Economy

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The US Labor Department reported higher jobs on Friday for January as private payrolls surged. Non farm payrolls grew 225k. Unemployment ticked higehr to 3.6% Earlier private payroll company ADP reports that US jobs grew 291,000 in January, the highest since 2015.

Private payroll company ADP reports that US jobs grew 291,000 in January, the highest since 2015. The US Labor Department will report It's jobs report on Friday. In December they reported a lower than expected 145k v 160k non farm payroll additions after the US lost 12,000 manufacturing jobs. 

Real gross domestic product (GDP) increased 2.1% in the fourth quarter of 2019, “advance” estimates by the Bureau of Economic Analysis. Personal consumption was stronger but drop in business investment hinder.

US pending home sales fell a sharp -4.9% v +0.5% estimates, in contrast to December existing home sales rising to 5.54M v 5.43M expected. Mortgage data has been volatile but stronger in late 2019 flowing onto housing as the stockmarket hit all time highs.

US existing home sales rose to 5.54M v 5.43M expected and the prior 5.35M, up +3.6%% v +1.5% expected. Mortgage data has been volatile but stronger in late 2019 flowing onto housing as the stockmarket hit all time highs.

US MBA mortgage applications for the week ending 17 January 2020 were down 1.2% after last week's huge 30.2% pump. Mortgage rates were steady under  4% fueling the activity.

The US Labor Department December jobs report on Friday reported lower than expected 145k v 160k non farm payroll additions.  The US lost 12,000 manufacturing jobs. Unemployment stayed stayed at 3.5% the lowest since December 1969.

The US trade deficit in Novemeber was $43.1B down from prior month's $46.9 billion. The China and US trade deficit fell to to -$26.37B. Since then the ongoing trade war has been broken into phases, phase one is due to be ratified next week.

The Asian Development Bank (ADB) on Tuesday cuts its growth forecast for China and India for 2019 and 2020. The ADB sees a weaker outlook in China, India and the surrounding region in Asia.

Heading into the UK General elections and with the Brexit uncertainty goods and services from the UK hit a record high in October. However UK imports jumped 6.2% in October causing the UK trade deficit to be the largest in 6 Months.

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