1Michael Feroli (1-212) 834-5523michael.e.feroli@jpmorgan.comJPMorgan Chase Bank NADaniel Silver (1-212) 622-6039daniel.a.silver@jpmorgan.comMurat Tasci (1-212) 622-0288murat.tasci@jpmchase.comNorth America Economic ResearchGlobal Data Watch28 December 2023J P M O R G A NThuS&P Global services PMI (US)Jan 4Index, sa9:45amFlashFinalOct Nov Dec Dec Business activity50.650.851.351.3Incoming new business48.750.851.9Employment51.750.252.0Business expectations66.763.974.2Input prices57.456.558.3Prices charged53.756.255.3Backlogs of work48.647.946.9FriLabor-market reportJan 5Sa8:30amSepOct Nov Dec Payroll employment (ch, m/m, 000s) 262 150 199 150 Private payrolls 199 85 150 105Goods-producing 21 -10 29 15Construction 9 25 2 5Manufacturing 11 -35 28 10 Service-providing 241 160 170 135Private service-providing 178 95 121 90Wholesale trade 16 11 8Retail trade 2 -5 -38Professional services -17 2 -9Temporary help -22 0 -14Education/health 86 83 99Leisure and hospitality 76 42 40Government 63 65 49 45Average weekly hours34.434.334.434.4Index, hrs worked (%m/m) 0.2 -0.2 0.3 0.1Hourly earnings (%m/m) 0.3 0.2 0.4 0.4(%oya) 4.2 4.0 4.0 4.0Unemployment rate (%) 3.8 3.9 3.7 3.8Participation rate (%)62.862.762.8FriISM services surveyJan 5Sa10:00amSep Oct Nov DecHeadline composite53.651.852.753.0Business activity58.854.155.1New orders51.855.555.5Employment53.450.250.7Prices58.958.658.3Data releases and forecastsSources for all: ADP/Moody�s Analytics, BEA, BLS, Census Bureau, Conference Board, Department of Labor, Federal Reserve Board, ISM, J.P. Morgan forecasts, NAHB, NAR, NFIB, NY Fed, Philadel-phia Fed, S&P Global, Standard & Poor�s, University of Michigan, US TreasuryTueS&P Global manufacturing PMI (US)Jan 2Index, sa9:45amFlashFinalOct Nov Dec Dec Composite150.049.448.248.2New orders (30%)50.949.647.1Output (25%)51.250.549.0Employment (20%)49.049.249.5Sup. del. (15%, inv.)50.850.752.2Stks of purch (10%)47.246.746.9New export orders48.551.150.6Backlogs of work48.246.745.4Output prices52.851.653.4Input prices56.452.354.8Stocks of finished goods48.848.950.4Quantity of purchases48.749.944.1ISM-weighted composite249.549.148.11. Weights in parentheses2. Attributes ISM-comp. weights (equal weights) to corresponding PMI seriesTueConstruction spendingJan 2%m/m, sa10:00amAug SepOct Nov Nominal 2.1 0.2 0.6 0.6Private 2.2 0.0 0.7 0.6Residential 2.3 -0.2 1.2 1.1Nonresidential 2.1 0.2 0.1 0.1Public 1.6 1.1 0.2 0.5WedISM manufacturing surveyJan 3Sa10:00amSep Oct Nov Dec Overall index49.046.746.746.5Production52.550.448.5New orders49.245.548.3Inventories45.843.344.8Employment51.246.845.8Supplier deliveries46.447.746.2Export orders47.449.446.0Imports48.247.946.2Prices43.845.149.9ThuJan 48:30amInsuredWkly4-wk avgWkly4-wk avg Jobless,%Oct 21212208181217571.2Oct 28220211183317891.2Nov 4218213186218231.2Nov 11233221184118371.2Nov 18¹211221192518651.3Nov 25219220185618711.2Dec 2221221186618721.3Dec 9203214186118771.2Dec 16¹206212187518651.3Dec 23218212Dec 30215211New claims (wr.)Continuing claimsJobless claimsThousands...
