Manufacturing expanded at the slowest
pace in more than a year in October, Americans spent more than
they earned in September and home construction declined in the
final economic reports before the presidential election.
The Institute for Supply Management’s factory index dropped
for a third month, to 56.8 from 58.5 in September. Personal income
rose 0.2 percent, one-third of the gain in spending, construction-
project expenditures were unchanged on a storm-related drop in
homebuilding, the Commerce Department said.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
“We should look for some slowdown in the economy in the
fourth quarter of the year,” said Michael Moran, chief economist
at Daiwa Securities America Inc. in New York. “Consumer spending,
although it looked strong in September, is likely to slow. Energy
prices will weigh more heavily as people has to turn on their
furnaces at home.”
Gains in factory employment also slowed and a measure of
prices rose in the manufacturing report.
Ten-year Treasury notes fell on speculation yields have
fallen too far given prospects for economic growth and as crude
oil prices dropped below $50 a barrel for the first time in almost
a month.
Bloomberg News
