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Worker Productivity Increases.

Thursday, November 3, 2016 7:48
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Challenger Job-Cut Report (October 2016)

– Announced Layoffs – Level 30,740. Previous was 44,324

Initial Jobless Claims (week ended 10/29/2016)

– New Claims seasonally adjusted 265,000. Previous was 258,000
– New Claims unadjusted, totaled 245,257 an increase of 8,752 from previous
– 4-week Moving Average 257,750. Previous was 253,000

Claims are still low.

Productivity and Costs (3rdQ2016)

– Nonfarm productivity quarter/quarter seasonally adjusted, annualized +3.1%. Previous was -0.2%
– Unit labor costs quarter/quarter seasonally adjusted, annualized +0.3%. Previous was +3.9%

This data has been difficult to understand. Productivity is GDP/hours worked. Productivity could have increased if people in low-productivity jobs (restaurant worker, for example) lost
their jobs.

PMI Services Index (October 2016)

– Level 54.8. Previous was 52.3

Factory Orders (September 2016)

– Factory Orders month/month +0.3%. Previous was +0.4%

ISM Non-Manufacturing Index (October 2016)

– Composite Index 54.8. Previous was 57.1


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