Author: Zac Martin, Investment Associate
Week Ending January 10th – Rocky Start
Reported Non-Farm Payrolls surprised markets with the economy adding 256K jobs in December. Additionally, October was revised higher while November was revised lower, which offset any revised gain in October. Healthcare, Retail and Government sectors had the largest increases. The Unemployment Rate also ticked lower for December to 4.1%.
Job Openings continue to climb to 8,098K from a recent low of 7,372K. Hires and Quits slightly decreased while Layoffs increased 219K to 1.8M.
The ISM Services PMI for December remains in expansionary territory for the sixth consecutive month. December’s increase was led by a reacceleration of Stronger Pricing and overall business activity.
Earnings: Constellation Brands (STZ) reported a lackluster Q3 revising EPS guidance for the year slightly lower with management highlighting wine & spirits as the drag to performance.
The week ahead:
Producer Price Index (1/14)
Consumer Price Index (1/15)
Retail Sales (1/16)
Building Permits & Housing Starts (1/17)
Earnings: BLK, BK, JPM, WFC, GS, C (1/15), UNH, BAC, USB MS, JBHT (1/16), CFG (1/17)
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