The Department of Labor says the economy added 148,000 jobs in December. The private sector added 146,000 and the government added 2,000 jobs. The unemployment rate is 4.1%.
The S&P 500 closed at another new all-time high yesterday, making it three days in a row of new highs to start the year. The last time that happened was in 1964. The first three days this year gained 0.5%, or more which is how 2017 started as well. The best win streak to start a year ever is seven days in a row in 1976 and 1987. (LPL)
The global economy continues to surge. US ISM manufacturing rose in December, making the 2017 average of 57.6 the best in 13 years. In China, the December Services PMI rose to its highest level since August 2014. European data showed better than expected data as well, as the Eurozone December PMI came in at its best level since 2011. (LPL)
The Challenger report says U.S. employers plan to cut 32,423 jobs in December, bringing the year's total to a low not seen since 1990. Cuts in 2017 totaled 418,770, 20% below 2016. Last month saw 7.4% fewer job-cut announcements than November, and 3.6% fewer than in December 2016.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.