Global| Jan 03 2002Construction Spending Rose in November
by:Tom Moeller
|in:Economy in Brief
Summary
The value of construction put-in-place rose slightly more than expected in November. The October figures were revised down due to a lowered estimate of nonresidential building. Residential building activity fell due to a sharp drop in [...]
The value of construction put-in-place rose slightly more than expected in November. The October figures were revised down due to a lowered estimate of nonresidential building.
Residential building activity fell due to a sharp drop in construction of multi-unit structures, the fifth drop in six months.
Nonresidential building activity rose slightly, but remained 12.5% below the March peak. Industrial and office building has been notably weak during that period.
Spending by governments again was strong, reflecting strength in the education sector as well as highways and streets.
| Construction Put-in-place | Nov '01 | Oct '01 | Y/Y | 2000 | 1999 | 1998 |
|---|---|---|---|---|---|---|
| Total | 0.8% | 0.8% | 4.6% | 7.0% | 8.6% | 7.7% |
| Residential | -2.2% | 0.1% | 4.1% | 7.4% | 11.1% | 8.8% |
| Nonresidential | 0.5% | -2.6% | -8.2% | 8.0% | 1.9% | 9.7% |
| Public | 4.6% | 7.3% | 22.4% | 4.5% | 10.1% | 1.3% |
by Tom Moeller January 3, 2002
Initial claims for unemployment insurance rose more than expected in the latest week. The prior week's level was revised up to 411,000 from 392,000 reported earlier.
The higher level of claims in the latest two weeks should not effect consensus estimates for a 170,000 worker decline in December nonfarm payrolls to be released tomorrow.
The four-week moving average of initial claims fell to 409,750, the lowest level since late August.
Continuing claims for unemployment insurance rose 1.1% from the prior week which was revised down.
The insured rate of unemployment was unchanged at 2.9%.
| Unemployment Insurance (000s) | 12/29/01 | 12/22/01 | Y/Y | 2001 | 2000 | 1999 |
|---|---|---|---|---|---|---|
| Initial Claims | 447.0 | 411.0 | 19.2% | 407.9 | 302.8 | 297.7 |
| Continuing Claims | -- | 3,715 | 55.2% | n.a. | 2,127 | 2,187 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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