Employment Data Dominates Calendar, Earnings Season Starts Again
Jan 5th, 2009 | By Christian Hill | Category: Financial NewsThe economic calendar wastes no time getting off to a busy start in the first full week of 2009. The Construction Spending report for November this morning leads off the week, and carrying over from last year, it should show a continued slowdown. Until the housing market stabilizes, and the credit markets unfreeze, money simply won’t be spent on new construction. Since neither of those options looks likely to occur anytime soon, 2009 could be another long year for the construction industry.
Tomorrow morning the Factory Orders report for November is released, and things might get better. The report is expected to show a decline, but not as large of a decline as the previous month. Whether or not this means that factories are starting to get more orders on a consistent basis remains to be seen, but anytime a decline is shrinking, it seems like a small victory.
The final report I wanted to touch on this week is the December Non-Farm Payrolls report. This will be the final report for 2008, and will allow us to look at the overall loss for the year. As it stands, the country has lost just over 1.3 million jobs this year. The expected loss for December is another 475k jobs, which will put us over 1.8 million jobs lost for the year. The scary thing is that the job losses have increased every month for the last four months, so December may be worse than expected. I remember back in mid-summer when some of us were wondering if we would see one million jobs lost this year. Now we are looking to nearly double that amount.
Source: Employment Data Dominates Calendar, Earnings Season Starts Again
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