The first week of 2024 is underway and "we've got a ton going on," as Yahoo Finance's Rachelle Akuffo notes. Earnings reports from companies including Walgreens and Constellation Brands, and key economic data such as the JOLTS and December jobs report, are all set to come out this week. Yahoo Finance breaks down what to watch in the first week of the year.
On the earnings side, several companies will be reporting results. Cal-Maine Foods (CALM) will be reporting on Wednesday, January 3, while Conagra Brands (CAG) and Walgreens Boots Alliance (WBA) will report before the open on Thursday, January 4. Constellation Brands (STZ) will close out the week, reporting results on Friday, January 5.
On the economic data front, the Job Openings and Labor Turnover Survey (JOLTS) report for November will be released on Wednesday, January 3, with “jobs openings expected to rise roughly 8.8 million from the 8.7 million in October,” as Yahoo Finance’s Madison Mills discusses. Minutes from the Federal Reserve’s December meeting will be released on Wednesday, January 3 and “we perhaps will get more clarity on the Fed’s thinking around rate cuts” from the minutes, Yahoo Finance’s Jennifer Schonberger says. ADP employment will come out on Thursday, January 4 and the December jobs report will be released on Friday, January 5.
Yahoo Finance’s Josh Schafer breaks down expectations for the December jobs report. “Economists are telling me that the biggest story in 2024 is going to be the labor market,” Schafer notes. 168,000 jobs are expected to be added in December, which is down from 199,000 in November and the unemployment rate is expected to come in at 3.8 percent, which would be slightly up from 3.7 percent in November, according to Bloomberg. “This picture here fits the narrative we’ve been talking about of a cooling labor market, but not one that’s ice cold, not one that’s going into recession.” Schafer adds, “overall on Friday, we’re looking for more signs of cooling and making sure things aren’t getting too cold.”
Key video moments:
00:00:17 - What to watch this week
00:00:43 - FOMC December minutes
00:00:51 - December jobs report expectations
Video Transcript
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RACHELLE AKUFFO: It's the first week of trading in 2024, and we've got a ton going on, with some lingering earnings sprinkled throughout the week, some Fed speak Wednesday, and of course, big data ending with the JOLTS report on Friday.
MADISON MILLS: Conagra and Walgreens both reporting on Thursday ahead of the open, then washing it all down with beer importing giant Constellation Brands reporting on Friday. Then we go to the economy, the job market. The Bureau of Labor statistics releasing its monthly JOLTS data for November. Job openings expected to rise roughly 8.8 million from the 8.7 million in October. Sticking with jobs, we've got ADP. Then on Friday, monthly jobs report for December.
JENNIFER SCHONBERGER: We, perhaps, will get more clarity on the Fed's thinking around rate cuts, when minutes from the December policy meeting are released on Wednesday.
JOSH SCHAFER: Economists are telling me that the biggest story in 2024 is going to be the labor market. Yes of course, we're still going to be talking about inflation. But when we think about that soft landing, we need the economy to hold up, and we need the labor market to hold up as it has. So what I'm sitting next to right now is the expectations for the December jobs report.
So you can see this would be a little bit of a tick down with the 168,000 jobs added. That's compared to 199. Unemployment rate would be up slightly 3.8% from 3.7%. But overall, this picture here fits the narrative we've been talking about of a cooling labor market, but not one that's ice cold. Not one that's going into recession. Overall on Friday, we're looking for more signs of cooling and making sure things aren't getting too cold.
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