Bullet Points, Highlights, Announcements
By Mark O’Brien, Senior Broker
General:
In a one-day early release, the Labor Department said on Wednesday that the number of Americans filing new applications for unemployment benefits fell to an 11-month low last week. Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 201,000 for the week ending Jan. 4, the lowest level since February 2024. The report was published a day early as federal government offices are closed today in honor of former President Jimmy Carter who died on Dec. 29 at the age of 100.
Coming up tomorrow, the first Friday of the month, the Labor Dept. releases its monthly Non-farm payrolls report. It’s widely considered to be one of the most important and influential measures of the U.S. economy. Forecasters predict the U.S. created a modest 155,000 new jobs in the final month of 2024. The economy added 227,000 jobs in November. The unemployment rate is forecast to be unchanged at 4.2%. The report is released at 7:30 A.M., Central Time.
Stock Indexes:
U.S. stock index futures closed today in a mark of respect for the late former president. President Joe Biden declared a National Day of Mourning following Carter’s passing.
Grains:
Also due out Friday: the latest USDA crop production and world supply & demand report as well as the final production numbers and stocks as of Dec. 1. These reports are released at 11:00 A.M. Central Time.
Softs:
The hands down 2024 commodity price gain winner: cocoa. Despite new all-time highs in Bitcoin futures, eclipsing 110,00 in mid-December and gold surpassing $2,800 per ounce in late October, cocoa nearly tripled in price over 2024, far outpacing other commodities. The March ’25 futures contract hit an intraday and record high of $12,931 a metric ton on Dec. 18. Top cocoa producers Ivory Coast and Ghana have suffered crop losses due to adverse weather and bean disease.
Energy:
In the meantime, Brent and West Texas Intermediate crude oil futures posted a second consecutive annual decline in 2024 as supply outstripped a rebound in demand growth.
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