Last week, the S&P 500 and Nasdaq rose to fresh records, up three weeks in a row. The latest jobs data was not too good and not too bad, which should keep the Federal Reserve on track to cut interest rates again on December 18, by 0.25%. The unemployment rate nudged up to 4.2% with the economy adding 227,000 jobs in November. The labor market is not weak but is softening, giving the Federal Reserve reason for another interest rate cut.
Economic reports from last week came back mostly positive:
•Construction Spending - higher than expectation
•Job Openings - higher than expectation
•Vehicle Sales - higher than expectation
•Employment (Private) - lower than expectation
•Employment (Total) - higher than expectation
•Consumer Sentiment - higher than expectation
•Consumer Credit - higher than expectation
•Jobless Claims - higher than expectation
This week, investors will look for guidance from economic reports like Small Business Optimism, Labor Productivity, Inflation and Jobless Claims.
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