3rd Quarter Productivity Jumps to 9.5% - The Labor Department estimated Thursday that companies increased their output in the third quarter to a 9.5% annual rate in the quarter even with some working hours being cut thus driving productivity. Unit labor costs fell at a 5.2% annual rate in the quarter (unit labor costs can be a predictor of future inflation) and was greater than expected. The jump to the 9.5% increase in productivity was the highest in six years and much more than economists estimated. In manufacturing, the gains were even more impressive with productivity surging at a record 13.6% annual rate and unit labor costs falling 7.1%.
Initial Jobless Claims Fall - The Labor Department reported that filing for initial claims for state unemployment benefits fell by 20,000 to a seasonally adjusted 512,000 which is the lowest since January. Initial jobless claims have been above 500,000 for 51 straight weeks. Continuing state claims fell by 68,000 to a seasonally adjusted 5.75 million which is the lowest since March. The number of people claiming benefits of any kind in the week ending Oct. 17 was 9.53 million (not seasonally adjusted) up 136,000 from 9.36 million in the previous week.
ECB Holds Rate at 1%, Trichet Comments on Economy - The European Central Bank (ECB) on Thursday left its key lending rate unchanged at 1%, as expected.
ECB President Jean-Claude Trichet said Thursday at his monthly news conference re-stocking of depleted inventories, a recovery in exports and aggressive stimulus measures should provide support for the euro-zone economy. Trichet said interest rates remain "appropriate." Trichet said inflation expectations remain "firmly anchored" in line with the ECB's annual target near but just below 2%. Trichet said the economy is set to recover at a "gradual pace" in 2010, while risks to the economic outlook remained "broadly balanced."
BOE Expands Asset Purchase Plan, Holds Rates - The Bank of England's (BOE) Monetary Policy Committee on Thursday expanded its asset-purchase program by 25 billion pounds ($41 billion) to a total of 200 billion pounds. As expected, the bank left its key lending rate unchanged at a record low 0.5%, where it has stood since March.
How Ford Is Making Its Comeback - By Paul Ingrassia - The Wall Street Journal - "A year ago, Ford Motor Co. steered clear of the auto industry's version of the 'public option.' You know, a government-funded bankruptcy. Maybe the decision wasn't entirely altruistic. Plan B, as in bankruptcy, would have ended more than a century of Ford family control.
Whatever the motives, Ford chose a private solution for regaining its corporate health, and today the patient is walking without a government crutch. Last week Consumer Reports gave the company quality ratings comparable to those of Honda and Toyota..."
Retail Sales Figures - Source CNBC
Initial Jobless Claims Fall - The Labor Department reported that filing for initial claims for state unemployment benefits fell by 20,000 to a seasonally adjusted 512,000 which is the lowest since January. Initial jobless claims have been above 500,000 for 51 straight weeks. Continuing state claims fell by 68,000 to a seasonally adjusted 5.75 million which is the lowest since March. The number of people claiming benefits of any kind in the week ending Oct. 17 was 9.53 million (not seasonally adjusted) up 136,000 from 9.36 million in the previous week.
ECB Holds Rate at 1%, Trichet Comments on Economy - The European Central Bank (ECB) on Thursday left its key lending rate unchanged at 1%, as expected.
ECB President Jean-Claude Trichet said Thursday at his monthly news conference re-stocking of depleted inventories, a recovery in exports and aggressive stimulus measures should provide support for the euro-zone economy. Trichet said interest rates remain "appropriate." Trichet said inflation expectations remain "firmly anchored" in line with the ECB's annual target near but just below 2%. Trichet said the economy is set to recover at a "gradual pace" in 2010, while risks to the economic outlook remained "broadly balanced."
BOE Expands Asset Purchase Plan, Holds Rates - The Bank of England's (BOE) Monetary Policy Committee on Thursday expanded its asset-purchase program by 25 billion pounds ($41 billion) to a total of 200 billion pounds. As expected, the bank left its key lending rate unchanged at a record low 0.5%, where it has stood since March.
How Ford Is Making Its Comeback - By Paul Ingrassia - The Wall Street Journal - "A year ago, Ford Motor Co. steered clear of the auto industry's version of the 'public option.' You know, a government-funded bankruptcy. Maybe the decision wasn't entirely altruistic. Plan B, as in bankruptcy, would have ended more than a century of Ford family control.
Whatever the motives, Ford chose a private solution for regaining its corporate health, and today the patient is walking without a government crutch. Last week Consumer Reports gave the company quality ratings comparable to those of Honda and Toyota..."
Retail Sales Figures - Source CNBC
| Retailers | October 2009 Same-Store Sales Est. | October 2009 Same-Store Sales Actual |
| Costco Wholesale (total sales) | 4.7% | 5.0% |
| Target | Breakeven | (0.1%) |
| BJ's Wholesale | (0.3%) | 3.5% |
| JCPenney | (2.3%) | (4.5%) |
| Kohl's | 6.2% | 1.4% |
| Dillards | (8.0%) | (8.0%) |
| JW Nordstrom | 3.0% | 6.5% |
| Saks | (3.6%) | 0.7% |
| Macy's | (0.1%) | (0.8%) |
| Gap | 1.6% | 4.0% |
| TJX | 10.1% | 10% |
| Limited | (2.7%) | (4.0%) |
| Ross Stores | 7.3% | 9% |
| Stein Mart | (6.5%) | (4.9%) |
| Abercrombie | (14.7%) | (15%) |
| American Eagle | 1.7% | (5%) |
| Children's Place | (3.1%) | (2.0%) |
| Aeropostale | 13.8% | 3% |
| Hot Topic | (3.5%) | (2.6%) |
| Wet Seal | (7.8%) | (1.3%) |
| The Buckle | 5.3% | 4.3% |
| Zumiez | (6.7%) | (8.9%) |
| Walgreen | 4.8% | 4.9% |
| Rite Aid | 0.1% | (0.5%) |
source: Thomson Financial, Company reports. Figures in parenthesis are losses. |
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