·      Advance estimates of retail and food services sales for October were up 0.8% from September, and were up 4.7% from October 2017, according to the U.S. Census Bureau. Excluding motor vehicle & parts, retail sales were up 0.7% from September, and were up 5.9% from a year ago. Year-to-date, retail sales were up 5.4% from the first 10 months of 2017.

·      Total manufacturing and trade sales for September were up 0.4% from August, while inventories were up 0.3%, according to the U.S. Census Bureau. The total business inventories/sales ratio was 1.34, compared with 1.37 in September 2017.

·      Total Industrial production increased 0.1% in October, following a 0.2% increase in the previous month. Total industrial production in October was 4.1% above its level a year earlier. The rate of capacity utilization decreased 0.1 percentage point to 78.4%, 1.4 percentage points below its 1972-2017 average.

·      The import price index increased 0.5% in October, while the export price index increased 0.4%. The import price index increased 3.5% from October 2017 to October 2018, while the price index for exports increased 3.1%.

·      The consumer price index increased 0.3% in October, following a 0.1% increase in the previous month. The core index increased 0.2%, following a 0.1% increase as in the previous month. The consumer price index increased 2.5% for the 12-month period ending in October, while the core index rose 2.1%.

·      Real average hourly earnings for all employees decreased 0.1% from September to October. This result stems from a 0.2% increase in average hourly earnings combined with a 0.3% increase in the consumer price index.

·      The advance figure for initial claims for unemployment insurance was 216 thousand in the week ending November 10, an increase of 2 thousand from the previous week’s unrevised level. The 4-week moving average was 215.25 thousand, an increase of 1.5 thousand from the previous week’s average.

·      Unemployment rates were lower in October in 6 states, higher in 2 states, and stable in 42 states and the District of Columbia, according to the U.S. Bureau of Labor Statistics. Nonfarm payroll employment increased in 9 states in October 2018 and was essentially unchanged in 41 states and the District of Columbia. Eighteen states had jobless rate decreases from a year earlier and 32 states and the District had little or no change. Over the year, 36 states added nonfarm payroll jobs and 14 states and the District were essentially unchanged.

·      Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the second quarter of 2018, according to the U.S. Bureau of Economic Analysis. The percent change in real GDP in the second quarter ranged from 6.0% in Texas to 2.5% in Delaware.

·      Personal income increased in 2,787 counties, decreased in 318, and was unchanged in 8 in 2017, according to the U.S. Bureau of Economic Analysis (BEA). Personal income increased 4.5% in the metropolitan portion of the United States and increased 3.2% in the nonmetropolitan portion in 2017. The change in personal income ranged from negative 41.4% in Slope County, North Dakota to 23.7% in Crosby County, Texas in 2017.

·      The results of Freddie Mac’s Primary Mortgage Market Survey showed mortgage rates moderated after increasing last week. 30-year fixed-rate mortgage averaged 4.94% for the week ending November 15th, unchanged from last week.  A year ago at this time, the 30-year fixed-rate mortgage averaged 3.95%. 15-year fixed-rate mortgage averaged 4.36% for the week ending November 15th, up from last week when it averaged 4.33%.  A year ago at this time, the 15-year fixed-rate mortgage averaged 3.31%.

·      Mortgage applications decreased 3.2% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending November 9th.

·      The November 2018 Empire State Manufacturing Survey indicated that business activity continued to grow strongly in New York State. The headline index edged up two points to 23.3.

·      The Philadelphia FED business outlook survey indicated that regional manufacturing activity slowed in November.  The headline index was 12.9 in November, compared with 22.2 in October.

 

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