Economic News

Economic News

Key Highlights:

1. US Services Sector Growth:

   • The services sector expanded faster than expected in December, with the Institute for Supply Management's PMI showing robust business activity.
   • Jefferies noted the data is "encouraging" amid weaker trends in other economic indicators.

2. Job Market:

   • November job openings increased to a six-month high, while layoffs rose slightly, according to government data.

3. Trade Deficit:

   • The US trade deficit widened in November as imports outpaced exports, per the Census Bureau and Bureau of Economic Analysis.

4. Holiday Season E-commerce:

   • Online shopping reached a record high during the 2024 holiday season, with most e-commerce transactions occurring on mobile devices.
   • Artificial intelligence significantly powered click-through rates to retail websites, Adobe Analytics reported.

Market Statistics

• US Treasury Yields:

  • 10-Year Yield: +7.1 basis points to 4.69%
  • 2-Year Yield: +2.3 basis points to 4.29%

• Commodities:

• Crude Oil: WTI rose 1% to $74.27 per barrel.
• Precious Metals:
• Gold: +0.7% to $2,664.80 per troy ounce.
• Silver: +0.2% to $30.65 per ounce.

Summary

Economic indicators painted a mixed picture, with positive signs in the services sector and job market offset by a widening trade deficit.