Stocks are being weighed down by commodity weakness. Bonds and MBS are down small.
We have a big week of economic data, with the ISM numbers, construction spending, and the jobs report on Friday. Friday’s jobs report will be the highlight of the week.
Personal Income rose 0.3% in December, which was a little better than expected, although that money wasn’t spent. Personal Spending was flat in December, which means the Great American Deleveraging continues to take place.
Inflation remains nowhere to be found, with the PCE Deflator negative in December on a month-over-month basis and up 0.6% YOY. The core PCE was flat in December and up 1.4% YOY.
The ISM Manufacturing Index fell to 52.4 from 52.7 last month, while the ISM Manufacturing Index rose slightly to 48.2 from 48.
Construction Spending rose 0.1% in December after falling 0.6% in November.
Here are Realtor.com’s list of the 20 hottest real estate markets right now. Very California-centric, however some surprises in Stockton, Detroit MI, and Fort Wayne, IN.
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