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Private job creation showed a sharp deceleration in October as the U.S. economy struggled against a resurgent coronavirus.  US Companies added 365,000 positions for the month, well below the 600,000 estimated by economists. That was the lowest reported gain since July.

 

The Commerce Department said that factory orders rose 1.1% after climbing 0.6% in August. Orders were boosted by increased demand for metals, computers and electronic products as well as motor vehicles and fabricated metal. But orders for machinery, furniture, electrical equipment, and appliances fell.  Manufacturing, which accounts for 11.3% of U.S. economic activity, has been boosted by a shift in spending from services toward goods as Americans set up home offices and remote classrooms and avoid public transportation.

 

The cruise industry has jettisoned hopes of restarting operations this year.  Days after both Carnival and Norwegian extended a halt on cruises through the end of the year, the group, Cruise Lines International, that represents cruise lines with 95% of global ocean-going capacity said that their members have agreed to extend the suspension of U.S. sailing operations for the rest of 2020.

 

With Northwest Quadrant Wealth Management, I’m Tyler Simones

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