U.S. non-manufacturing PMI falls greatly, filing for unemployment benefits increased
Topics: U.S. MANUFACTURING UNEMPLOYMENT BENEFITS
It was the lowest reading since August 2016.
The New Orders Index slumped 6.6 points from the previous month to 53.7, the lowest since August 2016, and the Employment Index dropped 2.7 points to 50.4, the weakest since February 2014.
In addition, the Business Activity Index decreased 6.3 points to 55.2, while the Prices Index rose 1.8 points to 60.0.
The 13 non-manufacturing industries reporting growth in September are: Utilities; Retail Trade; Construction; Mining; Agriculture, Forestry, Fishing and Hunting; Accommodation and Food Services; Public Administration; Management of Companies and Support Services; Finance and Insurance; Transportation and Warehousing; Information; Health Care and Social Assistance; and Professional, Scientific and Technical Services.
The four industries reporting a decrease are: Educational Services; Other Services; Real Estate, Rental and Leasing; and Wholesale Trade."
The number of Americans filing for unemployment benefits increased 4 thousand to 219 thousand in the week ended September 28th from the previous week’s revised level of 215 thousand and compared with market expectations of 215 thousand.
Jobless claims hit the highest level since the week ended August 31st.
The 4-week moving average was 212,500, unchanged from the previous week's revised average.
The previous week's average was revised up 500 from 212,000 to 212,500.
According to unadjusted data, the biggest rises were reported in Ohio (+2,179); Iowa (+687) and Pennsylvania (+493) while the largest decreases were seen in California (-1,511); Kansas (-1,371) and Florida (-828).
The advance seasonally adjusted insured unemployment rate was 1.1 percent for the week ending September 21, unchanged from the previous week's unrevised rate.
The advance number for seasonally adjusted insured unemployment during the week ending September 21 was 1,651,000, a decrease of 5,000 from the previous week's revised level.
The previous week's level was revised up 6,000 from 1,650,000 to 1,656,000.
The 4-week moving average was 1,661,500, a decrease of 5,750 from the previous week's revised average.
The previous week's average was revised up 1,500 from 1,665,750 to 1,667,250. ■