Week of Feb 15, 2025 Weekly Recap & The Week Ahead
February 18th, 2025“It’s not whether you’re right or wrong, but how much money you make when you’re right and how much you lose when you’re wrong” — George Soros
1. Inflation Heated Up in January, Freezing the Fed — the Labor Department reported that prices rose last month 0.5% from December on a seasonally adjusted basis. That was the largest monthly increase since August 2023 and well ahead of economists’ expectations for a milder increase of 0.3%. Inflation was a significant factor in the November election. Many Americans were fed up with higher prices and thought that putting a new party in power would help. During his campaign, President Trump vowed that he would lower prices. The bigger-than-expected increase in prices last month largely reflected higher prices for used cars and auto insurance, said Omair Sharif, founder of research firm Inflation Insights. Core prices, which strip out volatile food and energy prices, rose 0.4% from December on a seasonally adjusted basis, the largest increase in nearly two years. Core inflation was 3.3% over the year.
2. Wholesale Inflation Sped Up in January With 0.4% Monthly Gain in PPI — the producer price index increased by 0.4% in January, the Bureau of Labor Statistics said on Thursday morning. That was above economists’ 0.2% consensus estimate and compares with a revised increase of 0.5% in December. The PPI was 3.4% higher than a year earlier, versus a 3.5% rise in the year through December. The core PPI, which excludes food and energy prices, ticked up 0.3% in January, matching expectations and down from an updated 0.4% rise in December. The subindex was up 3.6% from a year earlier.
The January wholesale inflation data confirm a hot start to the year on the inflation front, following Wednesday morning’s consumer price index release. BLS data showed a 0.5% rise in the CPI last month, versus the 0.3% forecast. The core CPI added 0.4%, a tenth more than expected. Those were increases of 3% and 3.3%, respectively, from a year earlier.
3. DOGE Staffer Arrives at Internal Revenue Service Headquarters — Gavin Kliger, an aide to Elon Musk in his effort to overhaul spending across the federal government, visited the District of Columbia offices to examine IRS systems, the people said. Kliger has been working at the Office of Personnel Management, the government human-resources operation that has been heavily involved in Musk’s work to reduce the size of the government. Kliger has asked for meetings with senior officials and was interested in the agency’s head count, according to an IRS employee. The IRS has about 100,000 workers after a recent expansion. It is in the middle of the busiest portion of its year in preparation for the mid-April individual income tax filing deadline.
4. US Retail Sales Drop by Most in Two Years Amid Fires, Storms — US retail sales slumped in January by the most in nearly two years, indicating an abrupt pullback by consumers after a spending spree in the closing months of 2024. The value of retail purchases, not adjusted for inflation, decreased 0.9% after an upwardly revised 0.7% gain in December, Commerce Department data showed Friday. Excluding autos, sales dropped 0.4%.
Nine of the report’s 13 categories posted decreases, most notably motor vehicles, sporting goods and furniture stores. The data encompassed a period marked by devastating wildfires in Los Angeles — the second-largest metropolitan area in the US — and severe winter weather in other parts of the country, which could have depressed brick-and-mortar shopping activity.
The week ahead — Economic data from Econoday.com:
Posted in Week of Feb 8, 2025 Weekly Recap & The Week Ahead
February 12th, 20251. Mideast Powers Reject Trump Proposal to Take Over Gaza — Saudi Arabia, which the U.S. hopes to lead into a deal to normalize ties with Israel, said Wednesday it rejected any efforts to displace Palestinians from their land and reaffirmed support for a Palestinian state. It called its position nonnegotiable and said it wouldn’t establish diplomatic relations with Israel unless that goal was met. Egypt, Jordan, the United Arab Emirates, Qatar and Palestinian leaders in recent weeks have also rejected the idea of relocating Palestinians from the Gaza Strip. In addition to raising moral objections, they have pointed to the security risks and instability that could come with moving a population with armed elements into countries already grappling with their own issues.
2. US Initial Jobless Claims Pick Up, Still Near Pre-Covid Levels — New claims increased by 11,000 to 219,000 in the week ended Feb. 1. The median forecast in a Bloomberg survey of economists called for 213,000 applications. The level of initial claims remain generally in line with pre-Covid levels, and private employment data from ADP Research showed a healthy pace of hiring in January. That’s consistent with a labor market that Federal Reserve Chair Jerome Powell described last week as “pretty stable.”
The four-week moving average of new applications, a metric that helps smooth out fluctuations, ticked up to 216,750, only the highest in a month.
3. US Consumer Sentiment Drops to Seven-Month Low on Price Worries — US consumer sentiment slumped in early February to a seven-month low on a spike in short-term inflation expectations related to concerns about tariffs. Consumers expect prices to rise at an annual rate of 4.3% over the next year, up a full percentage point from the prior month, the data released Friday showed. And they saw costs rising at an annual rate of 3.3% over the next five to 10 years, up slightly from the previous month. Sentiment among Republicans declined for the first time since August, and it continued to deteriorate for Democrats to the lowest since 2020. Confidence also dropped among political independents.
4. US Job Growth Slowed in January After 2024 Ended on Strong Note — Nonfarm payrolls moderated last month, unemployment fell, and annual government revisions now show job gains were softer but still solid in 2024, according to a Bureau of Labor Statistics report out Friday. Separate data from the University of Michigan showed consumers expect prices to rise much faster in the year ahead as President Donald Trump pushes forward with tariffs. Payrolls increased by 143,000 last month after upward revisions to the prior two months, according to BLS. Other revisions only carried out once a year weren’t as severe as once thought — job gains averaged 166,000 a month last year, a slowdown from the initially reported 186,000 pace. Job growth in January was largely fueled by health care, retail trade and government. Employment fell in mining, quarrying and oil and gas extraction, as well as temporary help services and auto manufacturing.
The week ahead — Economic data from Econoday.com:
Posted in Week of Jan 31, 2025 Weekly Recap & The Week Ahead
February 5th, 2025“It wasn’t raining when Noah built the ark.” — Howard Ruff
1. U.S. Home Prices Gained Further Toward End of 2024 — the S&P CoreLogic Case-Shiller National Home Price Index, which measures home prices across the country, rose 3.8% on year in November 2024, up from 3.6% in October 2024, a monthly indicator reported. The Case-Shiller index, which measures repeat-sales data, reports on a two-month delay and reflects a three-month moving average. Homes usually go under contract a month or two before they close, so the November data are based on purchase decisions made earlier in 2024. New York again reported the highest annual gain among the 20 cities surveyed, with a 7.3% increase in November, followed by Chicago and Washington, D.C., with annual increases of 6.2% and 5.9% respectively, S&P said.
Tampa, Fla., posted the lowest return, falling 0.4%, the first annual drop for any market in more than a year in once-hot Florida, Luke noted.
2. Fed Stands Pat on Rates, Entering New Wait-and-See Phase — The decision on Wednesday to leave the benchmark federal-funds rate at its current range around 4.3% followed three consecutive rate cuts beginning in September, when the rate stood around 5.3%. With interest rates now “significantly less restrictive” than they were before last year’s cuts, “we do not need to be in a hurry to adjust our policy stance,” said Fed Chair Jerome Powell at a news conference after the meeting. After Powell spoke, President Trump slammed the Fed and its leader for allowing inflation to accelerate four years ago and promised to put a lid on price increases. “I will do it by unleashing American Energy, slashing Regulation, rebalancing International Trade, and reigniting American manufacturing,” he said in a post on his social-media site.
3. U.S. GDP Grew 2.5% in 2024, but Slowed Slightly in Final Quarter — U.S. gross domestic product—the value of all goods and services produced across the economy—grew 2.5% last year, the Commerce Department said Thursday. That was slower than 3.2% in 2023 but still a sturdy pace. The year-over-year GDP growth reflects the fourth-quarter change from a year earlier. Economists surveyed by The Wall Street Journal and the Federal Reserve use that metric for forecasts. The Fed expects the economy to grow 2.1% this year and 1.8% in the longer run. The economy is entering an uncertain 2025. Economists tend to believe that the Trump administration’s proposals on tariffs and deportations will hurt growth and stoke inflation. Trump advisers have said that plans to cut regulation and boost energy production will offset the effects of higher goods prices.
4. PCE Inflation Accelerated in December — The personal-consumption-expenditures price index rose by 0.3% last month, compared with 0.1% in November, contributing to a 2.6% increase over all of 2024. Excluding volatile food and energy prices, the core version of the PCE price index rose by 0.2% last month, compared with 0.1% in November, and by 2.8% over the past 12 months. December was the third straight month that core PCE inflation stalled at 2.8%. After peaking above 5.6% in 2022, core PCE inflation fell to 2.6% last June but then reaccelerated. The Fed wants to see PCE inflation fall back to its 2% target, but in December, officials projected that still might take until 2027. Slower progress on inflation led the Fed to hold interest rates steady this week, breaking a string of rate cuts that had begun in September.
The week ahead — Economic data from Econoday.com:
Posted in Week of Jan 24, 2025 Weekly Recap & The Week Ahead
January 29th, 20251. Tech Leaders Pledge Up to $500 Billion in AI Investment in U.S. — the joint venture, known as Stargate, is led by the ChatGPT maker OpenAI and the global tech investor SoftBank Group. It will build data centers for OpenAI. The database company Oracle ORCL 6.75%increase; green up pointing triangle and MGX, an investor backed by the United Arab Emirates, are also equity partners in the venture. The companies are committing $100 billion to the venture and plan to invest up to $500 billion over the next four years. The plans, key elements of which remain vague, were announced Tuesday at a White House ceremony with President Trump. The $100 billion sum includes projects that the companies already announced and initiated under the Biden administration, people familiar with the matter said.
2. Trump’s War on DEI Freezes Diversity Work Across Federal Government — President Trump’s plan to unravel diversity, equity and inclusion efforts began taking shape on Wednesday with an order closing such programs within federal agencies and placing all staff working on those programs on paid leave. The Agriculture Department, the Treasury Department and the Labor Department had removed some webpages on diversity by Wednesday morning. The Federal Communications Commission rescinded an action plan promoting DEI and shut down the agency’s advisory group, among other steps. Elsewhere, meetings on those issues were canceled quietly, and federal employees were uncertain about whether internal affinity groups would continue. Paid leave for employees who work on DEI programs was to take effect by 5 p.m. Wednesday.
3. Trump Says Reducing Energy Prices Will Allow for Lower Interest Rates — Trump told reporters he would like to see rates “come down a lot” and implied that steps to keep a lid on price pressures were an important precursor to lower interest rates. In his first term, inflation wasn’t a major problem, and Trump frequently called for the Fed to lower interest rates. The Federal Reserve cut its benchmark short-term interest rate three times between September and December by a full percentage point. But longer-term interest rates rose during that period, partly reflecting expectations of stronger growth.
The episode underscored how the Fed controls short-term interest rates but market forces influence long-term interest rates, which are closely tied to rates on mortgages, auto loans and business debt. Long-term rates can rise even if the Fed is cutting rates if investors anticipate fewer Fed rate cuts, if they are more concerned about inflation, or if they are more optimistic about future economic activity.
4. U.S. Homes Sales in 2024 Fell to Lowest Level in Nearly 30 Years — High costs related to homeownership sapped sales again. The average rate for a 30-year fixed mortgage has hovered between 6% and 8% since late 2022, making it prohibitively expensive for many Americans to buy homes at current prices, which hit record highs last year. Rising home insurance and property tax costs are also adding to homeowners’ expenses. The Federal Reserve cut short-term rates three times last year, but mortgage rates have risen in recent months. Last week, mortgage rates topped 7%, an important psychological threshold for buyers and sellers, though rates declined slightly this week, according to Freddie Mac. The unaffordable housing market has frustrated buyers and sellers, forcing many to delay or cancel plans to move, and prompted both presidential candidates in 2024 to pledge to help lower housing costs. The slow pace of sales has also hurt mortgage lenders, real-estate brokerages and home-goods stores.
The week ahead — Economic data from Econoday.com:
Posted in Week of Jan 17, 2025 Weekly Recap & The Week Ahead
January 22nd, 2025The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless. Jack Schwager
1. Wholesale prices rose 0.2% in December, less than expected — The producer price index rose just 0.2% on the month, less than the 0.4% increase in November and below the Dow Jones consensus estimate for 0.4%, according to a Bureau of Labor Statistics reported. Excluding food and energy, the so-called core PPI was flat compared with the forecast for a 0.3% rise. Excluding food, energy and trade services, the measure rose just 0.1%. On an annual basis, headline PPI rose 3.3% for the full year, well ahead of the 1.1% increase in 2023. Goods prices increased 0.6%, pushed by a 9.7% surge in gasoline prices. Upward moves in several food- and energy-related measures were offset by a 14.7% slide in prices for fresh and dry vegetables.
On the services side, prices were flat, despite a 7.2% increase in passenger transportation that was offset by a fall in prices for traveler accommodation.
2. Inflation Ticks Up to 2.9%, but Underlying Price Gains Are Muted — The consumer price index rose 0.4% in December from November and finished the year up 2.9%, the Labor Department said Wednesday. Economists surveyed by The Wall Street Journal had expected the CPI to advance 0.3% last month from November and 2.9% from December 2023. Gas prices rose 4.4% last month from November, their largest monthly gain since August 2023. Federal Reserve officials and market participants tend to look past such swings in volatile food and energy prices. So-called core prices, which exclude those categories, rose 0.2% from November and finished the year up 3.2%. Economists had expected increases of 0.3% and 3.3%, respectively.
3. Mortgage Rates Top 7% for First Time Since Mid-2024 — The average rate on the standard 30-year fixed mortgage rose to 7.04% this week, according to a survey of lenders by mortgage-finance giant Freddie Mac. That marked the first time since May that it rose above 7%, an important psychological threshold for buyers and sellers. The housing market has slumped in recent years as high mortgage rates and expensive home prices made home-buying unaffordable for many Americans. It hasn’t helped that other costs of homeownership, such as insurance and taxes, have also surged. Sales of previously owned homes in 2024 likely fell to the lowest level since 1995, for the second year in a row. An uptick in rates to start the year could put a damper on the spring selling season—usually the most active time for sales—and undermine hopes that the market can break out of its sales slump.
The Federal Reserve last month lowered its benchmark interest rate for the third time in a year, which brought it down a full percentage point since September. But the central bank signaled doubt over its future path.
4. Medicare Will Pay Less for Ozempic and Wegovy in 2027. — the announcement confirms the long-anticipated inclusion of the blockbuster Novo medicines among 15 additional drugs whose prices Medicare will be allowed to negotiate with drugmakers this year. The prices won’t go into effect until 2027. While President Trump argued during his first term for policies that would have significantly lowered drug prices, those policies were not implemented, and the price-negotiation program has been a hallmark policy of the Biden administration . The negotiations are enabled by the Inflation Reduction Act, which President Joe Biden signed in 2022, and which for the first time allowed Medicare to haggle over prices with drugmakers. The Centers for Medicare and Medicaid Services negotiated lower prices for 10 drugs last year to go into effect in 2026.
The week ahead — Economic data from Econoday.com:
Posted in Week of Jan 10, 2025 Weekly Recap & The Week Ahead
January 14th, 20251. US Services Index Climbs, Price Gauge Hits Highest Since 2023 — The Institute for Supply Management’s index of services advanced 2 points to 54.1 last month, the group said Tuesday. Readings above 50 indicate expansion. The measure of prices paid for materials and services rose more than 6 points to 64.4. The acceleration in the cost gauge comes as Federal Reserve policymakers adopt a more cautious approach to lowering interest rates and amid uncertainty about what kind of tariffs the upcoming Trump administration may slap on imports. Resilient demand, illustrated by the pickup in business activity and stronger orders, adds to concerns that inflation will remain stubborn.
2. US Firms Add 122,000 Jobs in ADP Data, Fewest Since August — Employment rose by 122,000 last month — the least in four months — following a 146,000 increase in November, according to ADP Research Institute data published Wednesday. The median projection in a Bloomberg survey of economists called for a rise of 140,000. The report showed employment growth was mixed across industries. Education and health services, construction as well as leisure and hospitality registered the biggest increases. Manufacturing, natural resources and mining as well as professional and business services saw declines in headcount. The latest’s figures suggest the gradual softening in the US labor market in 2024 extended through the end of the year. Federal Reserve officials will have to balance that trend against renewed inflation fears in deciding how far to continue cutting interest rates in 2025 and beyond.
3. U.S. payrolls grew by 256,000 in December, much more than expected; unemployment rate falls to 4.1% — Nonfarm payrolls surged by 256,000 for the month, up from 212,000 in November and above the 155,000 forecast from the Dow Jones consensus, the Bureau of Labor Statistics reported Friday. The unemployment rate edged down to 4.1%, one-tenth of a point below expectations. An alternative measure that includes discouraged workers and those holding part-time positions for economic reasons moved down to 7.5%, a decrease of 0.2 percentage point and the lowest since June 2024.
4. US Consumer Inflation Expectations Jump to Highest Since 2008 — US consumers’ long-term inflation expectations jumped to the highest since 2008 on concerns about potential tariffs from the incoming Trump administration. Americans expect prices will climb at an annual rate of 3.3% over the next five to 10 years, up from the 3% expected last month, according to the University of Michigan’s preliminary January survey released Friday. They also see costs rising 3.3% over the next year, up 0.5 percentage point from December.
The week ahead — Economic data from Econoday.com:
Posted in Week of Jan 3rd, 2025 Weekly Recap & The Week Ahead
January 7th, 2025There will not be any posting for the holiday shorten week of January 3rd, 2025 — we are away for some needed R&R — Happy New Year
Week of Dec 20, 2024 Weekly Recap & The Week Ahead
December 30th, 2024“Yesterday’s home runs don’t win today’s games.” … — Unknown
1. US Retail Sales Strengthen on Jump in Motor Vehicle Purchases — The value of retail purchases, not adjusted for inflation, increased 0.7% after upward revisions to the prior two months, Census Bureau data showed Tuesday. Excluding autos, sales climbed a more modest 0.2% for a second month. E-commerce sales jumped 1.8%, as Black Friday and Cyber Monday promotions generated massive sales on platforms like Amazon.com Inc. and TikTok Shop. Receipts at building material stores rose 0.4%. Spending at restaurants and bars, the only service-sector category in the retail report, fell for the first time since March. Grocery store sales also declined. The data suggest consumers remained resilient during the crucial holiday shopping season, lured by discounts and bolstered by incomes that have been rising faster than prices. Measures of confidence have also been climbing since the November election, and some consumers have reported they could avoid higher prices from possible new tariffs imposed by the Trump administration by purchasing big-ticket items now.
2. Fed cuts by a quarter point, indicates fewer reductions ahead — In a move widely anticipated by markets, the Federal Open Market Committee cut its overnight borrowing rate to a target range of 4.25%-4.5%, back to the level where it was in December 2022 when rates were on the move higher. In delivering the 25 basis point cut, the Fed indicated that it probably would only lower twice more in 2025, according to the closely watched “dot plot” matrix of individual members’ future rate expectations. The two cuts indicated slice in half the committee’s intentions when the plot was last updated in September. Assuming quarter-point increments, officials indicated two more cuts in 2026 and another in 2027. Over the longer term, the committee sees the “neutral” funds rate at 3%, 0.1 percentage point higher than the September update as the level has drifted gradually higher this year.
3. Trump, Musk Throw Congress Into Chaos With US Shutdown Looming — With less than two days until federal agencies shutter, House Republicans huddled Thursday in Johnson’s office and struggled to write a Plan B that could appease Trump and his agitator-in-chief, Elon Musk. The last-minute dealmaking followed an extraordinary day Wednesday. Backroom spending discussions on Capitol Hill spilled out into an open clash on X, with Musk, the social media platform’s owner, denouncing the compromise Johnson had negotiated to keep funding going into next year.
The drama left Johnson, just days after sitting with the president-elect at the Army-Navy football outside Washington, meeting with allies in his Capitol office to come up with a new plan to keep the government financed and avoid the political pain of a shutdown before the funding deadline lapses on Friday night.
4. US Growth Revised to 3.1% on Stronger Consumer Spending, Exports — Gross domestic product increased at a 3.1% annualized rate in the July-to-September period, the third estimate of the figures from the Bureau of Economic Analysis showed Thursday. That compared to a previous projection of 2.8%. Growth in consumer spending was marked up to 3.7% — the fastest since early 2023 — and exports also grew faster than previously estimated, both thanks to services.
5. Fed’s Favored Inflation Gauge Cools to Slowest Pace Since May — The so-called core personal consumption expenditures price index, which excludes food and energy items, increased 0.1% from October and 2.8% from a year earlier, according to Bureau of Economic Analysis data out Friday. The monthly advance was the slowest since May. The data marks one of the first reports indicating renewed progress on inflation after stalling in recent months. That had prompted Fed officials to update forecasts earlier this week showing a higher path for prices and interest rates in 2025, which helped trigger a broad market selloff.
The week ahead — Economic data from Econoday.com:
Posted in Week of Dec 13, 2024 Weekly Recap & The Week Ahead
December 16th, 2024“Knowledge born from actual experience is the answer to why one profits; lack of it is the reason one loses” — Gerald M. Loeb
1. Inflation Ticked Up to 2.7% in November — The consumer-price index rose 2.7% from a year earlier, the Labor Department said Wednesday, after climbing 2.6% in October. Core prices, which exclude volatile food and energy items, rising 3.3% over the previous 12 months. The CPI index rose 0.3% from the prior month, the strongest month-over-month increase since April. The increase was driven by persistent inflationary pressures in the cost of food, vehicles and medical care. The pace of housing-cost increases cooled slightly from the prior month, which economists said was a welcome development. But they voiced concerns about persistent inflation in the services sector, which makes up the lion’s share of U.S. economic activity. Core goods inflation also picked up from the prior month, led by a jump in vehicle prices.
2. OPEC Makes Deepest Cut Yet to 2024 World Oil Demand Forecast — The Organization of Petroleum Exporting Countries chopped projections for consumption growth in 2024 by 210,000 barrels a day to 1.6 million barrels a day, according to its monthly report. The cartel has slashed projections by 27% since July as it belatedly recognizes the deteriorating market picture. Last week, the OPEC+ alliance led by Saudi Arabia and Russia agreed for a third time to delay plans to restart halted crude production, while also slowing the pace of increases once they do begin next year. The first in a scheduled series of hikes was postponed to April from January. Oil prices have declined 17% since early July as China falters and supply from OPEC’s rivals in the Americas booms. Brent futures are trading near $73 a barrel, too low for the Saudis and many others in the coalition to cover government spending.
3. Wholesale prices rose 0.4% in November, more than expected — The producer price index, or PPI, which measures what producers get for their products at the final-demand stage, increased 0.4% for the month, higher than the Dow Jones consensus estimate for 0.2%. On an annual basis, PPI rose 3%, the biggest advance since February 2023. However, excluding food and energy, core PPI increased 0.2%, meeting the forecast. Also, subtracting trade services left the PPI increase at just 0.1%. The year-over-year increase of 3.5% also was the most since February 2023. Final-demand goods prices leaped 0.7% on the month, the biggest move since February of this year. Some 80% of the move came from a 3.1% surge in food prices, according to the BLS.
4. ‘Wanted’ Signs Targeting Wall Street and Healthcare Executives Pop Up in New York City — “Wanted” posters threatening healthcare and Wall Street executives have gone up around New York City, the latest escalation of vitriol since last week’s assassination of a UnitedHealth executive.
The posters seen around lower Manhattan this week showed the names and faces of Wall Street and healthcare executives. The signs encouraged violence against them. “Health care CEOs should not feel safe,” the posters said. One displayed Brian Thompson, the UnitedHealthcare chief who was killed, with a red X over his face. The posters dragged conversations about corporate violence from the internet into the real world. Some people online have said Thompson’s death outside a Midtown hotel was justified because he ran a company that denied patients lifesaving care. The same pockets are holding up Mangione as a quasi-folk hero who exposed long-simmering anger at the U.S. healthcare system.
The week ahead — Economic data from Econoday.com:
Posted in Week of Dec 6, 2024 Weekly Recap & The Week Ahead
December 10th, 20241. US Job Openings Pick Up to 7.7 Million as Labor Demand Steadies — Available positions increased to 7.74 million from a revised 7.37 million reading in September, the Bureau of Labor Statistics Job Openings and Labor Turnover Survey, known as JOLTS, showed Tuesday. The median estimate in a Bloomberg survey of economists called for 7.52 million openings. The advance in openings was led nearly entirely by professional and business services and accommodation and food services. The overall uptick followed months of steep declines — including a big drop in September. The levels of layoffs decreased to the lowest since June, while quits picked up to the highest since May, indicating workers are more confident in their ability to find a new job.
2. UnitedHealth Exec Brian Thompson Killed in ‘Brazen, Targeted’ Shooting — the shooting took place early Wednesday morning outside a Manhattan hotel where UnitedHealth Group was scheduled to hold its investor conference. The conference began as scheduled at 8 a.m., but was abruptly canceled. Police officials said the suspect targeted Thompson specifically. “This does not appear to have been a random act of violence,” New York City’s police commissioner, Jessica Tisch, said at a press conference. “It appears the suspect was lying in wait for several minutes.”
Thompson was CEO of UnitedHealth Group’s UnitedHealthcare division since 2021. He had previously worked as a senior executive within the division since 2017. UnitedHealthcare is one of the largest insurers in the U.S., with plans covering medical services for 27.3 million people. Its revenue was $281.4 billion in 2023, accounting for 75% of UnitedHealth Group’s total revenue that year.
3. Payrolls increased 227,000 in November, more than expected; unemployment rate at 4.2% — Nonfarm payrolls increased by 227,000 for the month, compared with an upwardly revised 36,000 in October and the Dow Jones consensus estimate for 214,000. September’s payroll count also was revised upward, to 255,000, up 32,000 from the prior estimate. October’s number was held back by impacts from Hurricane Milton and the Boeing strike. The unemployment rate edged higher to 4.2%, as expected. The jobless figure rose as the labor force participation rate nudged lower and the labor force itself declined. A broader measure that includes discouraged workers and those holding part-time jobs for economic reasons moved slightly higher to 7.8%.
The week ahead — Economic data from Econoday.com:
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