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What We Are Following in the News
Boeing has laid off 2,199 workers in Washington, according to a notice filed Monday with the state's Employment Security Department.
Here's how many Boeing has laid off in Washington
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The cuts hit workers at facilities across the country, and appeared to impact all three Boeing divisions: commercial airplanes, defense and global services.
Restaurant workers in Washington rely heavily on tips, which account for 26% of their total wages — slightly higher than the national average, per data out last week from Square, the payments company. (The average tip is 15%).
As we consider household debt and rising delinquencies, we note that if funding for the healthcare subsidies are rolled back to pre-Biden levels some 3.4 million more will become uninsured adding to consumer pressure. buff.ly/3Vlbz7F
“The economy is not sending any signals that we need to be in a hurry to lower rates” said Fed Chair Powell on Thursday, sending the stock market down on concerns about future rate cuts. The DJIA lost 1.2% for the week, the S&P 500 dropped 2.1%, and the NASDAQ sank 3.1%. ![]()
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The October CPI rose 0.2% MoM, meeting expectations, with a YoY increase of 2.6% (2.4% in September). The core CPI, which excludes food and energy, rose 0.3% MoM, also matching expectations, while remaining at a 3.3% YoY. ![]()
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The shelter index rose 0.4% month-over-month in October and 4.9% year-over-year. The Producer Price Index (PPI) also increased in October, with both the headline and core PPI rising by 0.2% and 0.3% month-over-month, respectively. ![]()
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The federal budget deficit widened significantly in October, with the Treasury Budget reporting a deficit of $257.0 billion. ![]()
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Retail sales for October grew 0.4% month-over-month, beating expectations and demonstrating resilient consumer spending. Excluding autos, retail sales edged up by 0.1%, slightly below the consensus of 0.2%, suggesting that core consumer demand remains steady but moderated. ![]()
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Industrial production in October declined by 0.3%, consistent with expectations, marking ongoing weakness in the manufacturing sector. ![]()
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Capacity utilization fell to 77.1%, missing expectations of 77.3% and underscoring underutilization in industrial capacity, which remains 2.6 percentage points below its long-run average. ![]()
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Labor market indicators showed stability but some softening. Initial jobless claims for the week ending November 9 totaled 217,000, slightly below the consensus of 220,000, reflecting relatively low levels of layoffs.![]()
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Employers appear that they are remaining confident about the overall outlook of the economy. Continuing jobless claims for the week ending November 2 decreased by 11,000 to 1.873 million. @Chmura Economics & Analytics
This Week:![]()
Tuesday: The Commerce Department releases new residential construction data for October![]()
Thursday: The National Association of Realtors reports existing-home sales for October. The Labor Department reports weekly jobless claims.
Federal agency employment has been in the news this week. These infographics from WSJ do a nice job of showing where employment levels are (and have been) within the various agencies.
2.3 Million Jobs: The Federal Workforce, in Charts
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President-elect Donald Trump and Elon Musk want to slash the ranks of government employees; 70% of civilian workers are in military-related agencies
Thoughts on the Latest Economic News