Economic News Releases
MAJOR ECONOMIC INDICATORS
In October, the Consumer Price Index for All Urban Consumers was unchanged, seasonally
adjusted, and rose 3.2 percent over the last 12 months, not seasonally adjusted. The index for all
items less food and energy increased 0.2 percent in October (SA); up 4.0 percent over the year (NSA).
Compensation costs increased 1.1 percent for civilian workers, seasonally adjusted, from June 2023 to September 2023. Over the year, total compensation rose 4.3 percent, wages and salaries rose 4.6 percent, and benefit costs rose 4.1 percent.
Total nonfarm payroll employment increased by 150,000 in October, and the unemployment
rate changed little at 3.9 percent. Job gains occurred in health care, government, and
social assistance. Employment declined in manufacturing due to strike activity.
The Producer Price Index for final demand fell 0.5 percent in October. Prices for final demand
goods decreased 1.4 percent, and the index for final demand services was unchanged. Prices for
final demand rose 1.3 percent for the 12 months ended in October.
Productivity increased 4.7 percent in the nonfarm business sector in the third quarter of 2023;
unit labor costs decreased 0.8 percent (seasonally adjusted annual rates). In manufacturing,
productivity decreased 0.7 percent and unit labor costs increased 7.0 percent.
Real average hourly earnings for all employees increased 0.2 percent in October, seasonally adjusted. Average hourly earnings increased 0.2 percent, and CPI-U was unchanged. Real average weekly earnings decreased 0.1 percent.
Prices for U.S. imports decreased 0.8 percent in October following a 0.4-percent advance
in September. U.S. export prices fell 1.1 percent in October, after rising 0.5 percent the
previous month. Over the past year, import prices declined 2.0 percent and export prices
fell 4.9 percent.
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Last Modified Date: July 17, 2023