So Much for an End to Tax-Loss Selling (continued)
Continued from the first part. To return to the beginning, click here.
Mouth(dust) Memories
Without the benefit of either a preview of the jobs report or clairvoyance, I do not think the Fed will ease prior to Jan. 30-31, for the following reasons:- The prices-paid component of the NAPM survey rose to 61.0 last month vs. 56.6 in November.
- Heading into Friday's jobs data, average hourly wage gains were nearly 4% on an annual basis.
- Compensation costs rose 0.9% during the third quarter, according to the Employment Cost Index report, after climbing 1% in the second quarter. Wages and salaries increased 0.8% during the third quarter, following a 1% increase in the previous three-month period. Benefit costs rose 1% during the September quarter, following a 1.1% increase in the June quarter.
- Energy prices have come down from recent peaks but were still 12.5% higher for crude oil, and 151% higher for natural gas than year-ago levels at Friday's close. (Thanks to my chat partner and energy maven, Chris Edmonds.)
- Personal income increased $30.0 billion, or 0.4%, and disposable personal income increased $20.6 billion, or 0.3%, in November, according to the Bureau of Economic Analysis.
- FedEx (FDX Quote) said last week it will raise shipping rates by an average of 4.9%. AT&T (T Quote) announced today its cable unit will boost prices 4.8%.
- You (still) can't rent a "decent" two-bedroom apartment in San Francisco for less than $2,000 a month, unless you're very lucky or well-connected.
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