2/16 – Weekly Economic Highlights
The economic data released during the past week served as a stark reminder to investors the path to get core inflation down to the Federal Reserve 2% policy objective will be non-linear and challenging in 2024.
2/9 – Weekly Economic Highlights
In a light week for economic releases, investor sentiment was dominated by Federal Reserve speakers. Fed Chairman Jerome Powell reiterated in a 60 Minutes TV interview that the FOMC (Federal Open Market Committee) wants to see more progress on inflation before cutting rates and downplayed chances for the first rate cut in March.
2/2 – Weekly Economic Highlights
The Job Openings and Labor Turnover report on Tuesday showed an unexpected rise in job openings in December, from an upwardly revised 8.9 million in November to 9.0 million representing a healthy ratio of around 1.5 jobs for every unemployed individual.
1/26 – Weekly Economic Highlights
The US economy grew at a surprisingly strong rate of 3.3% in the fourth quarter of 2023, according to the advanced estimate for GDP. The consensus estimate for fourth quarter GDP was significantly lower at 2.0%. The data continues to illustrate the strength of the consumer as personal consumption came in slightly above estimates at 2.8.
1/19 – Weekly Economic Highlights
Conference Board Leading Economic Indicators, S&P Global US Manufacturing and Services Purchasing Managers Indexes (PMI), Chicago Fed National Activity Index, Gross Domestic Product, Durable Goods Orders, New Home Sales, Personal Consumption Expenditures, Pending Home Sales.
1/12 – Weekly Economic Highlights
Financial markets were focused on the release of inflation data this week inclusive of both the Consumer Price Index (CPI) and Producer Price Index (PPI). The CPI increased to 0.3% month-over-month and 3.4% year-over-year in December, increasing from 3.1% year-over-year in November.
1/5 – Weekly Economic Highlights
Starting off the new year, the December employment report exceeded expectations by adding 216,000 jobs to the US economy, surpassing the consensus forecast of 175,000. Leading sectors in job gains included government (+52,000, primarily from local government positions), leisure and hospitality (+40,000), and healthcare (+38,000).
12/29 – Weekly Economic Highlights
Treasury yields continued to consolidate with rates ending the week marginally lower across all major benchmark tenors as the ‘holiday trading’ backdrop contributed to reduced volatility. Economic data releases were sparse but continue to show evidence of the consumers ability to navigate more restrictive monetary policy over the course of 2023.
12/22 – Weekly Economic Highlights
A sharp increase in Housing Starts was indicated on Tuesday as Total Housing Starts rose 14.8% month-over-month for the November period from a 0.2% increase in October. The pick-up in growth can be partially attributed to lower costs of construction materials and home builders adjusting projects to accommodate the higher interest rate environment.
12/15 – Weekly Economic Highlights
Financial market activity was dominated by the Federal Open Market Committee meeting this week. As expected at the December meeting, the FOMC voted unanimously to leave the federal funds rate unchanged at a target range of 5.25 – 5.50%.