Markets: They were mixed last week.
S&P roller coaster last week: flat, up, down, up, and down.
Housing: Starts were down -0.7% in October but are up +0.4% YOY. The October drop was entirely due to a decline in single-family starts. Single-family starts are down -10.6% YOY. Multi-unit starts are up 36.6% YOY.
Industrial production: Expectations were for a gain of +0.9%, but the actual number beat expectations coming in at +1.6%.
Jobless claims: The weekly number came in at 268,000.
Radio: We didn’t chat last Friday. And due to the Thanksgiving holiday, we won’t chat this week. Our next chat it scheduled for 12/3. You can normally hear us most Fridays at 6:38a, 7:38a, and 8:38a on 1100AM.
Retail sales: They rose 1.7% in October and are up +16.3% YOY.
Focus of the week: Markets are up, as I write this, as the re-appointment of Fed Chair Jerome Powell was announced this morning. With that out of the way, the focus will turn to Black Friday. Will consumers ignore inflationary pressures? Just how strong will early Christmas sales be?
Holiday: Markets will be closed this Thursday in observance of the Thanksgiving holiday.
Earnings season: It’s winding down. Some of the companies reporting this week: Best Buy, Deere, Gap, HP, Nordstrom, Urban Outfitters, and Zoom.
Indicator focus: Existing home sales (Mon); new home sales, durable goods orders, 2nd read on Q3 GDP, and jobless claims (Wed).