Economic and Employment Data Slightly Positive
Employment data for the past week was positive overall, with nonfarm payrolls increasing 146,000 in November, outpacing the forecast of 85,000. The previous two months, however, were revised down by 49,000. The November unemployment rate dropped to 7.7%, the lowest since December 2008, primarily owing to a shrinking labor force.
Initial jobless claims fell for the third straight month to 370,000, as the impact of Sandy continued to gradually dissipate. Other data was mixed, with the November ISM non-manufacturing index climbing to 54.7, after the manufacturing index showed a contraction.
The most negative data came from surveys, with the University of Michigan Consumer Sentiment Survey falling 8.2 points in December, the largest drop in 21 months. The NFIB Small Business Optimism index fell 87.5 in November, the largest drop on record and a 32-month low. Trade data showed a narrower than expected October trade gap of -$42.2 billion, with exports falling 3.2%.
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Heffernan Capital Management
Business Development Director – Private Client Group,
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals. He is also an active consultant working with Corporations around the World.
He is recognized as one of the leading Economists in South East Asia, as well as the preeminent authority on ASEAN. His opinions and forecasts are widely read by decision makers in the region and Internationally.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
Chinese Society of Economists
American Economic Society
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