Mortgage Applications data for last week is not available. Data for this week will have little meaning because of the storm.
Employment Cost Index (3rdQ2012)
ECI – Quarter/Quarter change 0.4%. Previous was +0.5%
ECI – Year/Year change +2.0%. Previous was +1.7%.
Looking at the components of Employment Cost: Year/Year wages and salaries are up 1.7% and benefits are up 2.6%.
Chicago PMI (October 2012)
– Index was 49.9. Previous was 49.7. Contraction is any level below 50.0.
In general, manufacturing in the U.S. remains weak. In last week’s report for 3rdQ2012 GDP, inventories were -0.12%. This is where we would see changes in manufacturing.