U.S. September consumer credit falls $14.8B, Fed says Nov 6, 2009 03:01PM

U.S. September consumer credit falls $14.8B, Fed says


Unemployment Rate Tops 10%, Are We Peaking Yet? Nov 6, 2009 10:45AM

The unemployment rate jumped above 10 percent for the first time since 1983 in October according to the Labor Department.

Employers cut another 190,000 jobs in the last month pushing the unemployment rate to 10.2 percent, from the 9.8 percent rate in September. The job losses in October saw an improvement over the 219,000 reported in September, however higher than the economist's estimate of 175,000.

Economists had been expecting the unemployment rate to reach above the 10 percent mark before working back down. However the jump from September to October shows that employers are showing no immediate signs of slowing cost cuts.

The pending holiday shopping season will indicate whether consumers are going to be able to handle the high unemployment rate and go out to spend money, while the risk of job loss is evident.

The sustainability of an economic turnaround hinges on the strength of consumer spending.

There are now a record 5.6 million people that have been unemployed for six months or longer with the average time unemployed for those without jobs has reached 26.9 weeks. Thursday, Congress voted to extend unemployment benefits by up to 20 weeks.

The move to 10.2 percent in October is ahead of the pace that economists have forecasted.

Art Hogan, market analyst for Jefferies told StreetInsider.com that that important thing to note is the revised numbers tells another story, in that there have been 90,000 jobs revised from the past two months.

"The three month moving average of the nonfarm payroll number has gone from 220,000 down to 187,000, so we are moving in the right direction," Hogan said. "At the end of the day people don't think that 10.2 in the October month is going to get us to 11 in 2010. It probably peaks out at 10.5"

Stock markets is slighlty lower on the day, with the Dow down 0.4 percent at last check


Sept. Wholesale Inventories: -0.9%, vs. Consensus of -1% Nov 6, 2009 10:00AM

Wholesale inventories for September come in at -0.9%, vs. the consensus of -1%


Gold advances to a new record $1,097.75 an ounce in London Nov 6, 2009 08:40AM

Gold advances to a new record $1,097.75 an ounce in London


October Change in Nonfarm Payrolls: -190K, vs. Consensus of -175K; Unemployment Rate is 10.2% Nov 6, 2009 08:30AM

The change in nonfarm payrolls for October comes in at -190,000, vs. the consensus of -175,000

Change in manufacturing payrolls for the month com in at -61,000, vs. the consensus of -42,000

Unemployment rate comes in at 10.2%, vs. the consensus of 9.9%


More Economic Data

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Nov 5, 2009 11:31AM Third Quarter Productivity Surges
Nov 5, 2009 10:31AM EIA says US natural-gas stockpiles rose 29 bcf last week
Nov 5, 2009 10:20AM Fannie Mae (FNM) Announces Deed for Lease Program For Homeowners Facing Foreclosure
Nov 5, 2009 08:30AM Initial Jobless Claims: 512K, vs. Consensus of 522K; Continuing Claims: 5.749M
Nov 5, 2009 08:30AM Nonfarm Productivity for Q3: 9.5%, vs. Consensus of 6.5%
Nov 5, 2009 07:46AM ECB keeps rates unchanged at 1%
Nov 5, 2009 07:45AM ECB leaves benchmark interest rate unchanged at 1%
Nov 5, 2009 07:01AM BOE Keeps Rates Unchanged at 0.5%
Nov 4, 2009 05:03PM Fed Sticks With Easy Money, Would Take Drastic Inflation or Growth To Force Their Hand
Nov 4, 2009 02:22PM FOMC Statement for 11/04: Fed to Keep Rates 'Exceptionally Low' for 'Extended Period'
Nov 4, 2009 02:20PM Fed to keep rates 'exceptionally low' for an 'extended period'
Nov 4, 2009 10:31AM EIA: Crude Oil Inventories Fell 3.94M Barrels, Distillate Inventories Fell 378K, Gasoline Inventories Fell 287K
Nov 4, 2009 10:22AM ADP Report Shows That While Jobs Losses Continue, They are Slowing (Update)
Nov 4, 2009 10:00AM October ISM Non-Manufacturing: 50.6, vs. Consensus of 51.5
Nov 4, 2009 08:16AM ADP Employment Change for October: Down 203K, vs. Consensus of Down 198K
Nov 4, 2009 07:01AM Mortgage Applications Up 8.2% Last Week, Versus Prior of Down 12.3%
Nov 3, 2009 10:00AM Sept. Factory Orders: 0.9%, vs. Consensus 0.8%
Nov 2, 2009 12:14PM Key Manufacturing and Housing Reports Boost Stocks
Nov 2, 2009 10:02AM Sept. Construction Spending Up 0.8%, vs. Consensus of Down 0.2%
Nov 2, 2009 10:01AM Sept. Pending Home Sales Up 6.1%, vs. Consensus 0.0%
Nov 2, 2009 10:00AM ISM Manufacturing for October: 55.7, vs. Consensus 53
Oct 30, 2009 02:29PM Sentiment Slips as Consumer Fears Remain Apparent
Oct 30, 2009 09:55AM Oct. UofM Consumer Confidence: 70.6, vs. Consensus 70
Oct 30, 2009 09:45AM Chicago PMI for October: 54.2, vs. Consensus 49
Oct 30, 2009 08:32AM Sept. PCE Deflator: -0.5%; PCE Core: 0.1%
Oct 30, 2009 08:31AM Sept. Personal Income: 0.0%, Personal Spending -0.5%
Oct 30, 2009 07:23AM White House says 650,000 jobs were created or saved by $150 billion in stimulus funds - CNN
Oct 29, 2009 10:30AM EIA Says Natural-Gas Stockpiles Rose 25bcf Last Week
Oct 29, 2009 08:54AM Third Quarter GDP of 3.5% Surprises To the Upside
Oct 29, 2009 08:32AM Initial Claims: 530K, vs. Consensus of 525K; Continuing Claims: 5.797M
Oct 29, 2009 08:30AM Q3 GDP: Up 3.5%, vs. Consensus of 3.2%
Oct 28, 2009 03:05PM NY Fed Adviser:Good Chance FOMC May Change Rate Language Next Wk - Dow Jones
Oct 28, 2009 10:31AM EIA: Crude Oil Inventories Rose 778K, Gasoline Inventories Rose 1.62M, Distillate Inventories Fell 2.13M
Oct 28, 2009 10:00AM Sept. New Home Sales: 402K, vs. Consensus 440K, Down 3.6%
Oct 28, 2009 09:24AM Goldman Sachs Lowers US GDP Forecast from 3% to 2.7%
Oct 28, 2009 08:30AM Sept. Durable Goods Orders: 1%, Inline with the Street; 0.9% Ex-Transportation
Oct 28, 2009 07:01AM MBA Mortgage Applications Down 12.3%, Versus 13.7% Drop Last Week
Oct 27, 2009 10:01AM Richmond Fed Manufacturing Index for October: 7, vs. Consensus of 14
Oct 27, 2009 10:01AM US Consumer Confidence for October: 47.7, vs. Consensus of 53.5
Oct 27, 2009 09:00AM S&P/CaseShiller Home Price Index for August: 146, Up 1% from July
Oct 23, 2009 10:15AM New York State Home Sales and Prices Rise In Q3
Oct 23, 2009 10:00AM Existing Home Sales for Sept.: 5.57M, vs. Consensus of 5.35M; Up 9.4%
Oct 23, 2009 08:33AM Bernanke Speech On Financial Regulation and Supervision after the Crisis
Oct 22, 2009 10:30AM EIA Says US Natural-Gas Stockpiles Rose 18bcf Last Week
Oct 22, 2009 10:02AM Leading Indicators for Sept.: 1%, vs. Consensus of 0.8%
Oct 22, 2009 10:01AM August House Price Index: Down 0.3%, vs. Consensus Up 0.3%
Oct 22, 2009 08:30AM Initial Jobless Claims: 531K, vs. Consensus 515K; Continuing Claims: 5.923M
Oct 21, 2009 02:06PM Fed's Beige Book from Oct. 21
Oct 21, 2009 10:31AM EIA: Crude Oil Inventories Rose 1.31M Barrels, Gasoline Inventories Fell 2.21M, Distillate Inventories Fell 784K
Oct 20, 2009 08:32AM September Housing Starts: 590K, vs. Consensus of 610K
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