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Bob Carey
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  US Economy and Credit Markets Week Ended December 7, 2012
Posted Under: Weekly Market Commentary
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Treasuries ended the week mostly unchanged after a good jobs report on Friday erased gains from earlier in the week that were largely due to the lack of progress resolving the fiscal cliff. In economic news, the ISM manufacturing index fell to 49.5 in November, lower than the survey estimate of 51.4. November total vehicle sales were reported at a seasonally adjusted annual rate of 15.46 million units, higher than the estimate of 15.00. Domestic vehicle sales were 12.01 million, also head of consensus estimates of 11.50 million. The ISM non-manufacturing index increased to 54.7 in November, higher than the estimate of 53.5. Nonfarm productivity increased 2.9% in the third quarter, slightly higher than estimates of 2.8%. Factory orders increased 0.8% in October vs. the estimate of no growth. Nonfarm payrolls increased an unexpected 146,000 in November, topping economist estimates of 86,000 and the unemployment rate declined from 7.9% to 7.7%. Preliminary December U of M Consumer Confidence was reported at 74.5, below the estimate of 82.0. Major economic reports (and related consensus forecasts) for next week include: Tuesday: October Trade Balance (-$42.7B), October Wholesale Inventories (0.4%); Wednesday: November Import Price Index (-0.5% MoM, -1.0% YoY), Federal Funds Target Rate (0.25%); Thursday: November Advance Retail Sales (0.4%), November PPI (-0.5% MoM, 1.8% YoY), November PPI Excluding Food and Energy (0.2% MoM, 2.2% YoY), October Business Inventories (0.3%); Friday: November CPI (-0.2% MoM, 1.9% YoY), November CPI Excluding Food and Energy (0.2% MoM, 2.0% YoY), November Industrial Production (0.2%), November Capacity Utilization (78.0%).
Posted on Thursday, December 13, 2012 @ 10:00 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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