ECONOMIC CALENDAR:Monday: PMI Manufacturing Index Flash, Existing Home Sales Tuesday: GDP, International Trade in Goods, S&P Case-Shiller HPI, Consumer Confidence Wednesday: Durable Goods Orders, Jobless Claims, Personal Income and Outlays New Home Sales, Consumer Sentiment, EIA Petroleum Status Report Thursday: U.S. Markets Closed for Thanksgiving Day Holiday
- Weekly jobless claims hold steady. New claims for unemployment benefits remained at 276,000, the 36th straight week below the key 300,000 level. The sustained strength in the labor market could encourage the Fed to raise rates at next month’s meeting.
- Housing starts drop to seven-month low. Groundbreaking on new homes dropped in October to multi-month lows. However, a sharp rise in building permits suggests that the housing market still has momentum.
- Wages may be growing faster than we think. A measure of wage growth published by the Atlanta Fed shows that wages grew 3.0% in September, a number much higher than the 2.2% shown by official Labor Department statistics.
- Q3 earnings fall 1.5% from one year ago. With most earning reports in from the third quarter, analysts project that earnings fell last quarter (year-over-year) for the first time since 2009. However, excluding the ailing Energy sector, earnings per share would be up 3.9%.
QUOTE OF THE WEEK
“It always seems impossible until it’s done.” – Nelson Mandela