10 Things You Need To Know - January 9, 2018

Key data releases this week include: consumer credit (Mon), NFIB small business optimism (Tue), JOLTS job openings (Tue), PPI (Thu), CPI (Fri), and retail sales (Fri).
Haver
January 5, 2018
The labor market exhibited tepid growth last month. Nonfarm payrolls increased 148,000 (1.5% y/y) during December following a 252,000 November rise and a 211,000 October gain. Together these two figures were revised down by 9,000. A 190,000 increase in payrolls had been expected in the Action Economics Forecast Survey.
Haver
January 3, 2018
The ISM manufacturing sector composite index increased to 59.7 during December and recovered November's decline. For all of last year, the index rose to 57.4, its highest level since 2004. A level of 58.2 had been expected for December in the Action Economics Forecast Survey.
Haver
January 5, 2018
The ISM nonmanufacturing index receded to 55.9 in December from 57.4 in November. It is at its weakest level since August.
Haver
January 5, 2018
The year-on-year pace of the headline inflation fell to 1.4% from 1.5% previously, obviously not pressuring the ECB to move any faster with its flirtations with restoring normalcy. The core rate is at 1.1% year-on-year for the third consecutive month after stepping down from a gain of 1.2% back in September. Clearly, inflation pressures are calm and not building in a systematic way.
Reuters
January 2, 2018
Statements from European Central Bank officials that bond buying might be nearing an end prompted a sell-off in bonds Tuesday. Yields spiked in Germany, Italy, Spain and Portugal after Benoit Coeure and Ewald Nowotny indicated the stimulus scheme might end after September.
Reuters
January 4, 2018
China wants economic growth of about 6.5% this year, the same as last year, sources say. The government's wish to maintain stability and to avert a debt crisis is thought to be a reason for the relatively modest target.
Barron’s
January 8, 2018
China’s fixed-asset investment has been declining, and household consumption is unlikely to pick up the slack. Economic growth could fall well below the 6.5% target this year.
ThinkAdvisor
January 4, 2018
Major wirehouse brokerages Merrill Lynch, Morgan Stanley, UBS and Wells Fargo have prohibited employees and representatives from offering bitcoin-related products to clients. UBS hasn't spoken publicly on the issue, but sources say the bank doesn't handle bitcoin trading because it doesn't deem cryptocurrency an asset class.
MLex
January 3, 2018
The Telegraph
Saturday, December 30, 2017
Every major central bank is considering whether to issue digital currency, says Bank of Canada Governor Stephen Poloz, who sits on the board of the Bank for International Settlements. Demand for digital cash might grow, and "there could be very strong arguments for the central bank to provide it, given its obligation to fulfill the public-good function," he said.