Monday Morning Meeting Notes (01/09/2023)

Weekly Economic Insights

Monday Morning Meeting Notes (01/09/2023)

Bradley Prosper, CFA®, CFP® Weekly Economic Insights

Monday Morning Meeting Notes (01/09/2023)

General Info:

  • The December employment report showed 223,000 new jobs added (vs. expectations of 200,000), the labor force participation rate rose from 62.1% to 62.3%, and the unemployment rate declined to 3.5%
  • At 3.5%, the unemployment rate matches its lowest level since 1969
  • Average hourly earnings grew by 0.3% month-over-month and 4.6% year-over-year (both were below economist expectations), while weekly working hours declined and are signaling slowing momentum in the labor market
  • Markets reacted positively to the labor market’s slowing momentum, as it could be interpreted by the Federal Reserve as a positive sign that their rate hikes are having an impact
  • Fun Fact: Water sounds different depending on the temperature. Heat changes how thick water is, which affects the sounds water makes as it is running. Cold water makes a higher pitch sound than hot water

Monday 01/09:

  • Eurozone unemployment data is expected to have remained stable at 6.5% for November
  • Germany industrial production

Tuesday 01/10:

  • The World Bank is expected to release its global economic prospects report
  • U.S. NFIB Small Business Optimism Index for December
  • U.S. wholesale inventories
  • France industrial production
  • Spain industrial production

Wednesday 01/11:

  • China foreign direct investment (FDI) data
  • South Korea unemployment data

Thursday 01/12:

  • U.S. consumer price index (CPI) data for December
  • CPI is expected to have been flat (0.0%) in December, which would lead to the year-over-year figure declining from 7.1% to 6.5%
  • Core CPI, which excludes volatile food and energy costs, is expected to have risen 0.3% in December; the year-over-year figure is expected to decline from 6.0% to 5.7%
  • U.S. initial jobless claims and continuing claims data
  • China CPI and producer price index (PPI)
  • USDA releases its monthly world agricultural supply/demand estimates (WASDE)

Friday 01/13:

  • BNY Mellon, BlackRock, Citigroup, JPMorgan Chase, Wells Fargo, Bank of America, UnitedHealth Group, and Delta Air Lines report earnings
  • U.S. University of Michigan consumer sentiment index
  • U.K. industrial production

About the Author

Bradley Prosper, CFA®, CFP®

Senior Research Analyst
Mr. Prosper is a member of the Firm’s investment research group where he assists in conducting investment research that is instrumental in the construction, maintenance, and management of client portfolios. This research includes the procurement of primary data via direct investment manager interviews as well as analyzing information from our data resources.