Revenue index higher as well
A regional index from the Dallas Fed shows that the:
- Index of general business activity rose to 18.6 in October versus 12.4 in September
- The service sector revenue index also increased to 19.2 from 15.9 September
Not a market moving release, but the data has been expected/better than expected today.
- Employment cost index +0.7% QoQ vs 0.5% last and 0.7% estimate
- S&P Case Shiller up 0.45% vs 0.4% est and 0.38% last month
- Chicago PMI 66.2 vs 60.0 estimate
- Consumer confidence 125.9 vs 121.3 estimate
The employment cost index was the most important and the high QoQ gain has been 0.8% going back to Dec 2008. In Q1 this year, the index rose by 0.8% but dipped to 0.5% in the 2Q. The 0.7% is a step in the right direction.
Later in the week, the unit labor cost for the 3Q will be released with estimate of 0.4%. On Friday, the average hourly earnings for October are only expected to rise by 0.2% after a 0.5% rise last month. The YoY is expected to dip to 2.7% from 2.9% last.