Commentaries

November 3, 2017

The PMI Manufacturing Index came in at 54.6 for October, versus 58.7 for the ISM Manufacturing Index and 66.2 for the Chicago PMI. All three measures were nicely expansionary. The readings on the non-manufacturing side were equally expansionary, at 55.3 for the PMI Index and 60.1 for the ISM Index. U.S. Unemployment was at a 4.1% rate for October vs. 4.2% for September. Nonfarm Productivity was up 2.0% and unit labor costs were up 0.5%, both for the third quarter of 2017. The Employment Cost Index was up 0.7% for the third quarter and up 2.5% year-over-year.
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October 27, 2017

U.S. Durable Goods Orders increased 2.2% for the month of September, and increased 8.3% year-over-year. Core capital goods (ex-transportation) represented most of the gains. U.S. New Single Family Home Sales came in at a very strong 667,000 unit annualized rate versus 555,000 expected. Finally, U.S. Real GDP growth was a strong 3.0% for the third quarter of 2017 versus +2.5% consensus.
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