Both US consumer spending and personal income fell more than expected in November. The number of new unemployment insurance applications in the US last week remains high. It was once again shown that the momentum of economic recovery has weakened due to the rapid spread of the new coronavirus infection since autumn.
New unemployment insurance application
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Although the number of applications has decreased, the number of new corona infections has remained about four times that before the pandemic (global epidemic). The 4-week moving average increased slightly, reaching the highest level in about two months. The number of unemployment insurance recipients (week ending 12th) decreased by 170,000 to 5.34 million.
Personal consumption expenditure and income
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Personal income decreased by 1.1% from the previous month. Market forecast is down 0.3%. It reflects some reductions in the support programs introduced in the pandemic.
“The economy is still pretty weak,” said Scott Brown, chief economist at Raymond James Financial. “The level of new unemployment insurance claims suggests that the labor market is still weak,” he said. “We can see the impact of the pandemic during this period. Holiday season shopping is less than usual and travel is also. It’s decreasing. “
Durable goods orders
Orders for durable goods in the US in November increased 0.9% month-on-month, exceeding market expectations (up 0.6%). However, orders for non-defense capital goods (core capital goods), excluding aircraft, which is a leading indicator of capital investment, increased 0.4%, falling short of expectations (up 0.6%). Orders for core capital goods in October were revised upward to 1.6%.
- Statistical table (new unemployment insurance application)
- Statistical table (personal consumption expenditure and income)
- Statistical table (orders for durable goods)
Original title:Jobless Claims, Spending Show U.S. Economy Limping Into Year-End(Excerpt)
(We will update with the details of the three statistics and the economist’s perspective.)
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