Three Things to Know & Watch

Nov 28, 2022

By Bill Hornbarger, Chief Investment Officer

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Three Things to Watch

  • A heavy economic calendar welcomed investors back from the Thanksgiving holiday. The highest profile release for the week is Friday’s employment report for November. Nonfarm payrolls are expected to increase 200,000 and the unemployment rate is expected to remain steady at 3.7%. The jobs situation has been a bright spot this year as the economy has slowed and this report comes just two weeks in front of the next FOMC meeting. Futures currently indicate a 50 basis point increase in the target Fed funds rate in December, but this employment report could influence that.
  • Other data releases this week include consumer confidence, construction spending, the second estimate on this quarter of GDP, and the ISM manufacturing index. The ISM index is expected below 50 (indicating contraction) for the first time since the beginning of the pandemic (May 2020).
  • Cyber Monday continues the holiday weekend deals for consumers. Preliminary data indicates that in-store traffic at brick-and-mortar-retailers increased slightly (2.9%) versus 2021 aided by deep discounts.

Three Things to Know

  • While 72% of new cars in Norway are electric vehicles in 2022, oil consumption in the country hasn’t materially changed. (Source: Morgan Stanley, Julian Klymochko)
  • S. shoppers spent a record $9.12 billion online this Black Friday, much of it using their smartphones. Data from Adobe showed mobile shopping represents 48% of Black Friday digital sales. (Source: MSN)
  • The S&P has notched a positive return in December 74% of the time since 1928, more than in any other month. (Source; Bespoke)


The above information reflects the current opinion of the author. It is based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security mentioned.