Corn production down 1 percent from October forecast.
Soybean Production Down 2 Percent
Cotton Production Up less than 1 Percent
Corn production for grain is forecast at 14.5 billion bushels. Soybean production for beans is forecast at 4.17 billion bushels. All cotton production is forecast at 17.1 million 480-pound bales
Construction spending during September 2020 was estimated at a seasonally adjusted annual rate of $1,414.0 billion, 0.3 percent above the revised August estimate of $1,410.4 billion. During the first nine months of this year, construction spending amounted to $1,058.5 billion, 4.1 percent above the $1,016.7 billion for the same period in 2019.
Advance estimates of U.S. retail and food services sales for September 2020 were $549.3 billion, an increase of 1.9 percent from the previous month, and 5.4 percent above September 2019. Total sales for the July 2020 through September 2020 period were up 3.6 percent from the same period a year ago.
The nation's international trade deficit in goods and services decreased to $63.9 billion in September from $67.0 billion in August (revised), as exports increased more than imports.
September 2020 sales of wholesalers were $486.0 billion, little changed from the August level, but were down 2.3 percent from September 2019.
Nonfarm business sector labor productivity increased 4.9 percent in the third quarter of 2020. The 4.9-percent gain in productivity in the third quarter was the second consecutive large increase in the measure—productivity had increased 10.6 percent in the second quarter of 2020.
Total nonfarm payroll employment rose by 638,000 in October, and the unemployment rate declined to 6.9 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19).
Consumer credit increased at a seasonally adjusted annual rate of 2-1/4 percent during the third quarter. Revolving credit decreased at an annual rate of 2-1/2 percent, while nonrevolving credit increased at an annual rate of 4 percent. In September, revolving credit increased at an annual rate of 4-3/4 percent, while nonrevolving credit increased at an annual rate of 4-3/4 percent.