This Week: Manufacturing index, jobless aid claims, hiring
A look at some of the key business events and economic indicators upcoming this week:
EYE ON MANUFACTURING
IHS Markit’s latest monthly index should provide insight into the health of U.S. manufacturing.
The financial information company’s purchasing managers index, due out Wednesday, is a broad gauge of activity across the manufacturing sector. Economists project that December’s reading dropped to 53.9. That would be the second monthly drop in for the index. Readings above 50 indicate expansion in manufacturing.
IHS Markit Purchasing Managers Index of manufacturing, monthly, seasonally adjusted:
Dec. (est.) 53.9
TRACKING UNEMPLOYMENT AID
The Labor Department reports its latest weekly figures on applications for unemployment aid Thursday.
Applications dropped two weeks ago to a seasonally adjusted 216,000. The four-week average of applications, a less volatile measure, fell to 218,000. Applications are a proxy for layoffs. When fewer people seek benefits, it suggests that employers are keeping their workers.
Initial jobless benefit claims, weekly, seasonally adjusted:
Nov. 23: 235,000
Nov. 30: 233,000
Dec. 7: 206,000
Dec. 14: 217,000
Dec. 21: 216,000
Dec. 28: (est.) 214,500
ALL ABOUT JOBS
Economists predict hiring in the U.S. rebounded in December after falling the previous month.
They expect the Labor Department will report Friday that nonfarm employers added 180,000 jobs in December. The economy added 155,000 jobs in November. The nation’s unemployment rate remained at 3.7 percent, a nearly five-decade low, for the third straight month.
Nonfarm payrolls, monthly change, seasonally adjusted:
Dec. (est.) 180,000