US unemployment down to 264k, Industrial Production up by 1% percent.
US unemployment figures are down by 13,000 from 287,000 week ending 11 October. The figure is released weekly, 5 days after the week ends, therefore the last seven days, which has seen turbulence for the US economy are not factored in. Though these figures are viewed as a lagging indicator, they give an indication of the economic health of the nation.
The Department of Labour is the source of this figure. The forecast was to follow the trend set for the last month, by shaving a thousand off the previous week’s figure. Thirteen thousand, as the US Department of Labour reports, ‘is the lowest level for initial claims since April 15, 2000 when it was 259,000.’
Industrial Production monthly figures are more important as an indicator, in terms of reacting to the business and industry cycles, determining the change in value of output from manufacturers, mines and utilities. The Federal Reserve correlates the figures. The forecast was positive from last month’s -0.1 percent, predicting a rise to 0.4 percent. The result was based on a 3.9% increase for utilities, mining was up by 1.8% gain and a 0.5% improvement was recorded for manufacturing output. The industrial production figures are released monthly, about 16 days after the month ends.