What’s on this week’s financial calendar?
The following events, announcement, and reports may impact the financial markets this week:
Monday, January 8th
Consumer Credit – November 2023
Tuesday, January 9th
Trade deficit – November 2023
Wednesday, January 10th
Wholesale inventories – November 2023
New York Fed President John Williams speaks
Thursday, January 11th
Initial jobless claims – week of January 6th
CPI – December 2023 & year-over-year
Core CPI – December 2023 & year-over-year
Budget statement – December 2023
Friday, January 12th
PPI – December 2023
Core PPI – year-over-year
December jobs data shocks again
It may not often feel like it, but the U.S. economy ended 2023 on a positive. According to data from the Bureau of Labor Statistics, the labor market added 216,000 jobs to end the year. Economists had the expected number at 175,000.
The unemployment rate stayed flat at 3.7%. Economists had predicted it would tick higher to 3.8%.
ADP chief economist Nela Richardson said, “What we’re seeing with companies is insistent hiring, especially small businesses.”
The positive job data could show that the U.S. economy is capable of taming inflation without suffering the recession that it may take to get there.
Where did mortgage rates end last week?
The national average for a 30-year, fixed rate mortgage rate ended Friday’s session down 0.01% to 6.75%*. Mortgage rates didn’t move much after the positive jobs data despite the bonds that underlie the mortgage market jumping on the announcement. After the initial reaction, the bond market slowed due to other aspects of the report beyond the surface numbers getting understood by traders.
Rates are still more than 1.00% lower than their peak in October 2023. This week’s inflation data will help the market find its next direction.
* National average rates accurate as of 1/5/24 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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