Econ data 09 week 40

USA
Overall

• 2q09 final GDP up to -0.7% from -1.0% in 2nd revised (better than expect, -1.2%)
• Aug construction spending up to +0.8% from -1.1% in Jul (better, -0.1%)

Consumer market

• Aug personal spending up to +1.3% from +0.3% in Jul (better, +1.1%) thanks to the cash for clunker program, one should expect the spending will drop back in Sep
• Aug factory orders down to -0.8% from +1.4% in Jul (worse, +0.0%)
• Sep Chicago PMI down to 46.1 from 50.0 in Aug (worse, 52.0)
• Sep ISM index down slightly to 52.6 form 52.9 in Aug (worse, 54.0)
• Sep auto & truck sales down to 3.30M & 3.50M from 5.32M & 4.87M, looks fine to me, without the cash for clunker, the figures in sep still looks ok

House market

• Jul Case-Shiller housing price index up to -13.3% from -15.4% in Jun (better, -14.2%)
• Aug pending home sales up to +6.4% from 3.2% in Jul (better, +1.0%)
• House market looks stable by trend, I think even if unemployment rate rise further to say 10.5%, thanks to the jobless claims that the unemployed workers will get, should not have significant impact to house market as well as mortgage business as what happen last 1 year.

Job market

• 09/26 initial jobless claims up to 551k from 534k last week (worse, 535k)
• 09/19 continuing jobless claims down to 6,090k from 6,170k last week (better, 6,170k) that is a great news, Bilibala will value more on this than the unemployment rate
• Sep unemployment rate up to 9.8% from 9.7% in Aug (inline, 9.8%) there is 571k discouraged unemployers during Sep, without taking into account of those, the rate could rise to 10.0%.
• Sep nonfarm payroll down to -263k from -201k in Aug (worse, -175k)
• Sep ADP employment up to -254k from -277k in Aug (worse, -200k)
• Aug person income no change at +0.2% from Jul (better, +0.1%)

Canada

• Aug industrial production price up +0.5% from -0.5% in Jul;
• Aug raw material price index up to +3.7% from -3.8% in Jul