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Bob Carey
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  US Economy and Credit Markets Ended Dec. 9, 2016
Posted Under: Weekly Market Commentary
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U.S. Treasury yields rose last week as the European Central Bank signaled it would scale down bond purchases. The U.S. trade deficit widened to a four month high in October coming in at $42.6 billion, slightly larger than the consensus expected $42.0 billion. Despite trade adding significantly to GDP growth in the third quarter, strong gains in exports appear to have been temporary and likely will be a drag on GDP for the fourth quarter. U.S. Government bonds fell on Thursday after the European Central Bank signaled it would scale down bond purchases in 2017. Initial jobless claims fell last week further supporting the notion of a healthy job market. A tighter labor market has put a premium on skilled and experienced workers, helping explain why companies are retaining existing employees. The wholesale inventories report remained relatively unchanged but showed the biggest increase in sales since June. Major economic reports (and related consensus forecasts) for the upcoming week include: Tuesday: November NFIB Small Business Optimism (96.6); Wednesday: December 9th MBA Mortgage Applications, November Retail Sales Advance (0.3% MoM), November PPI Final Demand (0.1% MoM), November Industrial Production (-0.2% MoM), December 14th FOMC Rate Decision (Upper Bound); Thursday: December Empire Manufacturing (3.0), November CPI (0.2% MoM), December 10th Initial Jobless Claims (9.0), December Markit US Manufacturing PMI (54.1); Friday: November Housing Starts (1230k).

Posted on Monday, December 12, 2016 @ 8:04 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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