Each month, our Heritage Investment team publishes a market brief to provide an overview of the major factors influencing the US economy, including a summary of key sectors and the current positives & challenges.
Click Market Brief November 2016 for the November 2016 update.
Here are some key highlights:
o Consumers continue to remain healthy and rounded out the 3rd quarter in September with personal income increasing by 0.3% and consumer spending increasing by 0.5%
o The October ISM Manufacturing Index reading of 51.9 signifies the U.S. economy and manufacturing sector remain in growth territory despite declining new orders and a continued contraction in backlog orders
o Average hourly earnings increased 0.4% in October to bring the year-over-year rate to a recovery peak of 2.8%
o October vehicle sales came in at a very strong annualized 18.3 million to further highlight the strength of the consumer
o October non-farm payrolls added a respectable 161,000 jobs, bringing the year-to-date average to 181,000
o While 3rd quarter annualized GDP growth came in at a solid 2.9%, 1.2 points came from exports which were largely driven by a surge in soybean exports
o Construction related spending declined 0.4% in September for a year-over decline of 0.2%