Mish's Global Economic Trend Analysis |
Weak Holiday Hiring Coming Up? Posted: 20 Oct 2015 11:58 AM PDT Those expecting a big surge in seasonal hiring this year are likely to be wrong if outplacement firm Challenger, Gray & Christmas is correct. One relative bright spot is Amazon Hiring More than Penney's, Walmart Combined. Leaving one widely watched holiday hiring forecast in the dust, Amazon (AMZN) said Tuesday that it will add 25 percent more seasonal workers this year, outpacing many of its bricks-and-mortar competitors who plan to keep hiring flat.Seasonal Hiring Expectations
If hiring is indeed flat or nearly so, the upcoming jobs reports are likely to be marginal at best. Mike "Mish" Shedlock |
Housing Starts Surprise to Upside Led by Multi-Family, Permits Surprise to Downside Posted: 20 Oct 2015 10:26 AM PDT There's something for bulls and bears alike to cheer about in today's housing starts report. Starts were ever-so-slightly above the top Econoday Estimate but permits were well below the lowest economist's estimate. Starts, driven by a spike in multi-family units, came in much stronger than expected in September, news offset however by a significant decline in permits. Starts jumped 6.5 percent to a 1.206 million annual rate which is just outside Econoday's high estimate. Multi-family starts surged 18.3 percent to 466,000 which follows large spikes in related permits in May and June. Single-family starts rose very slightly, up 0.3 percent to 740,000.Permits Single-Family Starts Those charts add quite a bit of needed perspective on the housing "recovery". Single family construction is most important stat because it leads more directly to family formation. With permits down and single-family units stagnating, one has to question the huge surge in optimism from builders. Not only are sales weak, but traffic is down. For details, please see Homebuilder Confidence Soars to Highest Level in 10 Years Despite Falling Traffic; Unwarranted Optimism? Mike "Mish" Shedlock |
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