Payrolls Recovery Stumbles in November
“Payrolls posted a disappointing gain in November. While the outlook is for continued recovery, difficulties hiring may restrain output growth, sustaining upward price pressures for a prolonged period.” ~ Robert Hughes
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Unit Auto Sales Struggle as Shortages Continue
“Light-vehicle sales fell again in November, remaining well below the pre-pandemic range. Component shortages continue to disrupt production causing record low inventories and surging prices.” ~ Robert Hughes
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Weekly Initial Claims for Unemployment Benefits Rise Slightly but Remain Very Low
“Weekly initial claims for unemployment benefits rose slightly from a multidecade low in the prior week. Regardless, claims remain low and the labor market remains very tight.” ~ Robert Hughes
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Strong Demand Continues for the Manufacturing Sector
“Demand for manufactured goods remained very strong in November. Labor difficulties, materials shortages, and logistical issues continue to restrain supply and pressure prices, but there may be early hints of progress on some issues.” ~ Robert Hughes
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Consumer Confidence Edged Lower in November
“Consumer attitudes fell back slightly as inflation fears continued to mount and new waves of Covid cases unsettled consumers. Continued expansion remains the likely course, but threats remain elevated.” ~ Robert Hughes
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Corporate Profits Hit a Record High in the Third Quarter
“Corporate profits hit a record high despite a tight labor market and rising input costs. Companies may be not only passing along higher costs to consumers, but also taking advantage of consumers’ willingness to pay higher prices and boosting profit margins.” ~ Robert Hughes
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New Single-Family Home Sales Remain Brisk but Inventories Rise as Prices Continue to Surge
“New-home sales rose in October, but inventory rose faster, boosting months’ supply. Rising prices, higher mortgage rates, and continued inventory build should lead to slower price increases.” ~ Robert Hughes
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Core Capital-Goods Orders Rise in October, to Another New Record High
“New orders for core capital goods rose again, hitting another record high. Continued strength for business investment is a positive sign for the economic outlook.” ~ Robert Hughes
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Weekly Initial Claims for Unemployment Benefits Drop to the Lowest Level Since 1969
“Weekly initial claims for unemployment benefits fell to a multidecade low, though seasonal adjustment difficulties may have played a role. Regardless, the labor market remains very tight.” ~ Robert Hughes
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Existing Single-Family Home Sales Rose Again as Prices Continue to Rise
“Existing-home sales rose in October, driven by the single-family segment, as prices continue to rise. Shifting housing preferences may continue to influence activity over coming months and quarters.” ~ Robert Hughes
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Weekly Initial Claims for Unemployment Benefits Hold at a Low Level
“Weekly initial claims for unemployment benefits continue to fall, but at a slower pace as they approach pre-pandemic levels. The tight labor market and strong demand will likely keep claims at low levels.” ~ Robert Hughes
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Housing Permits Rise in October, Suggesting Support for Home Demand
“Housing permits rose in October, offering some evidence that demand for housing may remain elevated. Rising home prices and potentially higher mortgage rates may be headwinds for demand while elevated commodity costs may pressure homebuilder profits.” ~ Robert Hughes
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