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
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 12/10 | JOLTS Job Openings | 7100 | 7079 | 7009 | 6960 |
| 12/11 | NFIB Small Business Optimism | 107 | 104.8 | 107.4 | — |
| 12/11 | PPI Final Demand MoM | 0.00% | 0.10% | 0.60% | — |
| 12/11 | PPI Ex Food and Energy MoM | 0.10% | 0.30% | 0.50% | — |
| 12/11 | PPI Ex Food, Energy, Trade MoM | 0.20% | 0.30% | 0.20% | — |
| 12/11 | PPI Final Demand YoY | 2.50% | 2.50% | 2.90% | — |
| 12/11 | PPI Ex Food and Energy YoY | 2.50% | 2.70% | 2.60% | — |
| 12/11 | PPI Ex Food, Energy, Trade YoY | — | 2.80% | 2.80% | — |
| 12/12 | MBA Mortgage Applications | — | 1.60% | 2.00% | — |
| 12/12 | CPI MoM | 0.00% | 0.00% | 0.30% | — |
| 12/12 | CPI Ex Food and Energy MoM | 0.20% | 0.20% | 0.20% | — |
| 12/12 | CPI YoY | 2.20% | 2.20% | 2.50% | — |
| 12/12 | CPI Ex Food and Energy YoY | 2.20% | 2.20% | 2.10% | — |
| 12/12 | CPI Index NSA | 252.006 | 252.038 | 252.885 | — |
| 12/12 | CPI Core Index SA | 259.412 | 259.481 | 258.939 | — |
| 12/12 | Real Avg Weekly Earnings YoY | — | 0.50% | 0.90% | 0.80% |
| 12/12 | Real Avg Hourly Earning YoY | — | 0.80% | 0.70% | 0.60% |
| 12/13 | Import Price Index MoM | -1.00% | -1.60% | 0.50% | — |
| 12/13 | Import Price Index ex Petroleum MoM | -0.10% | -0.30% | 0.20% | — |
| 12/13 | Import Price Index YoY | 1.30% | 0.70% | 3.50% | 3.30% |
| 12/13 | Export Price Index MoM | -0.30% | -0.90% | 0.40% | 0.50% |
| 12/13 | Export Price Index YoY | — | 1.80% | 3.10% | — |
| 12/13 | Initial Jobless Claims | 226k | 206k | 231k | 233k |
| 12/13 | Continuing Claims | 1649k | 1661k | 1631k | 1636k |
| 12/13 | Bloomberg Consumer Comfort | — | 59.4 | 60.3 | — |
| 12/13 | Monthly Budget Statement | -$199.0b | -$204.9b | -$100.5b | — |
| 12/14 | Retail Sales Advance MoM | 0.10% | 0.20% | 0.80% | 1.10% |
| 12/14 | Retail Sales Ex Auto MoM | 0.20% | 0.20% | 0.70% | 1.00% |
| 12/14 | Retail Sales Ex Auto and Gas | 0.40% | 0.50% | 0.30% | 0.70% |
| 12/14 | Retail Sales Control Group | 0.40% | 0.90% | 0.30% | 0.70% |
| 12/14 | Industrial Production MoM | 0.30% | 0.60% | 0.10% | -0.20% |
| 12/14 | Manufacturing (SIC) Production | 0.30% | 0.00% | 0.30% | -0.10% |
| 12/14 | Capacity Utilization | 78.60% | 78.50% | 78.40% | 78.10% |
| 12/14 | Bloomberg Dec. United States Economic Survey (Table) | ||||
| 12/14 | Markit US Composite PMI | — | 53.6 | 54.7 | — |
| 12/14 | Markit US Manufacturing PMI | 55 | 53.9 | 55.3 | — |
| 12/14 | Markit US Services PMI | 54.6 | 53.4 | 54.7 | — |
| 12/14 | Business Inventories | 0.60% | — | 0.30% | — |