Private nonfarm payrolls in the US are projected to increase 206,000 (seasonally adjusted) in tomorrow’s November update from the Labor Department, based on The Capital Spectator’s median point forecast for several econometric estimates. The monthly prediction reflects a slight deceleration in growth vs. October’s 209,000 gain.
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The decline in oil prices—the US benchmark West Texas Intermediate as of Dec. 1 is down roughly 35% since the recent peak in June 2014 —has inspired bullish expectations for consumer spending and related investments. As the Washington Post noted earlier this week: “Tumbling oil prices are draining hundreds of billions of dollars from the coffers of oil-rich exporters and oil companies and injecting a much-needed boost for ailing economies in Europe and Japan — and for American consumers at the start of the peak shopping season.” The slide in energy prices is also “spurring U.S. mutual fund managers to pick up shares of restaurants, airlines, and retailers, all consumer stocks that have been among the worst performers in the stock market this year,” Reuters reported yesterday.
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● US service sector growth at three-month high: ISM | Reuters
● US Services PMI Tumbles For 5th Month As “Demand Weakens” | Zero Hedge
● Eurozone Retail PMI: Sales slide eases as Germany sees solid growth | Markit
● Germany Retail PMI rises to 5-mo high, but employment growth slows | Markit
● Fed Beige Book Shows ‘Widespread’ Job Gains Across U.S | Bloomberg
● Draghi & Co. face historic QE decision at Thursday’s ECB meeting | MarketWatch