Market Watch 666 For 07February 2021
January’s jobs report; December’s trade deficit, construction spending, and factory inventories
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In addition, the Fed released the Consumer Credit Report for January, which showed that overall consumer credit, a measure of non-real estate debt, expanded by a seasonally adjusted $9.7 billion, or at a 2.8% annual rate, as non-revolving credit expanded at a 3.9% annual rate to $3,208.3 billion and revolving credit outstanding contracted at a 11.2% rate to $975.9 billion, now the lowest since April 2017..
The week’s privately issued reports included the ADP Employment Report for January, the light vehicle sales report for January from Wards Automotive, which estimated that vehicles sold at a 16.63 million annual rate in January, up from the 16.27 million annual sales rate reported in December, but down from the 16.84 million annual rate of January a year ago, and both of the widely followed purchasing manager's survey from the Institute for Supply Management (ISM): the January Manufacturing Report On Business indicated that the manufacturing PMI (Purchasing Managers Index) fell to 58.7% in January, down from 60.5% in December, which still suggests an ongoing moderate expansion among manufacturing firms nationally, while the January Services Report On Business reported their NMI (non-manufacturing index) rose to 58.7% in January from 57.7% in December, indicating a slightly larger plurality of service industry purchasing managers reported expansion in various facets of their business in January...