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Daily Market MoversThe following news stories, economic reports, and statistical tables are selected and compiled by founder John F. Gallwas, who has been an active participant in the financial service industry since January of 1958.
SaturdayWS: When Italians vote on a much-awaited popular referendum on Sunday, they will also be deciding the fate of Prime Minister Matteo Renzi’s government—and expressing the country’s appetite for change.
FridayBB: Nonfarm hiring picked up in November to 178K vs a revised down 142K in October, while the unemployment rate tumbled to a nine-year low of 4.6% on a drop in the number of people in the workforce and wages unexpectedly declined by -0.1%, providing a mixed picture of the labor market.
ThursdayBB: Initial claims for the week ended 11/26 were higher than expected at 268K but the 4-week moving average was unchanged at 251,550. Jobless claims have been below 300K for 91 straight weeks -- the longest streak since 1970 and a level typical for a healthy labor market. At the same time, other factors that have pushed claims down in recent years, including cuts in the duration of benefits and changes to claim-filing technology.
BB: China’s November PMI rose more than expected to 51.7 vs 51.2 in October, matching a post-2012 high, as a credit-fueled recovery of smokestack industries gained momentum and signaled a pickup in inflation expectations. Non-manufacturing PMI climbed to 54.7 from 54 in October
WednesdayBB: October Personal Spending increased less than expected at +0.3% vs revised up +0.7% , while faster income growth signaled demand will be sustained as incomes jumped 0.6 percent, the most since April.
Gallup: U.S. consumers' self-reported daily spending over Black Friday weekend was statistically similar to the average for each of the past two Black Friday weekends but remains well above the levels recorded in the immediate post-recession period.
TuesdayGallup: Americans expressed more positivity about the economy last week than at any other time in the past nine years. Gallup's Economic Confidence Index score of +6 for the week ending Nov. 27 inched past the high of +5 from January 2015.
BB: The 3rd Q GDP was better than expected at +3.2% vs the +2.9% est last month, on a sunnier picture of household spending, the primary growth engine.
R: Iran and Iraq are resisting pressure from Saudi Arabia to curtail oil production, making it hard for the Organization of the Petroleum Exporting Countries to reach a global output-limiting deal when it meets on Wednesday.
MondayBB: Investors reeling from democratic shocks in Britain and the U.S. are worried about Italy’s future in Europe’s monetary union. They’re concerned that a defeat for Prime Minister Matteo Renzi in the Dec. 4 constitutional-reform referendum would undermine the nation’s fragile political stability. .
Economic Reports for the Week ending Friday December 9, 2016
Last Week's Scorecard
* Local currencies
We do not guarantee accuracy of any of the data on this page. If you have any comments or suggestions, please contact William Gallwas or call 800-669-8838
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