PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia discusses the beginning of the fourth quarter, including the unemployment rate and earning reports.
Celia stated, “We’re getting into the fourth quarter a little bit deeper, and in two weeks we’re going to see earnings reports start to come out, which we’ll watch very closely. Some are expecting earnings reports to not be quite as good as we originally thought. The fourth quarter numbers aren’t going to be any better since things are deteriorating.
“We started out the week with factory orders on Monday, but on Tuesday we will get some market ISM service sector numbers. They’re going to be important numbers to give us an indication of what the economy is going to look like as we move forward through the fourth quarter. Initial jobless claims are coming out on Thursday. In my opinion, the important numbers are the continuing claims numbers and they’re not really moving. The last two weeks, they’ve been stuck there at that 2.8 with not a lot of movement, regardless of what the initial jobless claims are.
“Consumer credit is sitting at 17 billion, and that is likely to go down. It’s not a good thing that that number is going down, although it’s good for the family and good for individuals. The unemployment rate is sitting at 5.2%. I don’t think that’s going to change much because the labor participation rate has been dropping. The average hourly earnings in August were up about 1%. I suspect the labor participation rate may be the same as well, which will give us more indication of some permanent inflation. I think this is going to be another interesting week. Everybody’s eyes are on Washington and the political conversation that is going on this week.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
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