Economic Indicators Summary with Minor Commentary on Trump Trade Visit

Investment Management Economics Monitor Division JOLTS Job Openings (k) Sep 6,093 6,075 6,082 6,090 Markit Eurozone Composite PMI poo Initial Jobless Claims (k) 4-Nov 239 232 229 oe Markit/BME Germany Composite PMI Oct F 56.6 56.9 56.9 -- Continuing Claims (k) 28-Oct 1,901 1,885 1,884 -- Markit France Composite PMI Oct F 57.4 575 575 -- Markit/ADACI Italy Composite PMI Oct 539 54.3 54.3 -- U. of Mich. Sentiment NovP 8 100.8 100.7 Eurozone Retail Sales YoY 3.7% 28% 1.2% 23% Foreign Reserves 3,109 3,110 3,109 Germany Industrial Prod. WDA YoY Sep 3.6% 45% 47% 46% Exports YoY Oct 6.9% 7.1% 8.1% 8.0% France Industrial Production YoY Sep 3:2% 3.1% 1.1% 1.0% Imports YoY Oct 172% 170% 187% 186% Italy Industrial Production WDA YoY Sep 24% 48% 5.7% 5.8% CPI YoY Oct 1.9% 1.8% 1.6% o Spain Industrial Output SA YoY Sep 3.4% 3.1% 1.8% 1.9% = The US labor market continues to tighten; the small miss in claims is largely explained by Puerto Rico. = Chinese trade growth moderated; deals announced during President Trump’s visit are unlikely to reduce trade deficit. = Eurozone data came in mixed relative to consensus expectations, but still points to above-trend growth in the region. 27 HOUSE_OVERSIGHT_025690 Source: Investment Strategy Group, Bloomberg.