This was another busy week in the markets with little overall change. Both the S+P and the Dow gained less than a tenth of a percent for the week. The ten year Treasury bond lost value with yields growing to 1.83%.
Economically, the data were weak. Factory orders declined in November, and December nonfarm payrolls and average hourly earnings came in lower than expected. The unemployment rate stayed the same at 3.5%. On the plus side, this again leaves room for the Federal Reserve to keep rates low, so the market didn’t react too poorly.
Next week we are looking for low inflation numbers and a slew of data on building and industrial activity all for December. Fourth quarter earnings season starts in earnest next week as well, which will give us more insight into how the economy is going.