Monday, December 5, 2011
Wells Fargo's Weekly Economic & Financial Commentary- December 2, 2011
- The economy added 120,000 jobs in November due to gains in the retail, temporary staffing, and leisure and hospitality sectors.
. The unemployment rate fell to 8.6 percent, although much of the decline was the result of a drop in the labor force participation rate and a sizable reduction in the number of employed individuals.
- New home sales rose 1.3 percent in October, but net revisions to the past three months subtracted 15,000 units.
. The S&P/Case-Shiller Home Price Index continued to decline in September, falling 3.9 percent year-over-year.
- The ISM Manufacturing survey rose to 52.7 in November, the highest reading since June, as both the production and new orders components improved.
- Consumer confidence rebounded 15.1 points to 56.0 in November, signaling a strong start to the holiday shopping season.