Despite the Scrooge-like behavior of the manufacturing sector, the economy gifted an early holiday present to workers. The job market surged and small firms continued to search for workers and to pay more.
Risk-on and risk-off moves to financial markets this year have come in part from the ebbs and flows of the trade war. But financial markets in the U.S. and globally have been lifted significantly by expansionary monetary policy.
The Outlook: The Outlook: Healthy holiday spending reflects supportive fundamentals (Page 5)
Holiday shopping has gotten off to a solid start, aligning with solid consumer fundamentals and adding another reason to be optimistic that spending will continue to underpin overall economic growth into the new year.
Go deeper with the full December report linked below.