New Jobless Claims Lowest Since 1973
New applications for unemployment aid fell last week to the lowest level since 1973 after dropping 2,000 cases from 16,000 to 214,000.
ADP Reports 227,000 New Private Sector Jobs
The ADP reports that 227,000 new jobs in the private sector were created in October, much higher than polled expectations. The September total was revised down from 230,000 to 218,000.
Mortgage Applications Down 2.5%
Mortgage applications fell 2.5% last week compared to the previous week, with the overall yearly volume down 16%. According to to the Mortgage Bankers Association report released earlier today, US consumers filed fewer loan applications to buy and refinance homes.
Consumer Spending Strong in September Despite Income Gains Slowdown
Spending increased in September despite a slowdown in income gains growth resulting in the lowest savings rate of the year. Inflation is on target as per the Federal Reserve policy outlined for the year aimed to gradually increase interest rates.
Slow Expansion in October’s Dallas Fed Manufacturing Outlook
Texas business execs were polled by the Federal Reserve Bank of Dallas on credit availability and borrowing conditions to provide data on Texas Manufacturing Outlook, Texas Service Sector Outlook, and Texas Retail Outlook surveys all compiled into one report.
GDP Growth Cools to 3.5%
Today’s government report reveals that gross domestic product growth has decreased slightly from the 4.2% growth seen in Q2 to a seasonally adjusted annual rate of 3.5% for Q3.
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