Recap of this week’s U.S. economic events:
- The Federal Reserve tapered its quantitative easing program by $10 billion per month.
- Real gross domestic product in the third quarter was revised up to an annual rate of 4.14%, its highest since the fourth quarter of 2011.
- The consumer price index was flat in November. It is up 1.2% year over year.
- Nonfarm business sector labor productivity increased at an annual rate of 3.0% during the third quarter. Unit labor costs in nonfarm businesses decreased at an annual rate of 1.4%.
- Industrial production increased 1.1% in November.
- Existing home sales declined to an annual rate of 4.9 million in November.
- Housing starts jumped to an annual rate of 1.091 million in November.
- The New York Fed’s manufacturing survey moved into expansion at +0.98 in December.
- The Philly Fed’s manufacturing survey moved further into expansion in December to +7.0.
- The Kansas City Fed’s manufacturing survey moved into contraction in December, decreasing to -3.
- In November, the unemployment rate had decreased year over year in 42 states.
- Weekly intermodal rail traffic was up 6.4% year over year.
- Weekly initial jobless claims were 379k.
- The weekly National Financial Conditions Index remained loose at -0.94.
- Promotions are leading store sales into Christmas.
- M2 increased 0.16% week over week.
Further U.S. economy reading this week: