USA • Nonfarm payrolls rose 467K in January, more than the +125K print expected by consensus. Adding to the good news, the prior months’ results were upgraded a massive 709K. Employment in the goods segment crept up 4K with gains in manufacturing (+13K) being partially offset by declines for both construction (-5K) and mining/logging (-4K). [...]
USA • The Bureau of Economic Analysis put out its first estimate of Q4 GDP growth. The economy reportedly expanded an annualized 6.9% in the quarter, which was more than the +5.5% print expected by consensus. Following on the heels of a 2.3% expansion in Q3, this gain hoisted economic output 3.1% above its pre-crisis [...]
USA • Housing starts jumped from 1,678K in November to a nine-month high of 1,702K in December, overshooting the 1,650K print expected by analysts. The monthly gain was entirely due to a 10.6% gain in the multi-family segment (to 530K). Starts in the single-family category inched down 2.3% to 1,172K. On a quarterly basis, total [...]
USA • The Consumer Price Index rose 0.5% MoM in December after climbing 0.8% the prior month. The result was stronger than the +0.4% print expected by consensus. The energy component registered its first decline in seven months, retracing 0.4% thanks in part to a 0.5% drop in the gasoline segment. The cost of food, [...]
USA • Nonfarm payrolls rose just 199K in December, a lot less than the +450K figure expected by consensus. Partially compensating for this disappointing result, the prior months’ results were upgraded a massive 141K. The private sector added 211K jobs. Employment in the goods segment sprang 54K thanks to gain in manufacturing (+ 26K), construction [...]
USA • Retail sales rose just 0.3% in November, less than the median economist forecast calling for a +0.8% print. The previous month’s result, meanwhile, was revised up from +1.7% to +1.8%. Sales of motor vehicles and parts edged down 0.1%. Even without autos, sales still expanded 0.3% as advances for gasoline stations (+1.7%), food/beverages [...]
USA • Core CPI inflation slowed slightly from October but remained hot at 0.5% MoM. As expected, motor vehicles once again pushed core goods prices higher. New vehicle prices rose 1.1% while used car and truck prices rose 2.5% for the second month in a row. On the services side, shelter costs continued their steady [...]
USA • Nonfarm payrolls rose just 210K in November, a lot less than the +550K figure expected by consensus. Partially compensating for this disappointing result, the prior months’ results were upgraded by 82K. The private sector added 235K jobs. Employment in the goods segment sprang 60K thanks to gains in manufacturing (+31K) and construction (+31K). [...]
USA • Markit’s flash composite PMI came in at 56.5 in November, down from 57.6 the month before but still consistent with a solid rate of expansion in the private sector. Operating conditions continued to improve in the manufacturing sector, as evidenced by a rise from 58.4 to 59.1 in the corresponding gauge. New orders [...]
USA • Retail sales rose 1.7% in October, topping the median economist forecast calling for a +1.4% print. The previous month’s result, meanwhile, was revised up from +0.7% to +0.8%. Sales of motor vehicles and parts progressed 1.8%. Without autos, sales still sprang 1.7% on advances for non-store retailers (+4.0%), gasoline stations (+3.9%), electronics (+3.8%), [...]
