The Labor Department reported today that the number of Americans across the nation that applied for unemployment benefits declined in the latest week. Weekly Initial Jobless Claims fell by 21,000 to 323,000, below the 333,000 that was expected. It was the lowest level since late September, but the numbers could be skewed by the Veteran's Day holiday and claims could inch up next week.
Inflation at wholesale level remained tame in October as costs were led lower by declining energy prices. The Producer Price Index fell by -0.2% in October, below the -0.1% expected. Within the report it showed that food costs jumped by 0.8%, the biggest increase since March.
Manufacturing activity in the Philadelphia region declined in November from the preceding months. The Philadelphia Fed Index fell to 6.5 from the 19.8 recorded in October and below the 11.9 that was expected, though positive for six consecutive months. The surveys broadest indicators, for general activity, new orders, shipments and employment were positive, but did slip from the October levels. However, the lower costs don't always filter down to the consumer as companies raise and lower prices for various reasons.
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