12/6: MetroIntelligence Economic Update by P. DUFFY

November planned job cuts fell 11.3 percent from October and 16.0 percent year-on-year

Job cuts announced by U.S.-based employers fell to 44,569 in November, down 11.3% from October and 16.0% year-on-year.  So far this year, employers have announced plans to cut 559,713 jobs from their payrolls, 13.1% higher than the same period of 2018.



October factory orders rebound 0.3 percent after two monthly declines

New orders for U.S.-made goods rebounded 0.3 percent in October after two straight monthly declines, boosted by more demand for machinery and transportation equipment, but is still down 0.4 percent year-on-year.



Mortgage applications fall 9.2 percent as rates remain steady

The Market Composite Index decreased 9.2 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 1 percent (but down 24 percent year-on-year), while refinance activity fell 16 percent from last week (but up 61 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 3.97 percent.