tick up nominally
on a year-over-year comparison
Homebuilding rebounded modestly
, with construction activity
, in the form of housing starts
, to 1.206 million units. The increase was driven by a boost in multifamily construction. Expectations had been for a more modest increase of 1.8% last month.