Economic Release Snapshot: A Busy Start to 2023

Each week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead. 

Reports for the Week of December 27

There were no major economic data releases during the holiday-shortened week.

Upcoming Reports for the Week of January 3

ISM Manufacturing, December (Wednesday)

Manufacturer confidence is expected to decline to end the year, which would leave the index in contractionary territory to start 2023.

FOMC meeting minutes (Wednesday)

The minutes from the Fed’s December meeting are set to be released. The Fed hiked the federal funds rate 50 bps at this meeting and signaled a likely slower path of rate hikes ahead. The minutes will be closely examined by economists and investors for any hints on the future path of monetary policy.

International trade report, November (Thursday)

The monthly trade deficit is expected to decline in November following two months of rising deficits, driven by a smaller trade deficit for goods.

Employment report, December (Friday)

The December employment report is expected to show that 200,000 jobs were added during the month. The unemployment rate is set to remain unchanged at 3.7 percent. If estimates hold, this result will signal continued strength for the labor market at the end of the year.

ISM Services, December (Friday)

Service sector confidence is set to fall in December after increasing more than expected in November. The index is still expected to remain in healthy expansionary territory during the month despite the anticipated decline.