Companies dramatically increased hiring in December, according to this morning’s monthly update from the US Bureau of Labor Statistics. The substantially larger-than-expected increase in private-sector employment suggests that the economic outlook is considerably brighter than implied by the stock market, which has fallen sharply in recent months.
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The US expansion remains on track for a moderate deceleration in fourth-quarter GDP growth, based on the median estimate for a set of nowcasts compiled by The Capital Spectator. The good news is that the estimate has been steady in recent weeks.
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House passes bill to reopen gov’t despite Trump’s opposition: The Hill
2-year Treasury rate briefly fell below Fed funds rate on Thursday: Reuters
Eurozone Composite PMI indicates weakest growth in 4 years: IHS Markit
Caixin China Composite PMI: modest growth rate ticked up in Dec: IHS Markit
Dallas Fed chief says central bank should pause on rate hikes: CNBC
Consumer confidence in China appears to be weakening: NY Times
US jobless claims rose last week, but still point to labor mkt strength: CNBC
ISM Mfg Index falls to lowest level in 2 years: CNBC
US job cuts rose 29% in 2018 vs. previous year: CG&C
US firms expanded payrolls in Dec; biggest monthly gain in nearly 2 years: MW