Economic Statistics for 7 Jan 15
The US Trade deficit narrowed to $-39.0 billion in November from October’s $-43.4 billion, largely on falling oil prices.
The minutes of the December 16–17 meeting indicate moderate economic growth, with restrained inflation and still-weak job market. Discussions about the timing of coming interest rate hikes, with indications that interest rate increases could come even with inflation below 2%, indicate rate increases are possible this year.
ADP estimates that private payrolls grew by 241,000 in December, versus November’s 208,000, but recent ADP figures have overstated those in the government’s official Employment Situation report.
Gallup’s Job Creation Index fell -1 point to 27 in December, in contrast to ADP.
The MBA reports that mortgage applications fell -9.1% last week, with purchases down -5.0% and refis down -12.0%.