Talking Points of the Week for Financial Advisors (1/27)
January 27th, 2020
- Last week was a relatively slow time period for data releases. Markit's preliminary January PMI data came in, showing US Manufacturing still in expansionary territory (still contradicting the ISM's survey), though it slightly decreased from 52.4 to 51.7 and came in a bit below expectations. The services sector continued to hum along with a slight beat compared to expectations as it increased to 53.2, versus 52.8 last month. Next week we have the first Q4 GDP report coming for additional information.
- We mentioned in last week's post that strong new housing starts were reported in December, and the strength carried over into the existing home sales as well, with existing home sales rising 3.6% in December. This is a 10.8% year-over-year increase and helped push the mortgage market to its largest year since 2006 with lenders extending $2.4T in loans in 2019.
- Jobless claims slightly increased to 211K, compared to 204K last week. Throughout 2019 claims have bounced in the 200K-250K range, similar to last year and after a long, steady decline since the global financial crisis.
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