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New economic reports are out ahead of today’s opening bell, with more better-than-expected data in domestic employment, mixed results for the housing market. Pre-market futures are trading down in continuation of yesterday’s sell-off: the Dow -300 points, the S&P 500 -35 and the Nasdaq -110 points at this hour.
Initial Jobless Claims for last week slid back down beneath 200K for the first time since September of last year to 190K, far below the estimated 215K and the unrevised 205K the previous week, which had been the low for the past 12-week cycle. Continuing Claims ticked up to 1.65 million, but are still in an historically robust range for the U.S. labor force.
Housing Starts for December were down month over month, but notably less than expected: 1.382 million seasonally adjusted, annualized units broke ground last month, higher than the 1.36 million expected but below the 1.43 million reported for November. Cycle lows came in July of last year, at 1.377 million. By contrast, highs were 1.81 million last April.
Building Permits, on the other hand, did reach cycle lows to 1.33 million for the month, below the 1.35 million expected, which was identical to the previous month’s print. Permits, which are considered a proxy for future Starts, reached cycle highs back in March of last year at 1.88 million, which had reached the highest levels since the mortgage-based financial crisis of the early Oughts. We’re now back to the median of the 1970s and ‘80s.
Philly Fed manufacturing in January performed slightly better than anticipated: -8.9 marks the fifth-straight month in negative territory, though an improvement from the revised -13.7 from December. Lows for the cycle were from the previous week: -19.4; back in March we saw a much-stronger +27.4. Another reminder that interest rate hikes are having an impact outside the finance and mortgage business communities.
Zacks Rank #3 (Hold)-based Procter & Gamble (PG - Free Report) posted a penny beat on Q4 earnings this morning, with earning of $1.59 per share (which slid from the $1.66 per share in the year-ago quarter). This marks the third quarter out of the last four with a positive earnings surprise. Revenues also put up a slight beat of +0.81% to $20.77 billion. But shares are selling off on this red early morning trading; shares are down roughly -5% year to date.
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Soft Housing Sector Data for December
New economic reports are out ahead of today’s opening bell, with more better-than-expected data in domestic employment, mixed results for the housing market. Pre-market futures are trading down in continuation of yesterday’s sell-off: the Dow -300 points, the S&P 500 -35 and the Nasdaq -110 points at this hour.
Initial Jobless Claims for last week slid back down beneath 200K for the first time since September of last year to 190K, far below the estimated 215K and the unrevised 205K the previous week, which had been the low for the past 12-week cycle. Continuing Claims ticked up to 1.65 million, but are still in an historically robust range for the U.S. labor force.
Housing Starts for December were down month over month, but notably less than expected: 1.382 million seasonally adjusted, annualized units broke ground last month, higher than the 1.36 million expected but below the 1.43 million reported for November. Cycle lows came in July of last year, at 1.377 million. By contrast, highs were 1.81 million last April.
Building Permits, on the other hand, did reach cycle lows to 1.33 million for the month, below the 1.35 million expected, which was identical to the previous month’s print. Permits, which are considered a proxy for future Starts, reached cycle highs back in March of last year at 1.88 million, which had reached the highest levels since the mortgage-based financial crisis of the early Oughts. We’re now back to the median of the 1970s and ‘80s.
Philly Fed manufacturing in January performed slightly better than anticipated: -8.9 marks the fifth-straight month in negative territory, though an improvement from the revised -13.7 from December. Lows for the cycle were from the previous week: -19.4; back in March we saw a much-stronger +27.4. Another reminder that interest rate hikes are having an impact outside the finance and mortgage business communities.
Zacks Rank #3 (Hold)-based Procter & Gamble (PG - Free Report) posted a penny beat on Q4 earnings this morning, with earning of $1.59 per share (which slid from the $1.66 per share in the year-ago quarter). This marks the third quarter out of the last four with a positive earnings surprise. Revenues also put up a slight beat of +0.81% to $20.77 billion. But shares are selling off on this red early morning trading; shares are down roughly -5% year to date.