Monday Market Rundown
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Here’s our Monday rundown of the economic news released last week:
Employment. The unemployment rate fell to 7.7 percent in November as the economy created 146,000 jobs that month. Job growth for September and October was revised slightly to show 49,000 fewer jobs were created in those months.
Unemployment Benefits. The number of Americans filing for unemployment benefits for the first time fell by 25,000 for the week that ended Dec. 1. The four-week average of first-time claims was up 2,250.
Employee Productivity. The productivity of U.S. workers increased 2.9 percent in the third quarter, the largest increase in three years. Productivity over the last year has slowed from the previous two years though, which could indicate hiring will begin rise more significantly.
Construction Spending. Driven by a three percent increase in housing construction, overall construction spending in the country increased by 1.4 percent in October.
Factory Orders. Orders for factory goods increased 0.8 percent in October.
Manufacturing Surveys. The Institute for Supply Management’s index of manufacturing activity fell to 49.5, which indicates the sector is contracting, but the Markit Economics purchasing managers’ index increased from 51 to 52.8, which indicates the manufacturing sector is expanding slightly.