- Prior was 89.1 (revised to 94.2)
Details:
- Present situation 113.7 vs 116.8 prior (revised to 123.0)
- Expectations 65.1 vs 70.7 prior (revised to 74.7)
- Jobs plentiful 23.1% vs 26.7% prior
- Jobs hard to get vs 20.8% prior
This is a terrible reading as it breaks through the pandemic lows and falls to the worst levels since 2014. This drop might speak to how the wealthy are carrying US consumer spending while the middle and lower classes are really struggling. We've seen that in reports from airlines and McDonald's among others.
"Premium product offerings continued to perform exceptionally well, with year-over-year premium unit revenue outperforming the main cabin in the fourth quarter," said American Airlines in its earnings release today.
The US dollar is under some further pressure following this report with the euro now up 75 pips on the day to 1.1954. The pound, Aussie and loonie are also at fresh highs on the day while the US Dollar Index hits multi-year lows.
Separately, the Richmond Fed manufacturing and services numbers were released at the same time.
- Manufacturing shipments -5 vs -11 prior
- Services index -3 vs -6 prior
- Composite index -6 vs -7 prior
