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Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. mortgage purchase applications index. ADP Employment Report for January. This report is for private payrolls only (no government). The consensus is for 150,000 payroll jobs added in January, up from 122,000 added in December. Trade Balance report for December from the Census Bureau. The consensus is the trade deficit to be $87.0 billion. The U.S. trade deficit was at $78.2 billion in November. ISM Services Index for January.
What can we learn from the study of Asian conglomerates, and the small group of tycoons that control them?
(Posted with permission). The ISM® Services index was at 52.8%, down from 54.0% last month. The employment index increased to 52.3%, from 51.3%. Note: Above 50 indicates expansion, below 50 in contraction. Services PMI® at 52.8% January 2025 Services ISM® Report On Business® Economic activity in the services sector expanded for the seventh consecutive month in January, say the nation's purchasing and supply executives in the latest Services ISM® Report On Business®. The Services PMI® registered 52.8 percent, indicating expansion for the 53rd time in 56 months since recovery from the coronavirus pandemic-induced recession began in June 2020. the Services PMI® registered 52.8 percent, 1.2 percentage points lower than the seasonally adjusted December figure of 54 percent. The Business Activity Index registered 54.5 percent in January, 3.5 percentage points lower than the seasonally adjusted 58 percent recorded in December. After seasonal adjustments, this is the 56th consecutive month of expansion for the index. The New Orders Index recorded a reading of 51.3 percent in January, 3.1 percentage points lower than the seasonally adjusted December figure of 54.4 percent. The Employment Index remained in expansion territory for the fourth consecutive month; the reading of 52.3 percent is a 1-percentage point increase compared to the seasonally adjusted 51.3 percent recorded in December. emphasis added This was below consensus expectations.
An update: The first graph below shows the mix of sales since 1976 (Blue is cars, Red is light trucks and SUVs) through January 2025. Click on graph for larger image. Over time the mix has changed toward more and more light trucks and SUVs. Only when oil prices are high, does the trend slow or reverse. Currently a record 82% of light vehicle sales are light trucks or SUVs.
