UK industrial output rises in September; trade gap narrows

British industrial output increased in September at the fastest pace this year and the goods trade deficit improved, mostly upbeat official data showed on Friday.

Despite also showing a sharp downturn in construction, the figures as a whole are likely to hearten Bank of England officials who last week voted to raise interest rates for the first time in more than 10 years.

The Office for National Statistics said the data for September did not imply any change to its preliminary estimate that Britain's economy grew by 0.4 per cent in the third quarter, picking up a bit of speed from earlier in 2017 but still slower than growth in the euro zone.

The ONS said industrial and manufacturing output shot up by a monthly 0.7 per cent in September, the fastest growth for each sector since December last year and above all forecasts in a Reuters poll of economists.

The consensus had pointed to a reading of 0.3 per cent for both.

Industrial output, which includes manufacturing, accounts for 14 per cent of Britain's overall economic output.
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Amazon to sell smart locks so it can slip packages into your home

Amazon.com Inc has plans to drop off packages directly into shoppers' homes.

The world's largest online retailer on Wednesday announced Amazon Key, a lock and camera system that users control remotely to let delivery associates slip goods into their houses.

The move, in the works for more than a year, may help Amazon capture sales from shoppers who could not make it home to receive an order in person, and did not want the package stolen from their doorstep. It also signals Amazon's ambitions in the growing market for home security devices, where Alphabet Inc's Nest Labs competes.

"This is not an experiment for us," said Peter Larsen, Amazon vice president of delivery technology, in an interview.

"This is a core part of the Amazon shopping experience from this point forward."

Members of Amazon's Prime shopping club can pay $249.99 and up for a cloud-controlled camera and lock that the company offers to install. Delivery associates are told to ring a doorbell or knock when they arrive at someone's house. If no one greets them, they press 'unlock' in a mobile app, and Amazon checks its systems in an instant to make sure the right associate and package are present.

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New US home sales spike 18.9%, hit 10-year high in September

Sales of new US single-family homes unexpectedly rose in September, hitting their highest level in nearly 10 years, offering hope that the housing market was regaining speed after appearing to stall recent months.

The Commerce Department said on Wednesday new home sales surged 18.9 per cent to a seasonally adjusted annual rate of 667,000 units last month amid an increase in all four regions. That was the highest level since October 2007 and followed August's upwardly revised sales pace of 561,000 units.

The percent gain was the largest since January 1992. August's sales pace was previously reported at 560,000 units.

Economists polled by Reuters had forecast new home sales, which account for 11 per cent of overall home sales, falling 0.9 per cent to a pace of 555,000 units last month.

New home sales, which are drawn from permits, are volatile on a month-to-month basis. Sales soared 17.0 per cent on a year-on-year basis in September. The housing market has trod water for much of this year, amid shortages of homes available for sale, skilled labour and suitable land for building.

Activity was also hampered by Hurricanes Harvey and Irma, which weighed on homebuilding in September and hurt sales of previously owned homes in the South. Housing is expected to have been a drag on economic growth in the third quarter.
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New York Times' CFO James Follo to retire after 10-year stint in early 2018

The New York Times' Chief Financial Officer James Follo will retire early next year, the company said on Wednesday, ending a more than 10-year stint at the newspaper publisher.

The Times said it was considering candidates from both inside and outside the company to succeed Follo, who is also executive vice president.

Follo's tenure at the Times represented a crucial transition period for the company, which has been trying to transform itself into a digital media powerhouse to offset falling sales in its traditional print business.

The Times has been posting better-than-expected financial results in recent quarters, spurred by higher digital subscriptions.

Follo took over as the Times' finance chief in January 2007 after serving in a similar capacity at Martha Stewart Living Omnimedia Inc.

The Times will retain an executive search firm to help find Follo's successor, it said.
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US jobless claims rise from three-month low

The number of Americans filing for unemployment benefits rebounded from a three-month low last week, but remained below a level consistent with a tightening labor market.

Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 244,000 for the week ended July 22, the Labor Department said on Thursday.

Data for the prior week was revised to show 1,000 more applications received than previously reported.

Economists polled by Reuters had forecast claims rising to 241,000. It was the 125th straight week that claims remained below 300,000, a threshold associated with a robust labor market. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is near full employment, with the jobless rate at 4.4 percent.

Claims have been volatile in recent weeks as automakers shut assembly plants for annual retooling. Some manufacturers like General Motors are extending their summer shutdowns to manage excess inventory from declining sales.

Economists say this could be throwing off the model used by the government to strip out seasonal fluctuations from the data, causing swings in the weekly numbers.

A Labor Department official said there were no special factors influencing the claims data and that no states had been estimated.
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