Chillin' out till it needs to be funded
The morning open is unaffected again by Europe’s pain as after a good car sales number thru October, November and December the ADP Private payrolls strung up another hat trick. Despite its deficiencies in data reporting, the firm numbers are definite cause for a celebration in equities as US seems ready to put 2008 behind it and also operate in its own orbit instead of falling like nine pins over Europ’e troubled decade.
ADP Payrolls were 130,000 for October (revised), 204,000 for November and now 325,000 for December reported an hour earlier.
Jobless claims’ sustained 15k reduction since October ( with a jump last week) brought the average to 373,250 leaving the 400k mark to a 5% gap
Tomorrow’s retail sales report could follow on the 5% rise in the Goldman ICSC index as Auto sales have remained at a high 13.6 mln for December that count for 10% of the retail sales number. Chain stores will likely report an upbeat December adding another 10% of the government retail number in place. Snow and energy bills are likely to heat up things further on in January. Chains reporting early have not reported better sales but better forecasts for the coming month mean well for retail sales after a low 0.2% in November ( econoday)
The November Job cuts numbers stayed with the prior months trend of 42,000 with 41,785 layoffs in November, mostly the Wall Street layoffs in motion right now. US’ own Services PMI number from the ISM Non manufacturing indices were likely to follow in the global improvement in China, India and UK to 53.4 but on the strength of a 5 point contraction in backlog orders and a smaller jump in New orders remained at a high but not high as expected 52.6 Frenetic Business Activity at 56 cleaned off the backlog again while not enough orders have come leaving employment sub indices in Non manufacturing just below 50