Latest Economic News From The U.S. & Canada
- According to the Organization for Economic Cooperation and Development (OECD), the U.S. economy will expand 2.4 percent this year, 2.5 percent in 2016 and 2.4 percent in 2017 and will outpace “most other G7 countries by a wide margin each year.” Indeed, the OECD said the Canadian economy will grow just 1.2 percent this year, down from 2.4 percent in 2014, and won’t see growth above two percent for two more years. According to The Canadian Press, “The OECD report also warned that a slowdown in international trade is ‘deeply concerning’ and could be signaling a new recession for the world's leading economies.”
- The number of Americans who filed for federal unemployment benefits for the first time was flat at 276,000 between the end of October and the week that ended Nov. 7. The four-week moving average of first-time claims rose slightly, as did the number of Americans who continued to file for benefits. That figure increased to 2.174 million for the week that ended Oct. 31 from 2.169 million the week before. In other employment-related news: there were 5.5 million jobs available in the United States at the end of September.
- In other economic news: the U.S. producer price index increased 0.4 percent from September 2015 to October 2015, but was down 1.6 percent between October 2014 and October 2015; U.S. import prices fell 0.6 percent between September and October while export prices dropped 0.2 percent; and the National Federation of Independent Business small business outlook survey remained unchanged in October as fewer employers said they plan to hire employees in the near-term, but more said they planned to increase capital outlays.