Latest Economic News From The U.S. & Canada
- U.S. industrial production dropped 0.4 percent in December and was down at a 3.4 percent annualized rate as utilities’ output declined two percent, mining production dropped 0.8 percent and manufacturing activity declined 0.1 percent last month. Overall output dropped 1.8 percent between December 2014 and December 2015.
- The Federal Reserve Bank of New York announced that its manufacturing survey for New York “indicates that business activity declined for New York manufacturers at the fastest pace since the Great Recession.” The overall index fell to -19.4 in January from -13.4 in December as “the new orders and shipments indexes plummeted” and “labor market conditions continued to deteriorate …”
- According to the U.S. Department of Labor, 284,000 individuals filed for federal unemployment benefits for the first time during the week that ended Jan. 9, up from 277,000 the week before. The four-week moving average of first-time claims also increased, as did the number of individuals who continued to receive benefits. That figure rose to 2.263 million for the week that ended Jan. 2 from 2.234 million the week before. The Labor Department also announced last week that there were 5.4 million jobs open in the United States at the end of November, a figure that was little changed from October.
- In other economic news: the National Federation of Independent Business’s small business outlook survey increased slightly to 95.2 in January from 94.8 the previous week as more firms said they are hiring workers; the U.S. producer price index fell 0.2 percent in December and was down one percent in 2015; and U.S. import prices fell 1.2 percent in December while export prices declined 1.1 percent.