A new round of data from the federal government on Wednesday showed jobless claims went up a little bit for the week, with 2,000 more people applying for unemployment for a seasonally adjusted 393,000 while consumer spending rose 0.1 percent in October, which was less than the 0.7 percent gain in September. According to the Associated Press, "It's the second increase in six weeks. The four-week average fell to 394,250. That's the eighth drop in the past nine weeks." Incomes, meanwhile, rose 0.4 percent in October. And orders for durable goods fell 0.7 percent in October, the second monthly drop in a row, thanks mostly to declining aircraft orders. But that wide-ranging statistic includes some more nuanced information, the AP reports. "Orders for core capital goods, considered a good proxy for business investment spending, dropped 1.8 percent, the biggest decline since a 4.8 percent fall in January," it reported. But "excluding transportation, durable goods orders posted a 0.7 percent increase. This gain reflected increases in such areas as primary metals such as steel and heavy machinery."
This article is from the archive of our partner The Wire.