The U.S. added 261,000 jobs in October. Wall Street economists had expected a jump of 325,000. The unemployment rate was 4.1%, the lowest since December 2000.
Overall orders for durable goods shot up 2.2% in September (more than the 1.0% increase expected) amid a 5.1% rise in demand for transportation equipment. Shipments rose for an eighth consecutive month, suggesting business spending on equipment remained robust in the third quarter.
The Architectural Billings Index declined to 49.1 in September. This breaks seven consecutive months where the index remained above 50. Any score above 50 indicates an increase in billings.
The October Purchasing Managers Index registered 58.7%, a decrease of 2.1 percentage points from the September reading of 60.8%. The New Orders Index registered 63.4%, a decrease of 1.2 percentage points from the September reading of 64.6%. The Production Index registered 61%, a 1.2 percentage point decrease compared to the September reading of 62.2%.
Shipments of U.S. steel and aluminum products were mostly flat in September, with only aluminum shipments increasing slightly during the month. U.S. service centers shipped 3.0 million tons of steel products in September, roughly equal to the same month last year, but down 12.3% from August. Domestic service centers shipped 131,200 tons of aluminum products during September, up 3.5% year-over-year, but down 14.2% from August.
For more information view the November 2017 ONI Insight Guide below or contact your local sales representative.ONI Insight November 2017