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October 28, 2019

Manufacturing Readings Mixed Across The United States

 

  • Manufacturing readings in various parts of the United States continued to be mixed this month. The Federal Reserve Bank of Richmond announced that its manufacturing survey rose to +8 in October from -9 in September due to improvements in shipments, new orders, and employment. The Federal Reserve Bank of Kansas City said its manufacturing indicator fell to -3 in October from -2 in September due to “slower activity at durable goods plants, especially from decreases in nonmetallic mineral products, primary metal, fabricated metal products, machinery, computer and electronic products, and transportation equipment manufacturing.”
  • According to the U.S. Department of Labor, 212,000 individuals filed for federal unemployment benefits during the week that ended October 19, a decrease of 6,000 from the previous week. The four-week moving average of first-time claims was 215,000, a decrease of 750 from the previous week. The number of individuals who continued to receive benefits fell to 1.682 million during the week that ended October 12, down 1,000 from the week before. The four-week moving average of continuing claims also fell.
  • In other economic news: Canadian wholesale trade fell 1.2 percent from July 2019 to August 2019 due to weaker sales from the machinery, equipment, and supplies subsector and of personal and household goods; existing home sales in the United States fell 2.2 percent from August 2019 to September 2019, but increased 3.9 percent from September 2018 to September 2019; and new home sales in the United States fell 0.7 percent from August to September, but were up 15.5 percent year-over-year.