November 2017

U.S. Non-farm Employment Net Job Creation

Total non-seasonally adjusted, (NSA) nonfarm payroll employment increased by 261,000 in October up from September’s decline of 18,000. A total of 148,006,000 people were employed in non-farm jobs and the unemployment rate fell to 4.1% according to the U.S. Bureau of Labor Statistics, (BLS) report. Employment growth has averaged 169,000 per month thus far this [...]

U.S. Infrastructure Spending

Referencing data from the U.S. Census Bureau’s construction put-in-place (CPIP) shows that total infrastructure spending, (not seasonally adjusted in constant 2009 dollars) decreased by 5.3% three months year on year, (y/y) to $50.3 billion, (B). On a twelve month y/y comparison, spending was down 4.5% to $167.0B resulting in negative 0.8% momentum. Table 1 presents [...]

ISM Non-Manufacturing Index

The Institute for Supply Management’s non-manufacturing composite index advanced 0.3 points in October to 60.1 to its highest level since October 2003. The result once again exceeded analysts’ expectations. The results were generally positive, as the sub-indexes of; business activity, employment, exports and inventories all improved. New orders dipped a fraction, imports were flat and [...]

Employment: Continuous and New Jobless Claims

The U.S. labor market continues to perform well. Continuous claims as well as new claims for unemployment insurance benefits are at historic lows. Seasonally adjusted (SA), claims stood at 1,896,000 on October 7th, down 8,000 week on week. The non- seasonally adjusted, (NSA) four week moving average (4WMA), was a shade higher at 1,908,000, down [...]

Currency Report

On a three moving average, (3MMA) y/y comparison, the dollar was down 2.6% against the Broad Index. The dollar Broad Index was 98.68 on November 1st, it has traded in a range of 95.00, (9/1/2017) to 103.09, (1/12017) over the past 12 months. Figure 1 shows the track of the Broad Index from 2000 to [...]

ISM Manufacturing Index

The Purchasers Manger’s Index posted a score of 58.8, falling 2.1 points month on month, (m/m), lower than analysts’ expectations. Despite the decline, the index remains at elevated levels leaving the expectation of further gains in manufacturing over the next several months. The new orders index fell back 1.2 points to 63.4, its fifth month [...]

­­­Construction Put-in-Place

Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that September total construction expenditures grew by 4.0% year on year (y/y), to $1217.0 billion (B). Private expenditures advanced 6.7% y/y, while, State & Local contracted by 3.1% y/y. Non-residential CPIP increased by 3.8% y/y to $569.0B. The private sector led the way with strong [...]