U.S. Review
Continued Signs of Labor Market Improvement
- Job openings data continued to point toward more robust labor market conditions. The number of openings touched a 13-year high for the series.
- Wholesale inventories rose 0.7 percent in August while July’s inventory build was revised higher. Softer sales were to blame for the building.
- Import prices posted another decline in September as petroleum prices fell for the month. September marks the third straight month of declines in the import prices index and suggests that inflation remains in check.
Global Review
Is the Eurozone Slipping Back Into Recession?
- Industrial production in Germany nosedived in August. Although some seasonal adjustment issues may have magnified the weakness in IP, there is no doubt that the German economy is not firing on all cylinders at present.
- Weakness in the German economy appears to be concentrated in domestic capital spending and in exports. Fortunately, growth in consumer spending in Germany generally remains solid. As long as consumer spending growth remains positive, then any contraction in the German economy, if one indeed occurs, likely would be shallow and short-lived.
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