Free Markets, Free People
Economic Statistics for 5 Jan 12
Today’s economic statistical releases:
Auto Sales were mixed last month, coming in at a 13.6 million annual rate, the same as November. Light vehicle sales rose 2.8%, however, the best since the "Cash for Clunkers" program expired in August 2009.
Chain stores are reporting sales throughout the day today. So far, about 1/2 of the reporting stores show improved year-on-year sales from last month. Additionally, some chains are raising their investor guidance following the sales results, confirming improved profitability and sales.
The Challenger Job-Cut Report shows that layoff announcements totaled 41,785 in December. That’s right on trend for the last 3 months.
The ADP Employment Report indicates a big increase in private payroll growth, to 325,000 new jobs for December. While I suspect the overall December Employment Situation, which the BLS will release tomorrow, will be at least mildly positive, 325,000 new jobs seems like a stretch for the month. December’s always a tricky month anyway, due to seasonal employment, and the adjustment factors that try to account for it. A BLS increase of 160,000+ new jobs wouldn’t surprise me tomorrow, though, nor would a tick down in the Unemployment rate.
Initial jobless claims fell 15,000 last week to 372,000 from the prior week’s revised 387,000 (an upward revision of 6,000).
The Bloomberg Consumer Comfort Index rose to -44.8 in the period ended January 1 from -47.5 the prior week.
The ISM’s Non-Manufacturing Index rose slightly to 52.6, below expectations for 53.4, and only 0.6 higher than last month.