INDICATOR: January Employment Report
KEY DATA: Payrolls: +113,000; Private Sector: +142,000; Unemployment Rate: 6.6% (down from 6.7%)
IN A NUTSHELL: "Who knows what the weather did to hiring in January so we need to, umm, chill, before we overreact to the disappointing job gains."
KEY DATA: ISM (Manufacturing): 51.3 (-5.2 points); Orders: 51.2 (-13.2 points); Production: 54.8 (-6.9 points) NOTE: Over 50 means growing
IN A NUTSHELL: "If I have to choose which of these two explanation, a collapse in the economy or the logical result of the polar vortex, that best explains the cratering of orders in January, I'll take the weather."
INDICATOR: Fourth Quarter Employment Costs and December Income and Spending
KEY DATA: ECI (Year-over year): +2.0; Wages: +1.9%/Real Disposable Income: -0.2%; Real Consumption: +0.2%
IN A NUTSHELL: "Weak income growth may be keeping labor costs under control but it is also keeping spending down as well."
INDICATOR: Fourth Quarter GDP and Weekly Jobless Claims
KEY DATA: GDP: +3.2%; Consumption: +3.3%; Federal Government: -12.6%/Jobless Claims: 348,000 (up 19,000)
IN A NUTSHELL: "The economy did pretty well at the end of last year despite the valiant attempts by some in Washington to kill off growth."
KEY DATA: Conference Board Consumer Confidence: up 3.2 points/Case-Shiller Prices: +0.9%; Year-over-Year: +13.7%
IN A NUTSHELL: "The weather outside really is frightful but that is not causing people to cool their feelings about the economy and the future."
INDICATOR: December Durable Goods Orders
KEY DATA: Orders: -4.3%; Excluding Transportation: -1.6%; Business Investment: -1.3%
INDICATOR: December New Home Sales
KEY DATA: Sales: -7%; 2013 vs. 2012: +16.4%; Prices (December to December): +4.6%; Prices (2012 vs. 2013): +8.4%
IN A NUTSHELL: "It's no fun visiting a construction site in the cold and snow and it looks like not a whole lot of people did that in December."
INDICATOR: December Existing Home Sales and Leading Indicators
KEY DATA: Home Sales: +1.0%; 1-Family: +1.9%; Condos: -5.9%; Prices (year-over-Year): +9.9%/Indicators: +0.1%
IN A NUTSHELL: "The surge in home sales is over and we should be getting back to a more normal market."