The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $40.8 billion in September, down $7.2 billion from $48.0 billion in August, revised. Analysts were anticipating deficit of $42.7billion. September exports were $187.9 billion, $3.0 billion more than August exports. September imports were $228.7 billion, $4.2 billion less than August imports.
The Non-Manufacturing PMI registered 59.1 percent in October, 2.2 percentage points higher than the September reading of 56.9 percent, and above predicted reading of 56.6. This represents continued growth in the non-manufacturing sector at a faster rate. According to the NMI, 14 non-manufacturing industries reported growth in October. After the slight cooling off in September, the non-manufacturing sector reflected growth across most of the indexes. Respondents remain mostly positive about business conditions and the overall economy.
Thursday brought Unemployment Claims figures. In the week ending October 31, the advance figure for seasonally adjusted initial claims was 276,000, an increase of 16,000 from the previous week's unrevised level of 260,000. Analysts were anticipating increase to 263,000. The 4-week moving average was 262,750, an increase of 3,500 from the previous week's unrevised average of 259,250.
Focus of the Friday's session was on NFP figures. Total nonfarm payroll employment increased by 271,000 in October. Analysts were predicting increase by 181,000. Over the prior 12 months, employment growth had averaged 230,000 per month. In October, job gains occurred in professional and business services, health care, retail trade, food services and drinking places, and construction. Unemployment rate was essentially unchanged at 5.0%.
This week markets will be looking at:
Unemployment Claims (Thursday 14:30)
Retail Sales (Friday 14:30)
PPI (Friday 14:30)
Prelim UoM Consumer Sentiment (Friday 16:00)
