MetroIntelligence Economic Update by P. DUFFY
Initial unemployment claims rebound 28,000
In the week ending November 27, initial unemployment claims were 222,000, an increase of 28,000 from the previous week’s revised level. Continued claims during the week ending November 20 were 1,956,000, a decrease of 107,000 from the previous week’s revised level. This is the lowest level for insured unemployment since March 14, 2020 when it was 1,770,000. The total number of continued weeks claimed for benefits in all programs for the week ending November 13 was 2,306,353, an increase of 21,564 from the previous week.
November manufacturing sector index edges up to 61.1 despite labor and supply chain challenges
The November Manufacturing PMI® registered 61.1 percent, an increase of 0.3 percentage point from the October reading of 60.8 percent. Manufacturing performed well for the 18th straight month, with demand and consumption registering month-over-month growth, in spite of continuing obstacles. Meeting demand remains a challenge, due to hiring difficulties and a clear cycle of labor turnover at all tiers.
November consumer confidence index falls 2.1 points to 109.5
Consumer confidence moderated 2.1 points to 109.5 in November, following a gain in October. Expectations about short-term growth prospects ticked up, but job and income prospects ticked down. Concerns about rising prices—and, to a lesser degree –the Delta variant—were the primary drivers of the slight decline in confidence. Although the economic expansion will likely continue into early 2022, both confidence and spending will likely face headwinds from rising prices and a potential resurgence of COVID-19 in the coming months.”