German ZEW Shows Sentiment on Current Economic Conditions Has “Worsened Dramatically”
The German ZEW showed mixed to negative data today with sentiment on economic outlook rising from -17.5 to -24.1, slightly above market expectations of -25. However, the reading for current economic conditions registered a large drop from 58.2 to 45.3, significantly below market expectations of 55. The economic sentiment survey read -21, up 1 point from the prior month’s reading of -22.
Producer Prices Rise Slightly in November, Offset by Falling Energy Prices
Producer prices in the US rose in November with service cost increases offsetting a drop in the price of energy products and a cooling trend in wholesale inflation overall, according to the Labor Department report on the Producer Price Index (PPI).
Gold Price Rises Following Jobs Report
Nonfarm payroll rose by 155,000 in November after a downwardly revised 237,000 the month before. Market expectations were significantly higher at around 200,000. Jobs gains occurred in healthcare, manufacturing, warehousing, and transportation.
Initial Jobless Claims Drop Less Than Forecast
While the number of Americans applying for jobless benefits dropped last week, the drop was lower than anticipated. The four-week high in the moving average rose to its highest since April and the ADP report on new jobs shows a decline in growth, all of which suggests a slowdown in the tight labor market.
U.S. Factory Orders See Largest Drop in More Than a Year
U.S. factory orders have seen the largest drop in over a year with a 2.1% decrease in October, the biggest drop since July.
Healthy Growth in November Service Sector
The ISM Non-Manufacturing Index was released today surpassed projected readings with a figure of 60.7 for November, higher than the 59.7 forecast by analysts. The reading from the Institute of Supply Management is strong despite tariffs and concerns over the sustainability of growth in employment.
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