Economy in Brief

• State initial claims continued their downward trend. • Federal Pandemic Unemployment Assistance new filers rose for third week. • Continuing claims fell for state and PUA, while PEUC continues upward march. Seasonally adjusted state [...]

Among the eight jurisdictions listed in the table, five of them show that composite index readings eroded in October. The EMU reading fell to a dead neutral (or flat) reading of 50.0. The EMU composite has fallen off for three months [...]

• Service sector activity slipped m/m, but remains firm. • Component activity is mixed. • Strength in pricing power resumes. The Composite Index of Services Activity from the Institute for Supply Management fell to 56.6 during October [...]

• Refinancings surge 6.4% as purchase applications fall 1.3%. • New record low rate for 15-year mortgages, 2.63%, and for Jumbo loans, 3.27%. • Fixed rate loan applications up 67% from a year ago. The Mortgage Bankers Association [...]

• Slowdown is broad-based across company size. • Employment increase is well below expectations. The ADP National Employment Report indicated that nonfarm private sector payrolls increased 365,000 (-7.3% y/y) during October following [...]

• Exports up 2.6% m/m while imports edged up just 0.5%. • Exports led by jump in soybean shipments; slowdown in imports due mostly to softer imports of consumer goods and petroleum. The U.S. trade deficit in goods and services [...]

• Sales slip from seven-month high in September. • Light truck sales ease as car sales improve. Vehicle buyers pared back spending last month. The Autodata Corporation reported that sales of light vehicles eased 0.6% during October [...]

• Factory orders rise for fifth straight month. • Shipments gain steadily. • Order backlogs slip while inventories hold steady, again. Activity in the factory sector continues to recover. Manufacturers' orders strengthened 1.1% during [...]