Dan Celia: Jobless Claims Might Dip Below 700,000 This Week

November 16, 2020

PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia discusses economic data coming out this week. The numbers look good, but some look a little too good.

“Well, I’m going to start the week off with some economic data. We get Empire State Manufacturing numbers coming out on Monday. Tuesday is going to be a fairly big day with some basic economic numbers. Most of it from October, with the exception of the Home Builder Index, which is going to be a November number. I’m very interested to see where that is. We’re sitting at 85 right now. We’ll see what November looks like, but we get retail sales numbers coming out, and the retail sales numbers, of course, ex autos. We get industrial production, an extremely important number, and that is coming out for the month of October. Last look, it was a negative six tenths and 1 percent, anything in positive territory is going to be very, very good. So that’s what’s coming out early this week.

“Later in the week we get housing starts and building permits. That’s on Wednesday and we’ll be watching that closely as well as initial jobless claims. Let’s see if we can get below 700,000. And I frankly think there’s a very strong possibility that that is going to happen. Continuous jobless claims – they will likely dip again. They have continued to drop for about 26 weeks. We’ll see if that can continue. The Philly Fed Index number is coming out as well. That is sitting at an unbelievably high right now at 32.3. I would suspect that that was a bit of a mistake, that October number. It’s hard to believe that it could be that high. So, I think there could be an adjustment and a little bit of a pullback, but it doesn’t matter. Any pullback, it’s still going to be in good territory because it’s not likely to go below zero, which would mean contraction.”

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.

Read more about Celia, FISM and “Financial Issues” or visit the FISM website, its Facebook page, on YouTube at Financial Issues with Dan Celia or on Twitter @financialissues; download the FISM app here.


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