2018 Economic Calendar
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Market Reflections  

January 5, 2018
December's moderate 148,000 gain in nonfarm payrolls understates the strength of the report that includes strong increases in construction and manufacturing payrolls and a 4.1 percent unemployment rate which is a 17-year low. Wage indications in the report did rise but improvement here still has far to go. Other data in the session include a deep swelling in the nation's trade deficit, which will be a negative for fourth-quarter GDP, but another mostly solid month for factory orders.

Stocks were very solid, opening the year with a 2.3 percent weekly gain for the Dow which is now easily over 25,000 at 25,295. Oil also had a strong week, rising 2.4 percent to $61.61, as did gold, up 1.2 percent to $1,320. Both short- and long-term yields in the Treasury market rose with the 10-year ending at 2.47 percent. The dollar index slipped 0.3 percent on the week to 91.96.

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