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%