Weekly Economic Update: October 21-25, 2013

Oct 28 2013

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Existing home sales fell 1.9% in September to an annual rate of 5.29 million units. The economy added 148,000 nonfarm payroll jobs in September while the unemployment rate edged down to 7.2%. Construction spending increased 0.6% in August. The U.S. trade deficit widened $0.2 billion (0.5%) to $38.8 billion in August. Durable orders increased 3.7% in September. Initial jobless claims fell 12,000 to 350,000 for the week ended 10/19.

• Existing home sales fell 1.9% in September to an annual rate of 5.29 million units.

• The economy added 148,000 nonfarm payroll jobs in September while the unemployment rate edged down to 7.2%. Private payroll rose 126,000 in the month. Total payroll jobs rose a revised increase of 193,000 in August after a downward revision of 93,000 jobs gained in July (net 9,000 jobs revision gain for July and August). The decrease in the unemployment rate was largely due to a decline in the number of available workers, affecting the number of unemployed persons. The labor force increased 73,000 in September after dropping 312,000 in August, leaving the civilian labor force participation rate unchanged at 63.2%, down 0.4 percentage point over the year. The employment-to-population ratio also remained unchanged in September at 58.6%.

• Construction spending increased 0.6% in August.

• The U.S. trade deficit widened $0.2 billion (0.5%) to $38.8 billion in August. Exports fell 0.1% to $189.2 billion while imports were essentially unchanged at $228.0 billion.

• Durable orders increased 3.7% in September. Excluding transportation, durable orders fell 0.1%.

• Initial jobless claims fell 12,000 to 350,000 for the week ended October 19th. Special factors have been easing to bring down initial jobless claims.

 

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