Latest Economic News From The U.S. and Canada
- The U.S. economy grew at a 3.5 percent annualized rate in the third quarter of 2014. The reading, which was preliminary and will be revised in the coming months, follows a 4.6 percent expansion in the second quarter. Higher consumer spending, exports and nonresidential fixed investment drove the third quarter reading.
- According to the U.S. Labor Department, the number of Americans who applied for federal unemployment benefits for the first time increased to 287,000 for the week that ended Oct. 25 from 284,000 the week before. The four-week moving average of first-time claims fell very slightly while the number of Americans who continued to receive federal jobless benefits rose to 2.384 million for the week that ended Oct. 18 from 2.355 million the week before.
- The manufacturing sectors in various regions of the U.S. continued to show strength last month. The Dallas Federal Reserve announced last week that the manufacturing sector in Texas continued to expand in October as the bank’s Texas Manufacturing Outlook Survey held steady at +10.5. The production and capacity utilization sub-indices were down while the new orders and employment indices both improved. Meanwhile, the Richmond Federal Reserve announced its manufacturing index increased to +20 in October from +14 in September as shipments and new orders increased.
- In other economic news: the Conference Board’s consumer confidence index increased to 94.5 in October from 89.0 in September as consumers’ attitudes about the future improved; the University of Michigan consumer sentiment index in October improved to its highest level since July 2007; personal incomes in the U.S. increased 0.2 percent in September, but personal consumption declined 0.2 percent; and finally, U.S. employment costs increased 0.7 percent in the third quarter.