Markets: A volatile week finished a touch higher.
The S&P roller coaster last week: Down a lot, up, up, up, and down.
Autos: Last month’s report showed 13.1 million autos sold. The consensus for the September number was 13.4 units. The actual number came in at 12.2 units. Supply chain issues.
ISM: the Institute for Supply Management gives us two updates each month. The first of those, Manufacturing, came in last week at 61.1. That’s up from the 59.9 a month ago. The Services index came in at 61.9, up from 61.7 last month. Context: a number over 50 suggests the economy is expanding.
Jobs: Coming off 235,000 jobs last month, the consensus was for 475,000 in this month’s report (for September). The actual number missed significantly, coming in at only 194,000.
Jobless claims: The weekly number came in at 326,000 (better than expectations).
Radio: Bill wasn’t on the air last Friday. You can normally hear us most Fridays at 6:38a, 7:38a, and 8:38a on 1100AM.
Unemployment: Coming off a rate of 5.2% last month, the consensus was for it to drop a touch to 5.1% in this month’s report (for September). The actual number dropped down to 4.8%.
Focus of the week: We get two inflation updates this week. Consumer inflation (currently 5.3%) gets updated on Wednesday, while Wholesale inflation (currently 8.3%) gets updated on Thursday.
Earnings season: It gets underway once again, with the focus this week on financials. Some of the companies reporting this week: Bank of America, Citigroup, Delta, Goldman Sachs, JP Morgan, Morgan Stanley, UnitedHealth, Walgreens, and Well Fargo.
Indicator focus: The CPI, Fed minutes from their September meeting (Wed); the PPI, jobless claims (Thu); and retail sales (Fri).