Treasuries are rallying, and equities declined across the globe (SPX -0.72%, STOXX -0.7%, SSE -1.53%) on global growth concerns. In China, both industrial production and retail sales missed expectations as the domestic deleveraging continues. Similarly, in Europe, France reported the biggest monthly PMI drop since 2011 and German PMI also weakened. Back in the US, the data trend remains positive as the headline retail sales number advanced .2% compared to expectations of .1%. In terms of the control group, the data point that relates to consumption in GDP, grew at .9% compared to forecasted growth of .4%. Next week, investors will be focused on the upcoming Fed decision scheduled for December 19th.

Chris Eckhoff
Associate, Investment Management Group

12/10JOLTS Job Openings7100707970096960
12/11NFIB Small Business Optimism107104.8107.4
12/11PPI Final Demand MoM0.00%0.10%0.60%
12/11PPI Ex Food and Energy MoM0.10%0.30%0.50%
12/11PPI Ex Food, Energy, Trade MoM0.20%0.30%0.20%
12/11PPI Final Demand YoY2.50%2.50%2.90%
12/11PPI Ex Food and Energy YoY2.50%2.70%2.60%
12/11PPI Ex Food, Energy, Trade YoY2.80%2.80%
12/12MBA Mortgage Applications1.60%2.00%
12/12CPI MoM0.00%0.00%0.30%
12/12CPI Ex Food and Energy MoM0.20%0.20%0.20%
12/12CPI YoY2.20%2.20%2.50%
12/12CPI Ex Food and Energy YoY2.20%2.20%2.10%
12/12CPI Index NSA252.006252.038252.885
12/12CPI Core Index SA259.412259.481258.939
12/12Real Avg Weekly Earnings YoY0.50%0.90%0.80%
12/12Real Avg Hourly Earning YoY0.80%0.70%0.60%
12/13Import Price Index MoM-1.00%-1.60%0.50%
12/13Import Price Index ex Petroleum MoM-0.10%-0.30%0.20%
12/13Import Price Index YoY1.30%0.70%3.50%3.30%
12/13Export Price Index MoM-0.30%-0.90%0.40%0.50%
12/13Export Price Index YoY1.80%3.10%
12/13Initial Jobless Claims226k206k231k233k
12/13Continuing Claims1649k1661k1631k1636k
12/13Bloomberg Consumer Comfort59.460.3
12/13Monthly Budget Statement-$199.0b-$204.9b-$100.5b
12/14Retail Sales Advance MoM0.10%0.20%0.80%1.10%
12/14Retail Sales Ex Auto MoM0.20%0.20%0.70%1.00%
12/14Retail Sales Ex Auto and Gas0.40%0.50%0.30%0.70%
12/14Retail Sales Control Group0.40%0.90%0.30%0.70%
12/14Industrial Production MoM0.30%0.60%0.10%-0.20%
12/14Manufacturing (SIC) Production0.30%0.00%0.30%-0.10%
12/14Capacity Utilization78.60%78.50%78.40%78.10%
12/14Bloomberg Dec. United States Economic Survey (Table)
12/14Markit US Composite PMI53.654.7
12/14Markit US Manufacturing PMI5553.955.3
12/14Markit US Services PMI54.653.454.7
12/14Business Inventories0.60%0.30%