Monday Morning Meeting Notes (12/11/2023)

Weekly Economic Insights

Monday Morning Meeting Notes (12/11/2023)

Bradley Prosper, CFA®, CFP® Weekly Economic Insights

Monday Morning Meeting Notes (12/11/2023)

General Info:

  • U.S. employment report for November showed 199,000 new jobs added (vs. expectations of 180,000)
  • The unemployment rate fell from 3.9% to 3.7%, the labor force participation rate increased from 62.7% to 62.8%, and average hourly earnings rose 0.4% month-over-month and 4.0% year-over-year
  • Fun Fact: The market cap of the entire U.S. stock market in 1990 was only $2.8 trillion. For comparison, the largest U.S. stock – Apple – is worth $3.0 trillion today

Monday 12/11:

  • Oracle reports earnings
  • U.K. Confederation of British Industry (CBI) publishes its latest economic forecast, including predictions for GDP, investment, and inflation

Tuesday 12/12:

  • U.S. consumer price index (CPI) data for November
  • CPI is expected to have been 0.0% month-over-month and risen 3.1% year-over-year
  • Core CPI, which excludes volatile food and energy prices, is expected to have risen 0.3% month-over-month and 4.0% year-over-year
  • U.S. NFIB Small Business Optimism Index for November
  • U.K. jobless claims and unemployment data for November
  • Japan producer price index (PPI) for November

Wednesday 12/13:

  • Adobe reports earnings
  • Federal Reserve (Fed) monetary policy meeting, followed by Chairman Jerome Powell’s press conference
  • The Fed is expected to maintain its benchmark interest rate target at a range of 5.25-5.50%
  • U.S. PPI data for November

Thursday 12/14:

  • Costco reports earnings
  • U.S. initial jobless claims and continuing claims data
  • U.S. retail sales for November
  • European Central Bank (ECB) monetary policy meeting (no interest rate move expected), followed by President Christine Lagarde’s press conference
  • Bank of England (BOE) monetary policy meeting

Friday 12/15:

  • U.S. industrial production for November
  • S&P Global Services PMI data for the U.S., Eurozone, U.K., Japan, France, and Germany
  • S&P Global Manufacturing PMI data for the U.S., Eurozone, U.K., Japan, France, and Germany
  • China property prices, retail sales, industrial production, and jobless rate for November

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.