ECONOMIC CALENDAR:Monday: Motor Vehicle Sales Tuesday: Factory Orders, ISM Non-Mfg. Index Wednesday: ADP Employment Report, International Trade, EIA Petroleum Status Report, FOMC Minutes Thursday: Jobless Claims Friday: Employment Situation
Quote of the week:
“He who finds diamonds must grapple in mud and mire because diamonds are not found in polished stones. They are made.” – Henry B. Wilson
- Manufacturing activity falls to six-month low. The pace of growth in manufacturing dropped off in December, possibly because of worries about weak global growth and falling oil prices. New orders fell dramatically, though employment rose slightly, indicating factories may still be hiring.
- Pending home sales edge up in November. Despite favorable mortgage rates, the number of signed contracts for houses bumped up just 0.8% from October numbers. On the positive side, this is the third straight month of gains in pending home sales.
- U.S. dollar reaches nine-year high. The dollar reached its highest level since 2006 against a basket of currencies as demand for U.S. assets grew amid concerns about economic growth in other countries. A slide in the euro also contributed to the dollar’s strength.
- Weekly jobless claims rise more than expected. The number of unemployed Americans filing for new benefits rose after four straight weeks of decline. However, seasonal factors may be a factor and underlying trends are consistent with broad labor market growth.