Joblessness Rises; Inflation Ticks Up; Manufacturing Slows

Thursday, November 15th, 2012 by and is filed under Economy, News

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Now that the election is over, we will see many more reports like this.  Here’s a snapshot of the latest economic news from CNBC.

Jobless Claims

The Labor Department said Thursday that weekly applications increased by 78,000 mostly because a large number of applications were filed in states damaged by the storm. People can claim unemployment benefits if their workplaces close and they don’t get paid.

Inflation

Meanwhile, rising food costs and higher rents offset a drop in gas prices last month, leaving consumer prices only slightly higher in October compared with the previous month.

The consumer price index rose a seasonally adjusted 0.1 percent in October, down from sharp gains of 0.6 percent in the previous two months, the Labor Department said Thursday. In the past year, prices increased 2.2 percent. That’s just above the U.S. Federal Reserve’s inflation target of 2 percent.

Remember that interest rates for savings are hovering around .8%.

Manufacturing

A gauge of manufacturing in New York State showed that activity slowed in November for a fourth straight month, the New York Federal Reserve said in a separate report.

The New York Fed’s “Empire State” general business conditions index came in at -5.22, from -6.16 the month before. Economists polled by Reuters had expected a reading of -6.70.

Then again, now that Obama has won reelection, none of that will matter to the media and many of those who voted for him.

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