American Staffing Association (10/15/15)

According to the Federal Reserve Board’s latest report on regional economies (known as the “beige book”), reports from all 12 districts pointed to continued modest expansion in economic activity during the reporting period from mid-August through early October. Labor markets tightened in most districts with reports of labor shortages. Many districts continued to report that employers were having difficulty finding skilled workers, and, in some cases, unskilled workers. Scattered labor shortages were reported in construction, trucking, and information technology. Wage growth was mostly subdued. Although there were scattered reports of increased wage pressures, they were generally concentrated among highly skilled workers in IT, health care, professional services, and some of the skilled trades.

Federal Reserve Bank of New York (10/15/15)

Business conditions declined for a third consecutive month for New York manufacturers, according to the Federal Reserve Bank of New York’s October manufacturing survey. The general business conditions index edged up three points to -11.4, marking three straight months of readings below -10, the first such occurrence since 2009. The new orders index showed an ongoing decline in orders, falling six points to -18.9, a multiyear low. The shipments index fell six points to -13.6.

Labor market conditions worsened. The index for number of employees fell for a fourth consecutive month, slipping two points to -8.5 in a sign that employment levels were lower. The average workweek index remained negative at -7.6, pointing to shorter workweeks.

MarketWatch (10/15/15) Jeffry Bartash

The number of people applying for unemployment benefits fell by 7,000 to 255,000 in the week ended Oct. 10, according to the U.S. Department of Labor, matching the lowest level since 1973. Economists polled by MarketWatch had forecast claims of 270,000. The four-week average of new claims fell by 2,250 to a seasonally adjusted 265,000, the smallest amount since 1973.

Wall Street Journal (10/15/15) David Harrison; Eric Morath

The consumer-price index declined a seasonally adjusted 0.2% in September from a month earlier, according to the U.S. Department of Labor. Excluding the energy and food categories, core prices increased 0.2%. Economists polled by the Wall Street Journal had forecast prices would decline 0.2% and core price would increase 0.1%.

Overall prices were flat compared with a year ago. Core prices rose 1.9% from a year ago.