MBA Purchase Applications 441.8
Econoday reports: The Mortgage Bankers purchase index, which tracks home buying in the U.S., slipped off year highs in the November 28 week, down 3.9 percent to 441.8. The refinancing index, which jumped sharply last week, fell back 20 percent to 2100.0.
Nonfarm Productivity +9.4%
Unit Labor Costs -5.8%
Econoday reports: As expected, third quarter productivity soared by a revised 9.4 percent, up from the original estimate of 8.1 percent. The growth in nonfarm productivity is the strongest since the second quarter of 1983, when it rose 9.7 percent. When compared with last year, productivity was up 5.0 percent. Manufacturing productivity increased 9.0 percent in the third quarter. In durable goods industries, productivity rocketed 14.8 percent. In nondurable goods industries, productivity was up a more sedate 3.1 percent.
Unit labor costs plummeted at a 5.8 percent rate in the third quarter after sinking 3.2 percent in the previous quarter. Analysts had expected unit labor costs to fall by 5.4 percent. Labor costs are 2.2 percent lower than the third quarter of 2002. Not surprisingly, unit labor costs also posted the largest decline since the second quarter of 1983, when they were down 6.5 percent.
ISM Non-manufacturing Index 60.1
Econoday reports: The November business activity index reading was 60.1, down from the very high level of 64.7 in October. This index is akin to the production index in the ISM manufacturing index. The employment index climbed to its highest level since March 2000 at 54.9. Other components remained vibrant and grew in November despite some declines in their levels. A level over the 50 percent mark means that all components grew during the month.
03.12.03 16:23 #