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October 20, 2014

Latest Economic News From The U.S. and Canada

  • According to the U.S. Federal Reserve, industrial production in the 50 states increased one percent in September and 3.2 percent in the third quarter of 2014. Manufacturing production rose 0.5 percent for the month and 3.5 percent for the quarter while mining output increased 1.8 percent in September (8.7 percent for the quarter) and utilities’ production advanced 3.9 percent for the month, but was down 8.5 percent for the quarter.
  • Manufacturing sales in Canada dropped 3.3 percent from August to September, the steepest decline in more than five years. New orders were down 3.8 percent.
  • While an October survey from the Manufacturers Alliance for Productivity and Innovation indicated slower growth in the manufacturing industry, regional reports also suggested the U.S. manufacturing industry continued to expand this month, though at a slower rate. The New York Federal Reserve Bank announced its manufacturing index fell to +6.2 in October from +27.2 in September as the new orders, shipments and prices sub-indices all fell. (The employment index did increase, however.) Meanwhile, the Philadelphia Federal Reserve Bank announced its manufacturing reading fell to +20.7 this month from +22.5 in September as the shipments and employment sub-indices slowed. New orders did increase.
  • The number of Americans who filed for federal unemployment benefits for the first time fell to 264,000 for the week that ended Oct. 11 – the reading’s lowest level since April 2000 – from 287,000 the week before. The four-week moving average of first-time claims also declined and was at its lowest level since June 2000. The number of Americans continuing to receive federal jobless benefits rose to 2.389 million for the week that ended Oct. 4 from 2.382 million the week before. The four-week moving average of continuing claims fell slightly, however.
  • In other economic news: the U.S. producer price index fell 0.1 percent from August 2014 to September 2014 but was up 1.8 percent from September 2013 to September 2014; the number of new houses under construction in the U.S. increased 6.3 percent between August 2014 and September 2014 and 17.8 percent year over year; an advance report of U.S. retail sales showed a decline of 0.3 percent for the month of September but a 4.5 percent increase from the previous year; and the National Federation of Independent Business's small business survey fell 0.8 points in September as fewer employers said they planned to hire workers and make capital outlays.