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Bob Carey
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  US Economy and Credit Markets Ended Dec. 6, 201
Posted Under: Weekly Market Commentary

 
Longer-term U.S. government bond prices fell last week on data that increased optimism surrounding the U.S. economic outlook. Data released last week showed the U.S. labor market remains strong, with job gains, the unemployment rate, and wage growth all beating expectations. The U.S. economy added 266,000 jobs in November, well above the expected 180,000, while the unemployment rate came in at 3.5%. Prior to this year, the last time the unemployment rate was this low was in 1969. Additionally, wages grew 3.1% over the prior year. The strong employment data was particularly reassuring following weak manufacturing data released earlier in the week. The ISM Manufacturing Index fell to 48.1 in November, which missed expectations and was the fourth consecutive month of contraction, as trade remained the most significant issue across industries. The ISM Non-Manufacturing Index also missed expectations but remained in expansionary territory for the 118th consecutive month. This week, the FOMC holds its final meeting of the year on Tuesday and Wednesday and is widely expected to keep rates unchanged. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Wednesday: December 11 FOMC Rate Decision – Upper Bound (1.75%, 1.75%), November CPI MoM (0.2%, 0.4%), December 6 MBA Mortgage Applications (N/A, -9.2%); Thursday: December 7 Initial Jobless Claims (212k, 203k), November PPI Final Demand MoM (0.2%, 0.4%); Friday: November Retail Sales Advance MoM (0.4%, 0.3%).
Posted on Monday, December 9, 2019 @ 8:34 AM • Post Link Share: 
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