The KUIK Morning Market Report for Friday, January 6:
Markets are mixed.
Index
Direction
Change
Units
Time
Dow
Down
(10)
points
19,889
7:07 AM
S&P500
Up
0.1%
percent
2,271
Nasdaq Composite
Up
0.4%
percent
5,508
30 Year Treasury
Up
3
Basis Points
2.99
Annual Yield
The Labor Department reports that the economy added 156,000 new jobs in December. That was below expectations. Economists expected 180,000 new non-farm jobs. The unemployment rate edged up to 4.7% from 4.6% as more people entered the labor force in search of work. Average hourly wages rose 0.4% to $26. Hourly pay increased 2.9% in 2016, a seven year high. The U6 rate which consists of the unemployed, people who can only find part-time work, and discouraged jobseekers who’ve recently given up looking was 9.2%. It’s been falling gradually, but it’s still above the 8% level hit before the Great Recession got underway in December 2007.
Cleveland Fed President Loretta Mester said Friday she would like to see the Fed raise interest rates more than the three quarter-percentage-point moves favored by the majority of her colleagues. In an interview with Fox Business, Mester said she said she expects inflation to reach the central bank’s goal of 2% within the next two years, sooner than many of her colleagues project.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
