Nonfarm Productivity for the 3rd quarter was revised upwards to a 2.3% increase, against preliminary estimates of a 1.9% increase. Hours increased 1.4% and output increased 3.7%. From the third quarter of 2009 to the third quarter of 2010, productivity increased 2.5% as output increased 4.3% and hours worked rose 1.7%. Nonfarm productivity increased by 3.9% in the first quarter of 2010, revised upward from 2.8%, after increasing by 6.3% and 7.8% in the 4th and 3rd quarters of 2009. Estimates for Unit Labor Costs remained unchanged at a 0.1% decline for the 3rd quarter, from preliminary estimates of a 0.1% decrease, following a 3.7% decrease in the 1stquarter of 2010, revised further downward from the initial 1.3% decline.
ISM Manufacturing Index figures are expected today at 10:00 AM EST. The ISM Manufacturing Index increased to 56.3 in October, following a decrease to 54.4 in September from the 56.3 level in August.
Construction Spending figures are expected today at 10:00 AM EST. Construction Spending increased by 0.5% to $801.7 billion during September. Year over year, construction spending had declined by 10.4% from the September 2009 estimate of $894.8 billion.
Crude inventories are expected today at 10:30 AM EST. For the week ending November 19, U.S. commercial crude oil inventories had increased by 1.0 million barrels from the previous week to 358.6 million barrels and were above the upper limit of the average range for that time of year. U.S. crude oil refinery inputs averaged 14.3 million barrels per day during this period, 9 thousand barrels per day above the previous week’s average. U.S. crude oil imports were averaging 9.0 million barrels per day, up by 1.2 million barrels per day from the previous week.
Upcoming Releases
ISM Manufacturing Index (12/01 at 10:00 AM EST)
Construction Spending (12/01 at 10:00 AM EST)
Construction Spending (12/01 at 10:00 AM EST)
Crude Inventories (12/01 at 10:30 AM EST)
Fed’s Beige Book (12/01 at 2:00 PM EST)
