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December 8, 2014

Latest Economic News From The U.S. And Canada

  • Led by an impressive 0.8 percent monthly expansion in the manufacturing industry, the Canadian economy grew 0.4 percent in September. The economy expanded 2.8 percent between September 2013 and September 2014 while the manufacturing industry expanded 3.7 percent year-over-year. 
  • The total U.S. trade deficit fell to $43.4 billion in October from $43.6 billion in September as exports rose by $2.3 billion. (Imports were up by $2.1 billion.) The goods deficit declined to $62.7 billion in October from $62.8 billion in September, but the overall goods and services deficit was still up 5.1 percent between October 2013 and October 2014.
  • The U.S. economy added 321,000 jobs in November as the national unemployment rate held steady at 5.8 percent. (Manufacturers added 28,000 jobs last month.) The U.S. Labor Department also announced that the number of Americans who filed for federal unemployment benefits for the first time fell to 297,000 for the week that ended Nov. 29 from 314,000 the week before. The four-week moving average of first-time claims increased slightly while the number of Americans who continued to file for benefits increased to 2.362 million for the week that ended Nov. 22 from 2.323 million the week before. The four-week moving average of continuing claims also rose in the latest report.
  • The Canadian economy lost 10,700 jobs in November as part-time employment declined significantly (the economy actually gained 5,700 full-time positions last month). The country’s jobless rate increased to 6.6 percent in November from 6.5 percent in October. Manufacturers shed 400 jobs last month. 
  • The Royal Bank of Canada purchasing managers’ index (PMI) was at 55.3 in November. The report showed output at a three-month high and an increase in new export orders.
  • The Markit PMI for the United States fell to 54.8 in November from 55.9 in October even though employment and new export orders increased. Meanwhile, the Institute for Supply Management’s PMI also fell, dropping to 58.7 in November from 59.0 in October as production and inventories declined.
  • In other economic news: U.S. labor productivity increased at a 2.3 percent annualized rate in third quarter of 2014; U.S. auto sales in November were at their highest level since 2003; and U.S. factory orders fell 0.7 percent in October while inventories increased 0.5 percent.