shutdown reports for week ending November 8

Agency economic reports that were scheduled to be released this week but not completed due to the shutdown included the Employment Situation Summary for October and the Job Openings and Labor Turnover Survey (JOLTS) for September, both from the Bureau of Labor Statistics, and the three September reports that would typically be released during the first week of November; the Commerce Department’s report on our International Trade for September, the September report on Construction Spending (pdf) and the Full Report on Manufacturers’ Shipments, Inventories and Orders for September, both from the Census Bureau…

The week did see the Consumer Credit Report for September from the Fed, which reports on non-real estate consumer borrowing, and which indicated consumer credit outstanding grew by a seasonally adjusted $13.1 billion in September, or at a 3.1% annual rate, as non-revolving credit grew at an 3.7% rate to $3,745.4 billion, while revolving credit outstanding grew at a 1.5% rate to $1,306.9 billion.…during the third quarter, consumer credit increased at a seasonally adjusted 2.7% rate, as revolving credit increased at a 2.0% annual rate, while nonrevolving credit increased at an 2.9% annual rate….

Privately issued reports which were unaffected by the shutdown and released on time included the ADP Employment Report wherein the national payroll processor reported an increase of 42,000 private sector jobs, the light vehicle sales report for October from Wards Automotive, which estimated that vehicles sold at a 15.30 million annual rate in October, down from the 16.72 million annual sales rate reported for September, and down from the 16.04 million annual sales rate of October a year ago, and both of the widely followed purchasing manager’s surveys from the Institute for Supply Management (ISM) for October: the October Manufacturing Report On Business indicated that the manufacturing PMI (Purchasing Managers Index) fell to 48.7% in October, down from 49.1% in September, which indicates that a slightly larger plurality of manufacturing purchasing managers reported worse conditions in various facets of their business in October than a month earlier, and the October 2024 Services Report On Business reported their Services PMI rose to 52.4%, up from 50.0% in September and the highest reading since July 2022, indicating that a modest plurality of service industry purchasing managers reported improvement in various facets of their business in October than the month before, when there was an even balance between service industry purchasing managers who reported improvement in various facets of their business in September and those who reported deteriorating business conditions…

 

 

(the above is the synopsis that accompanied my regular sunday morning news links emailing, which in turn was mostly selected from my weekly blog post on the global glass onion…if you’d be interested in receiving my weekly emailing of selected links, most of which are chosen from the aforementioned GGO posts, contact me…)