Summary Of the Markets Today:

• The Dow closed up 222 points or 0.67%,
• Nasdaq closed up 1.64%,
• S&P 500 closed up 1.05%, High 4,246: 4,200 = critical resistance level)
• Gold $1,989 down $5.90,
• WTI crude oil settled at $81 down $0.12,
• 10-year U.S. Treasury 4.761% down 0.114 points,
• USD Index $106.67 up $0.010,
• Bitcoin $34,523 up $40,

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for November 2023

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Another weak non-farm private employment gains by ADP in October 2021 that showed job growth at 113,000 (blue line on the graph below). We consider 150,000 the breakeven number of jobs growth to support the working population growth. Lately, there has been almost no correlation between ADP and the BLS monthly employment report (which will be issued this Friday).

Construction spending during September 2023 was 8.7% (red line on the graph below) above September 2022 – 4.8% inflation-adjusted (blue line on the graph below). Despite the higher rates for borrowing, construction spending is growing at a good clip.

The number of job openings changed little at 9.6 million on the last business day of September. Over the month, the number of hires and total separations changed little at 5.9 million and 5.5 million, respectively. Within separations, quits (3.7 million) and layoffs and discharges (1.5 million) changed little. Over the last 12 months, hires and separations have been trending down – but this decline cannot be correlated to either positive or negative employment gains. Job openings, on the other hand, historically have correlated with employment gains – and suggest a continued modest moderation of employment gains.

The ISM Manufacturing PMI registered 46.7% in October 2023, 2.3 percentage points lower than the 49% recorded in September. A Manufacturing PMI^® above 48.7%, over a period of time, generally indicates an expansion of the overall economy. The New Orders Index remained in contraction territory at 45.5%, 3.7 percentage points lower than the figure of 49.2% recorded in September. It is our position that manufacturing has been in a recession for at least a year.

The Federal Reserve FOMC concluded its scheduled meeting today stating that economic activity expanded at a strong pace but inflation remains elevated. They added that “Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.” Therefore, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent.

Here is a summary of headlines we are reading today:

• UK Manufacturing Faces Worst Downturn Since 2008
• Europe’s Renewables Landscape Transforms With Rooftop Solar Adoption
• Researchers Unveil Catalyst To Convert CO2 Into Methane
• What’s Hezbollah’s Next Step?
• U.S. Gasoline Refining Profits Tumble As Demand Weakens
• Shares Of The World’s Top Offshore Wind Firm Drop 20% On Scrapped U.S. Projects
• Stocks rally to start November after Fed decision, Dow gains more than 200 points: Live updates
• Treasury details plans to step up size of bond sales to manage growing debt load and higher rates
• IRS announces 2024 retirement account contribution limits: $23,000 for 401(k) plans, $7,000 for IRAs
• Apple expected to post fourth consecutive quarterly sales decline Thursday
• The Federal Reserve leaves rates unchanged. Here’s what that means for your wallet
• Bond Report: 2-year Treasury yield slips below 5% after Fed delivers another pause in interest rate hikes

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 124 points or 0.38%,
• Nasdaq closed up 0.48%,
• S&P 500 closed up 0.65%, High 4,196: 4,200 = critical resistance level)
• Gold $1,994 down $12.00,
• WTI crude oil settled at $81 down $1.10,
• 10-year U.S. Treasury 4.901% up 0.024 points,
• USD Index $106.65 up $0.530,
• Bitcoin $34,478 down $59,

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for November 2023

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

In August 2023, the CoreLogic S&P Case-Shiller Index increased by 2.6% year over year, the second month of annual increases following two months of annual declines. With the rebound in prices this year, home prices are now up 0.4% compared with the June 2022 peak, but up by 6.4% from the January 2023 bottom. A quote from the Corelogic report:

Persistent mortgage rate increases have put the U.S. housing market in a quagmire, driving home sales activity to the lowest level in 15 years. As of September, year-to-date home sales are trending 22% below last year’s levels and 23% below 2019, according to CoreLogic MLS PIN data. Nevertheless, sales volume may further deteriorate in the coming months as mortgage rates continue to rise. Currently, mortgage rates moving from 3% to 8% wiped out about 36% of homebuyers’ purchasing power. Nevertheless, while existing home sales have slumped, prices have remained remarkably steady.

The Chicago Business Barometer fell -0.1 points to 44.0 from 44.1 in September. It remains below the 48.7 level seen in August but broadly in line with the 2023 average of 44.2. The markets consider the Chicago Business Barometer a peak into the soon-to-be-released ISM manufacturing survey. The current numbers suggest that manufacturing is in a recession in the U.S.

The Conference Board Consumer Confidence Index declined moderately in October to 102.6 (1985=100), down from an upwardly revised 104.3 in September. Dana Peterson, Chief Economist at The Conference Board summarized the reasons for the low confidence:

Write-in responses showed that consumers continued to be preoccupied with rising prices in general, and for grocery and gasoline prices in particular. Consumers also expressed concerns about the political situation and higher interest rates. Worries around war/conflicts also rose, amid the recent turmoil in the Middle East. The decline in consumer confidence was evident across householders aged 35 and up, and not limited to any one income group.

Here is a summary of headlines we are reading today:

• Hedge Funds Bet Big On Uranium Stocks
• U.S. Crude Production Breaks Records
• Gold And Silver Shine As Global Safe Havens
• China’s Economic Woes Weigh On Oil Prices
• Oil Prices Could Test $115 If Hamas-Israel War Escalates Into Regional Conflict
• S&P 500 closes higher Tuesday, but logs first 3-month losing streak since 2020: Live updates
• November is typically the best month of the year for these 4 Dow stocks
• Israel-Hamas war live updates: Dozens of deaths reported in Gaza refugee camp airstrike; Hamas says it clashed with Israeli forces
• Treasury Department announces new Series I bond rate of 5.27% for the next six months
• UAW Strike Ends But Spiking Labor Costs Will Hamper Detroit For Years To Come
• IPO Report: Ares Acquisition Corp., X-energy scrap $1.8B merger due to ‘persistently volatile public markets’

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 511 points or 1.58%,
• Nasdaq closed up 1.16%,
• S&P 500 closed up 1.20%, (Low 4,133: 4,200 = critical resistance level)
• Gold $2,006 up $7.60,
• WTI crude oil settled at $83 down $3.03,
• 10-year U.S. Treasury 4.879% up 0.034 points,
• USD Index $106.12 down $0.440,
• Bitcoin $34,444 down $145,

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for November 2023

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

The Texas Manufacturing Outlook Survey declined in October 2023 but remains in positive growth territory. The production index, a key measure of state manufacturing conditions, posted a second positive reading after four months in negative territory. It edged down to 5.2, a reading that signals a modest pace of output expansion. Other measures of manufacturing activity showed mixed signals this month. The new orders index remained negative and slipped four points to -8.8. Most other of the regional fed’s manufacturing surveys show manufacturing remains in a recession.

 

Here is a summary of headlines we are reading today:

• Oil Prices Plunge 3% as Market Weighs Israeli Attack on Gaza
• China Sees Winter Peak Power Demand Surging By 12%
• Cobalt’s Unexpected Plunge Shocks Global Market
• Uranium Demand Hits Decade High As Nuclear Renaissance Gains Traction
• Weaker Asian Market Could Prompt Saudi Arabia To Halt Oil Price Hikes
• Stocks rebound to start week, Dow rallies 500 points for best day since June: Live updates
• Tesla shares drop 5% on Panasonic battery warning, down 18% since Q3 earnings report
• Shipping industry could lose $10 billion a year battling climate change by 2050
• Israel-Hamas war live updates: Israel confirms a hostage was freed during a ground operation; Netanyahu dubs Hamas hostage video cruel ‘propaganda’
• Saudis On High Alert After Yemen’s Houthis Fire Another Missile At Israel, Fresh Clashes Erupt
• The Ratings Game: McDonald’s set up well for 2024 as digital sales, restaurant growth, ramp up: Wells Fargo

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed down 367 points or 1.12%,
• Nasdaq closed up 0.38%,
• S&P 500 closed down 0.48%, (Low 4,104: 4,200 = critical support level)
• Gold $2,018 up $20.00,
• WTI crude oil settled at $85 up $1.98,
• 10-year U.S. Treasury 4.835% down 0.010 points,
• USD Index $106.54 down $0.060,
• Bitcoin $33,710 down $400,
• Baker Hughes Rig Count: U.S. +1 to 625 Canada -2 to 196

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for October 2023

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Real (inflation adjusted) disposable personal income increased 3.5% year-over-year in September 2023 (down from 3.7% last month). Real personal consumption expenditures (PCE) increased 2.4% year-over-year (little changed from last month’s 2.3%). The PCE price index which is the amount of inflation seen to PCE was 3.4% year-over-year (inflation unchanged from last month).  Overall, the war on inflation was ineffective in September, and there was little signs of economic acceleration in consumer spending (PCE)

 

Here is a summary of headlines we are reading today:

• Oil Prices Set For First Weekly Loss In Three Weeks
• U.S. Oil Drillers Add 1 Rig As Rut Continues
• U.S. Retaliates Following Iranian-Backed Militia Attacks
• Musk’s Mega Rocket Faces Unprecedented Regulatory Delays
• Exxon Misses Profit Forecast Despite Strong Refining Business
• Pharmacy staff from Walgreens, CVS say they’re at a breaking point — here’s what their days look like
• Dow drops more than 350 points to end brutal week, S&P 500 closes in correction territory: Live updates
• JPMorgan Chase stock slips after bank says CEO Jamie Dimon is selling 1 million shares
• Microsoft’s AI boost helped cloud business outpace rivals Amazon and Google in latest quarter
• Ford shares fall 12% after earnings underline worries about costs and EV plans
• Gold Tops $2000 Amid Global Conflict, Govt Chaos

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed down 252 points or 0.76%,
• Nasdaq closed down 1.76%,
• S&P 500 closed down 1.18%, (Low 4,128: 4,200 = critical support level)
• Gold $1,994 down $0.50,
• WTI crude oil settled at $83 down $2.03,
• 10-year U.S. Treasury 4.851% down 0.104 points,
• USD Index $106.67 up $0.140,
• Bitcoin $34,060 down $727,

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for October 2023

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

CoreLogic released its monthly Loan Performance Insights Report for August 2023 showing that 2.6% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 0.2 percentage point decrease compared with 2.8% in August 2022 and a 0.1 percentage point decrease from July 2023. Molly Boesel, principal economist at CoreLogic added:

U.S. mortgage performance remained strong in August, supported by a robust job market and a healthy economy. However, this thriving job market comes at a time when interest rates are quickly rising, which is keeping many potential homebuyers from being able to secure a mortgage.

The advance estimate of 3Q2023 Real gross domestic product (GDP) increased at an annual rate of 4.9 percent  In the second quarter, real GDP increased 2.1 percent. This is a quarter-over-quarter analysis that is intended to show an exaggerated view of economic acceleration. We analyze real GDP on a year-over-year basis to get a clearer view of growth – and it shows the real economy grew at 2.9% year-over-year – up from last quarter’s 2.4%. The economy is expanding which is good news. The increase in real GDP reflected increases in consumer spending, private inventory investment, exports, state and local government spending, federal government spending, and residential fixed investment which were partly offset by a decrease in nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. The implicit price deflator which shows inflation in GDP modestly declined to 3.2% from last quarter’s 3.5% (red line on the graph below).

Inflation adjusted new orders for manufactured durable goods in September 2023 increased to 1.0% year-over-year growth from -3.5% in August. This entire increase came from civilian aircraft which makes durable goods a weak sector if one ignores aircraft.

In the week ending October 21, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 207,500, an increase of 1,250 from the previous week’s revised average. The previous week’s average was revised up by 500 from 205,750 to 206,250.

Pending home sales declined 11.0% year-over-year in September 2023, with pending contracts remaining at historically low levels due to the highest mortgage rates in 20 years.  Lawrence Yun, NAR chief economist noted:

Furthermore, inventory remains tight, which hinders [existing home} sales but keeps home prices elevated. Because of homebuilders’ ability to create more inventory, new-home sales could be higher this year despite increasing mortgage rates. This underscores the importance of increased inventory in helping to get the overall housing market moving.

The Kansas City Fed’s manufacturing activity continued to decline in October 2023, and expectations for future activity stayed mostly flat. The month-over-month composite index was -8 in October, unchanged from September and down from 0 in August.

 

Here is a summary of headlines we are reading today:

• Plastic Waste Becomes Clean Hydrogen Goldmine
• Warren Buffett Snaps Up More Occidental Petroleum
• American Small Reactor Development Suffers From Short Sellers
• Volkswagen’s Q3 Earnings Slump Amid Supply Chain Woes
• Siemens Energy Shares Crash 37% As It Reports Wind Turbine Quality Issues
• Higher Refining Output Lifts Sinopec’s Profit By
• Nasdaq tumbles 1.7% Thursday, descending further into correction territory: Live updates
• Bitcoin mining stocks are rallying, but some are poised for a fall if the cryptocurrency hits this key level
• U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected
• Futures Movers: Oil prices settle at lowest in 2 weeks as volatility tied to Middle East risks prevails
• Earnings Results: Hasbro’s stock is having its worst month since the 1980s as toys sales tumble

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed down 105 points or 0.32%,
• Nasdaq closed down 2.43%,
• S&P 500 closed down 1.43%, (Low 4,187: 4,200 = critical support level)
• Gold $1,992 up $6.10,
• WTI crude oil settled at $85 up $1.52,
• 10-year U.S. Treasury 4.942% up 0.102 points,
• USD Index $106.53 up $0.260,
• Bitcoin $34,731 up $936,

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for October 2023

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Sales of new single‐family houses in September 2023 were 33.9% above September 2022 (blue line on the graph below). The median sales price of new houses sold in September 2023 was down 12.3% year-over-year. (red line on the graph below). The seasonally adjusted estimate of new houses for sale at the end of September was 435,000. This represents a supply of 6.9 months at the current sales rate. New home sales in 2023 remain relatively strong as house sizes have shrunk to maintain affordability.

source: NAHB

 

Here is a summary of headlines we are reading today:

• Hyperloop Technology Gains Momentum With New Freight System
• Libya’s Eastern Govt Calls For Oil Export Embargo For Israel Supporters
• Tensions Escalate As Russia Steps Away From Nuclear Treaty Commitment
• Oil Market Blind-sided By Israel’s War On Hamas
• Oil Ticks Lower On Inventory Build
• S&P 500 falls more than 1% to close below 4,200 for first time since May, Nasdaq notches worst day since February
• World’s Oldest Central Bank Seeking $7 Billion Bailout After Massive Bond Losses
• Mexican Media Magnate Says ‘Buy Bitcoin, Sell Bonds, Reject Inflation’
• Bond Report: Treasury yields end at some of 2023’s highest levels ahead of GDP, inflation data
• Market Snapshot: Nasdaq on pace to enter a correction as tech shares lead U.S. stocks lower after mixed earnings

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 205 points or 0.62%,
• Nasdaq closed up 0.93%,
• S&P 500 closed up 0.73%, (Low 4,227)
• Gold $1,983 down $4.50,
• WTI crude oil settled at $84 down $1.72,
• 10-year U.S. Treasury 4.819% down 0.019 points,
• USD Index $106.23 up $0.700,
• Bitcoin $33,794 up $2,389,

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for October 2023

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

The Richmond Fed manufacturing activity changed little in October 2023 with the composite manufacturing index edging down from 5 in September to 3 in October. Of its three component indexes, shipments edged up from 7 to 9, new orders fell from 3 to −4, and employment remained at 7. Overall, the Regional Fed surveys have been in negative territory for well over one year – and little indication yet this trend will change.

The Ports of Los Angeles and Long Beach – which handles 40% of the USA container traffic – significantly improved in September 2023. Imports increased 17% year-over-year whilst exports increased 16% year-over-year. This was the first year-over-year gain for imports in over one year. This may be a good Christmas for retailers this year based on imports.

 

Here is a summary of headlines we are reading today:

• Freight Broker Bankruptcies Loom As Debt Woes Persist
• Lithium Cermanic Battery Could Reduce Reliance On Critical Materials
• United States Oil ETF Is Once Again World’s Largest Oil Fund
• Toyota’s Solid-State Battery Boasts 745 Miles On A 10 Minute Charge
• Halliburton Q3 Earnings Rise Amid Strong Drilling Demand
• Jamie Dimon rips central banks for being ‘100% dead wrong’ on economic forecasts
• Bitcoin just broke above a key resistance level. Here’s what chart analysts say happens next
• Is The 6% Fee For Selling A House About To Get Trashed?
• Car workers’ strike costing GM $200m a week

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed down 191 points or 0.58%,
• Nasdaq closed up 0.27%,
• S&P 500 closed down 0.17%, (Low 4217)
• Gold $1,993 down $11.60,
• WTI crude oil settled at $86 down $2.18,
• 10-year U.S. Treasury 4.857% down 0.067 points,
• USD Index $105.64 down $0.520,
• Bitcoin $31,367 up $1,521,

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for October 2023

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

My favorite coincident indicator of the economy – The Chicago Fed National Activity Index three-month moving average, CFNAI-MA3, moved up to a neutral value in September 2023 from –0.14 in August. This means the economy expanded at its historical rate of growth. All four broad categories of indicators used to construct the
index increased, with two categories making positive contributions in September whilst the other two remained in negative territory.

 

Here is a summary of headlines we are reading today:

• How Australia Became The World’s Most Volatile Power Market
• Rising Interest Rates Pose Challenges For Gold And Oil
• No More Oil Hedging For Hess After $53B Chevron Acquisition
• German Coal Plants May Have To Remain On Standby Longer Than Planned
• Oil Prices Slide As Diplomatic Efforts Bear Fruit In Gaza
• Bill Ackman covers bet against Treasurys, says ‘too much risk in the world’ to bet against bonds
• Intel stock drops on report Nvidia is working on an Arm-based PC chip
• Nasdaq snaps four days of losses as 10-year Treasury yield retreats from 5%: Live updates
• ‘Marvel’s Spider-Man 2′ video game breaks PlayStation Studios’ 24-hour sales record
• “Worse Is To Come” – Home Sales Slide Far From Over As Goldman Sees “Sustained Higher Mortgage Rates”

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed down 287 points or 0.86%,
• Nasdaq closed down 1.53%,
• S&P 500 closed down 1.26%,  (Low 4224)
• Gold $1,994 up $13.10,
• WTI crude oil settled at $89 down $0.35,
• 10-year U.S. Treasury 4.918% down 0.007 points,
• USD Index $106.18 down $0.080,
• Bitcoin $29,548 up $776,
• Baker Hughes Rig Count: U.S. +2 to 624 Canada +5 to 198

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for October 2023

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

No releases today

Here is a summary of headlines we are reading today:

• Aluminum Prices Swing Amid U.S.-EU Tariff Talks
• Aluminium Demand Gets Boost From Backlog In Aircraft Production
• Top U.S. Oil ETF Gets Largest Inflows Since 2020 As Oil Prices Surge
• The U.S. Is Running Out Of Ways To Influence Oil Prices
• Dow closes nearly 300 points lower after 10-year Treasury yield tops 5% for the first time since 2007: Live updates
• Nike is among the most overbought stocks in the S&P 500. Here are the others
• Stocks making the biggest moves midday: SolarEdge, Regions Financial, Merck and more
• As mortgage rates hit 8%, home ‘affordability is incredibly difficult,’ economist says
• “Al Capone Style”: Musk Reveals “We Unloaded Entire Drum of Tommy Gun” Into Cybertuck
• Market Snapshot: U.S. stocks drop, putting S&P 500 on track for worst week in a month after rise in Treasury yields, oil prices

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed down 251 points or 0.75%,
• Nasdaq closed down 0.96%,
• S&P 500 closed down 0.85%,
• Gold $1,988 up $20.10,
• WTI crude oil settled at $90 up $2.16,
• 10-year U.S. Treasury 4.977% up 0.005 points,
• USD Index $106.21 down $0.350,
• Bitcoin $28,768 up $502,

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for October 2023

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Today’s Economic Releases Compiled by Steven Hansen, Publisher:

The October 2023 Philadelphia Fed’s Manufacturing Business Outlook Survey shows general activity remained negative, while new orders and shipments were positive but low. The employment index turned positive, and both price indexes indicate overall increases in prices. Manufacturing remains in a recession in the USA.

In the week ending October 14, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 205,750, a decrease of 1,000 from the previous week’s revised average. The previous week’s average was revised up by 500 from 206,250 to 206,750.

Existing home sales in September 2023 declined 15.4% from one year ago (blue line on the graph below). The median existing-home sales price grew 2.8% from one year ago to $394,300 but has been declining for the last three months (red line on the graph below). The inventory of unsold existing homes is equivalent to 3.4 months’ supply at the current monthly sales pace.

The Conference Board Leading Economic Index (LEI) for the U.S. declined by 0.7 percent in September 2023 to 104.6 (2016=100), following a decline of 0.5 percent in August. The LEI is down 3.4 percent over the six-month period between March and September 2023, an improvement from its 4.6 percent contraction over the previous six months (September 2022 to March 2023). Note that the Conference Board is still forecasting a recession. Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board stated:

The LEI for the US fell again in September, marking a year and a half of consecutive monthly declines since April 2022. In September, negative or flat contributions from nine of the index’s ten components more than offset fewer initial claims for unemployment insurance. Although the six-month growth rate in the LEI is somewhat less negative, and the recession signal did not sound, it still signals risk of economic weakness ahead. So far, the US economy has shown considerable resilience despite pressures from rising interest rates and high inflation. Nonetheless, The Conference Board forecasts that this trend will not be sustained for much longer, and a shallow recession is likely in the first half of 2024.

 

Here is a summary of headlines we are reading today:

• Groundbreaking Dual-Purpose Batteries Store Energy And Capture CO2
• Drone Attacks Syrian Gas Field as Israel Conflict Escalates
• Most Americans Wouldn’t Buy An Electric Vehicle
• Musk Expresses Uncertainty About Cybertruck’s Production And Profitability
• Venezuela Could Boost Oil Production By 25% After U.S. Eases Sanctions
• Powell says inflation is still too high and lower economic growth is likely needed to bring it down
• U.S. State Department issues ‘worldwide caution’ alert as tensions in the Middle East soar
• Dow closes more than 200 points lower as 10-year Treasury yield nears 5%: Live updates
• 10-year Treasury yield hovers near 16-year high as Powell talks inflation, economy
• Oil Surges After Report US Destroyer Shoots Down Multiple Houthi Missiles
• Economic Report: Defense spending boosts economy as U.S. mulls more aid for Ukraine and Israel

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.