Initial Claims decreased to 407,000, the lowest level since July 2008, for the week ending 11/20, against the expected decrease to 432,000, after increasing to 441,000, the revised level for the previous week. The 4-week moving average decreased to 436,000 from the previous week’s revised average of 443,500. Seasonally adjusted insured unemployment from the prior week, ending on 11/13, was 4,182,000, a decrease of 142,000 from the preceding week’s revised level of 4,324,000. Seasonally adjusted insured unemployment rate from the week ending on 11/13, was 3.3%, a decrease of 0.1% from the previous week’s unrevised figure of 3.4%.
Personal Income increased 0.5%, by $57.6 billion in October to $12,676.9 billion seasonally adjusted at annual rates, against the expected 0.4% increase, after remaining unchanged in September. Net of taxes Disposable Personal Income increased 0.4%, by $48.3 billion, to $ 11,482.3, after decreasing by 0.2% in September. Personal Consumption Expenditures increased by $44.0 billion, or 0.4%, lower than the expected 0.5% increase, after increasing by 0.3% in September. With the rate of income growth higher than the rate of spending, the Personal Savings Rate increased to 5.7% of disposable income, after increasing to 5.6% in September, originally reported at 5.3%.
Durable Orders decreased by 3.3% or $6.8 billion, during October to $196.0 billion, against the expected 0.1% increase. This decrease, down two of the last three months, followed a 5.0% increase in September. It was the highest such decline since demand fell 8% in January 2009. Excluding transportation, new orders decreased 2.7%, the largest decrease since March last year. Excluding defense, new orders decreased 2.1%. Transportation equipment, also down two of the last three months, had the largest decrease, $2.9 billion or 5.2% to $52.3 billion. This was led by defense aircraft and parts, which decreased $1.6 billion.
New Home Sales for October are expected today at 10:00 AM EST to increase to a 313,000 annual pace, after increasing to an annual pace of 307,000 homes in September with a median sales price of $223,800 and an average sales price of $257,500.
Crude inventories are expected today at 10:30 AM EST. For the week ending November 12, U.S. commercial crude oil inventories had decreased by 7.3 million barrels from the previous week to 357.6 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, 217 thousand barrels per day above the previous week’s average. U.S. crude oil imports were averaging 7.9 million barrels per day, down by 225 thousand barrels per day from the previous week.
Upcoming Releases
New Home Sales (11/24 at 10:00 AM EST)
Crude Inventories (11/24 at 10:30 AM EST)
Consumer Confidence (11/30 at 10:00 AM EST)
Non-Farm Productivity (12/01 at 8:30 AM EST)
