Weekly initial jobless claims rose to 231,000 last week from 218,000 the prior week. The four-week moving average now stands at 220,225. The number of continuing claims, at 1.865 million, was the highest it has been in two years.
Manufacturing output fell more than expected
The manufacturing component of Industrial Production fell 0.7% in October, a larger than expected drop. Along with the increase in new unemployment claims, it gives credence to the idea that there’s been some slowing in the economy.
Philadelphia Fed: Regional manufacturing contraction continues
The Philadelphia Fed Manufacturing Business Outlook index remained negative in November, which indicates an outlook for contraction in manufacturing in the area under the Philadelphia Fed’s jurisdiction. But at -5.90, the index was the least negative it’s been since August 2022.
Import prices fell 0.8% last month
The Import Price Index dropped 0.8% in October and fell 2.0% year over year. Much of the decline was attributable to lower fuel costs.
State of the market
This morning, the Dow traded down and Treasury yields were down relative to Wednesday morning.
Friday, Nov. 17
Housing Starts/Building Permits
There are no auctions of Treasury notes or bonds this week.
By Mike Kraft, Executive Director and Commercial Real Estate Treasurer for Commercial Banking
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