- Openings fell more than 400k to the lowest level since January 2021 with a sizable downward revision to August.
- Layoffs jumped 165k to 1.833 million, the highest level since January 2023.
Introducing
Sandy Batten
in:Our Authors
Sandy Batten has more than 30 years of experience analyzing industrial economies and financial markets and a wide range of experience across the financial services sector, government, and academia. Before joining Haver Analytics, Sandy was a Vice President and Senior Economist at Citibank; Senior Credit Market Analyst at CDC Investment Management, Managing Director at Bear Stearns, and Executive Director at JPMorgan. In 2008, Sandy was named the most accurate US forecaster by the National Association for Business Economics. He is a member of the New York Forecasters Club, NABE, and the American Economic Association. Prior to his time in the financial services sector, Sandy was a Research Officer at the Federal Reserve Bank of St. Louis, Senior Staff Economist on the President’s Council of Economic Advisors, Deputy Assistant Secretary for Economic Policy at the US Treasury, and Economist at the International Monetary Fund. Sandy has taught economics at St. Louis University, Denison University, and Muskingun College. He has published numerous peer-reviewed articles in a wide range of academic publications. He has a B.A. in economics from the University of Richmond and a M.A. and Ph.D. in economics from The Ohio State University.
Publications by Sandy Batten
USA| Oct 29 2024U.S. Job Openings Fall More Than Expected in September
by:Sandy Batten
|in:Economy in Brief
- Claims totaled 227,000, down a more-than-expected 15,000 from the previous week.
- Decline reflected some normalization after the hurricane-induced surge in early October.
- Continuing claims (reported with a one-week lag) rose sharply.
by:Sandy Batten
|in:Economy in Brief
USA| Oct 17 2024Philly Fed Manufacturing Index Rises Further in October
- The headline index rose more than expected to 10.3 from 1.7.
- The increase was rather widespread with the ISM-adjusted index rising to 52.7.
- New orders and shipments components indexes rebound from negative readings in September to positive in October.
- The employment component index fell back into negative territory in October after a solid increase in September.
- Capital spending expectations rise markedly.
by:Sandy Batten
|in:Economy in Brief
USA| Oct 17 2024U.S. Business Inventories Rose While Sales Fell in August
- Inventories increased 0.3%, led by retailers.
- Sales declined, led by factory sales.
- Inventory/sales ratio stuck in a range.
by:Sandy Batten
|in:Economy in Brief
- The headline index was below the boom-bust 50 level for sixth consecutive month.
- New orders and production indexes increased but remained below 50.
- The employment index fell to further below 50.
by:Sandy Batten
|in:Economy in Brief
USA| Sep 26 2024Q2 2024 U.S. GDP Unrevised in Third Estimate
- GDP grew at a solid 3.0% q/q SAAR in the third estimate of Q2, unrevised from the second estimate.
- Q2 PCE, fixed investment revised slightly weaker.
- Bigger boost from inventories; bigger drag from trade in Q2.
- In the benchmark revisions back to 2019, GDP and PCE growth were notably stronger, especially in each of the past three years.
- Meaningful upward revisions to both corporate profits and personal income over the past several years.
by:Sandy Batten
|in:Economy in Brief
USA| Sep 19 2024U.S. Existing Home Sales Fell in August
- Second lowest level since October 2010.
- Sales fell in the South, West, and Northeast, while the Midwest registered no change.
- The median price fell for the second consecutive month, but from a record high in June.
by:Sandy Batten
|in:Economy in Brief
USA| Sep 19 2024U.S. Current Account Deficit Widened Markedly in Q2 2024
- Second largest deficit on record.
- Goods deficit key factor, widening by more than $20 billion.
- Services surplus essentially unchanged.
by:Sandy Batten
|in:Economy in Brief
- IP rebounded 0.8% m/m in August with downward revisions to June and July.
- Swing in auto production major factor; motor vehicle output soared 9.8% m/m in August after an 8.9% m/m collapse in July.
- Mining output also rebounded in August while utilities output was unchanged.
by:Sandy Batten
|in:Economy in Brief
USA| Sep 04 2024U.S. Factory Orders Rebound in July
- Total orders rose 5.0% m/m in July after a 3.3% decline in June.
- Aircraft orders surged more than 4385% after having plummeted in June.
- Total shipments increased 0.9% m/m.
- Unfilled orders rose 0.2% m/m; inventories edged up 0.1% m/m.
by:Sandy Batten
|in:Economy in Brief
USA| Sep 04 2024U.S. International Trade Deficit Widens in July
- Trade deficit widened to $78.8 billion in July, the widest since June 2022.
- The goods deficit widened to $103.1 billion while the services surplus narrowed slightly to $24.3 billion.
- Exports edged up 0.5% m/m while imports jumped 2.1% m/m.
- The real deficit widened further, indicating that net exports may be a further drag on GDP growth in Q3.
by:Sandy Batten
|in:Economy in Brief
USA| Aug 29 2024Q2 2024 U.S. GDP Revised Up in Second Estimate
- GDP grew 3.0% q/q SAAR in Q2, up from 2.8% in the advance report.
- The upward revision was due completely to an upward revision to PCE growth.
- All other major expenditure components were revised slightly weaker.
- Corporate profits rebounded in Q2, rising 1.7% q/q after falling 1.4% in Q1.
by:Sandy Batten
|in:Economy in Brief
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