Author: Zac Martin, Investment Associate
Week Ending February 7th – Hurts to lose
Job Openings fell well below analyst expectations, reporting 7.6Mil job openings. Job openings per unemployed person is back to pre-covid levels, to ~1-1, following a post covid spike of ~2-1. Labor Surveys for Hiring and Separations little changed; however, both remain below pre-covid levels.
Nonfarm Payrolls rose 143k in January led by additions in Health Care, Retail and Government. This was slightly below both the twelve-month average and the analyst expectations of 166k and 170k, respectively. Additionally, the Unemployment Rate declined slightly from 4.1% to 4.0%.
ISM Manufacturing PMI entered into expansionary territory led by a growing positive trend in New Orders.
ISM Services PMI has remained in expansion but did decline slightly due to a decrease in Pricing Power and New Orders.
The week ahead:
NFIB Small Business Index (2/11) HUM, MAR, SMCI
Consumer Price Index (2/12) CVS, WMB, CSCO
Producer Price Index (2/13) TAP, DUK, AMAT, PANW
Retail Sales (2/14)
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