- Openings recover modestly after two months of decline, remaining well below 2022 high.
- Hiring reverses most of earlier increase as two years of downward momentum continues.
- Job separations approach four-year low.
USA| Oct 01 2024U.S. JOLTS: Job Openings Increase in August but Hiring Declines
by:Tom Moeller
|in:Economy in Brief
- The headline index was below the boom-bust 50 level for sixth consecutive month.
- New orders and production indexes increased but remained below 50.
- The employment index fell to further below 50.
by:Sandy Batten
|in:Economy in Brief
USA| Oct 01 2024U.S. Construction Spending Unexpectedly Eases in August, the Third Straight M/M Decline
- August construction spending -0.1% m/m (+4.1% y/y); July and June revised down.
- Residential private construction -0.3% m/m, led by a 1.5% decline in single-family building.
- Nonresidential private construction -0.1% m/m, down for the second successive month.
- Public sector construction +0.3% m/m, led by a 1.6% rebound in residential public building.
- Gasoline prices remain at seven-month low.
- Crude oil costs reverse most of earlier gain.
- Natural gas prices rise further.
by:Tom Moeller
|in:Economy in Brief
Japan| Oct 01 2024Tankan Shows Steady MFG Reading in Q3
Japan’s Tankan for 2024-Q3 scored a +13.0 for large manufacturing firms, the same as in Q2. Large manufacturing firms are the bellwether reading for this survey. However, there also was an improvement for nonmanufacturing firms in Q3.
There is also a look ahead reading for Q4 in the survey. Again, on this basis, the large manufacturers log a reading of +14, the same as in Q3. Nonmanufacturers show a one-point improvement in their outlook.
The percentile standing data show large manufacturers have a 69.3 percentile standing in Q3. Nonmanufacturing firms are stronger with a 98.7 percentile standing. The outlook shows manufacturing firms at a 76-percentile standing with nonmanufacturing firms at a 100% percentile range standing – at their strongest standing on data back to 2006.
Across the various detailed nonmanufacturing sectors, six of these sectors have rankings in their 90th percentile. The sector, taken as a whole, has a 97.1 percentile standing. Personal services have a ranking only in its 50.7 percentile. Construction has a 65.3 percentile standing.
None of the Tankan sector readings are weak. The industry series are essentially at their medians or better- personal services is essentially a median reading. All nonmanufacturing industries except wholesaling and personal services are above their respective one-year averages. Manufacturing also is above its one-year average.
- Consumer & government spending growth should moderate next year.
- Housing activity & vehicle sales are projected to improve.
- Price inflation is forecast to cool further in 2025, after slowing this year.
by:Tom Moeller
|in:Economy in Brief
USA| Sep 30 2024Texas Manufacturing Activity Less Negative in September, w/ Expectations Remaining Positive
- General business activity -9.0 in Sept. vs. -9.7 in Aug., having been negative since May ’22.
- Future general business activity 11.4 vs. 11.6, the fourth straight positive reading.
- Company outlook (-6.4, highest reading since Apr.); new orders growth (-8.6, negative for five successive mths.); and new orders (-5.2, negative for seven straight mths.).
- Production (-3.2, second contraction in three mths.) vs. Employment (2.9, second expansion in three mths.).
- Prices received index dips to 8.4 from 8.5; prices paid index falls 10.0 pts. to a five-month-low 18.2.
USA| Sep 30 2024U.S. Chicago Business Barometer Edges Higher in September
- Quarterly level is highest this year.
- Employment & order backlog indexes rise; new orders & production ease.
- Prices paid index surges to over one-year high.
by:Tom Moeller
|in:Economy in Brief
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