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February 11, 2023

Three takeaways from a busy week in markets: Morning Brief

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe

Saturday, February 11, 2023

Today’s newsletter is by Myles Udland, Head of News at Yahoo Finance. Follow him on Twitter @MylesUdland and on LinkedIn. Read this and more market news on the go with the Yahoo Finance App.

Corporate earnings season is coming down the other side of the mountain after a hectic couple weeks.

But even in the absence of a Fed meeting, or jobs report, or earrings reports from the market’s biggest companies, the past week offered plenty to investors on the biggest themes in markets and the corporate world that have featured so far in 2023.

Fed bump fades

This past week, the stock market saw the major indexes cap off their worst week of 2023.

All three major indexes rallied to start 2023, with the Nasdaq enjoying its best January since 2001 after gaining more than 11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the year’s first month.

The early-year rally was punctuated on Wednesday, Feb. 1, when the Nasdaq gained some 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after Fed Chair Jerome Powell said “disinflation” had become a feature of the U.S. economy in a press conference. In an interview with financier David Rubenstein this week, Powell reiterated his view that disinflationary pressures are reaching the U.S. economy – primarily in the goods sector.

The second time around, Powell’s words didn’t excite investors much.

And as economic data shows the economy gained momentum in January, hopes for an imminent Fed pivot appear to be fading among some investors.

Outside of any Fed-related influence on the market’s day-to-day action, the volatility we continue to see is not suggestive of a healthy market. Even with a rally to start the year that washed some of the stink of 2022’s losses for some investors.

As strategists at Bespoke Investment Group wrote Friday in a note to clients, “Volatility is usually a characteristic of a weak stock market rather than a strong one.” And this year’s market has been notably volatile.

Through the first 27 trading days of 2023 – or the year’s trading through Thursday – the Nasdaq has moved 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in either direction 15 times, according to Bespoke’s data. In the prior nine instances this volatility was seen, the market was down six times and the largest rally had been 7.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, which pales in comparison to the ~12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} gain seen in the index this year.

Perhaps more troubling for the bulls right now are the other three years the Nasdaq saw this level of volatility through the first six weeks of the year – 1999, 2000, and 2001. The heart of the tech bubble bursting.

U.S. Federal Reserve Chair Jerome Powell responds to a question from David Rubenstein (not pictured) during an on-stage discussion at a meeting of The Economic Club of Washington, at the Renaissance Hotel in Washington, D.C., U.S, February 7, 2023. REUTERS/Amanda Andrade-Rhoades

Cuts continue

In the Corporate World, the dominant theme of the last few months has been the raft of companies announcing job cuts. This week was no exception.

Cuts at Disney (DIS) were the headliner, with the company announcing Wednesday it would trim 7,000 jobs as newly returned CEO Bob Iger looks to cut $5.5 billion out of the business.

In addition to these cuts, Iger also announced another restructuring of the company’s business lines, telling investors on the company’s earnings call these moves “will result in a more cost-effective coordinated and streamlined approach to our operations, and we are committed to running our businesses more efficiently, especially in a challenging economic environment.”

Alongside these cost cuts, Iger also said he would reinstate Disney’s dividend. His reward for this latest act of corporate wizardry? The end of a proxy fight with activist investor Nelson Peltz.

And while job cuts have spread from the tech sector out into the worlds of media, conglomerates, and beyond, the tech sector remains the center of pressure for the white collar workforce right now.

Zoom (ZM), one of the stock market’s first and biggest pandemic-related winners, announced this week it would cut 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its workforce, or around 1,300 workers. CEO Eric Yuan will also take a 98{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} reduction in base pay for this year while the balance of the company’s executive staff will see a 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} pay cut.

Yuan said the company’s trajectory was “forever changed” during the pandemic, but said Zoom “also made mistakes” as it staffed up to meet these challenges.

“We didn’t take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities,” Yuan wrote in an email to employees. “[The] uncertainty of the global economy, and its effect on our customers, means we need to take a hard—yet important—look inward to reset ourselves so we can weather the economic environment, deliver for our customers and achieve Zoom’s long-term vision.”

Dell (DELL), eBay (EBAY), and JPMorgan (JPM) were also among the major public companies that saw some level of staff reductions over the last week.

SHANGHAI, CHINA - FEBRUARY 27, 2022 - (FILE) Customers shop at the first Disney flagship store in China in Shanghai, China, February 27, 2022. February 9, 2023 - Disney CEO Bob Iger says the company will cut 7,000 jobs to cut $5.5 billion in costs. That's about 3 percent of the global workforce. (Photo credit should read CFOTO/Future Publishing via Getty Images) — SHANGHAI, CHINA – FEBRUARY 27, 2022 – (FILE) Customers shop at the first Disney flagship store in China in Shanghai, China, February 27, 2022. February 9, 2023 – Disney CEO Bob Iger says the company will cut 7,000 jobs to cut $5.5 billion in costs. That’s about 3 percent of the global workforce. (CFOTO/Future Publishing via Getty Images)

Crypto pressures rise

As markets rallied to start the year, crypto was front and center with bitcoin enjoying its best January performance since 2013, gaining nearly 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the year’s first month.

But the early part of February has served as another reminder for the industry that crypto winter is here, even if the price for some blue chip crypto assets has firmed of late.

BNPL giant Affirm – which also announced a 19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} cut to its staff – said this week it would shutter its Affirm Crypto initiative. Like most companies cutting back, Affirm said in a shareholder letter due to economic uncertainty, “we are doubling down on our core businesses.”

Evidently buying stuff now and paying for it later with crypto was not core to the business.

Elsewhere in corporate crypto maneuvers, Robinhood said it would take a $12 million charge and had backed out of a deal to buy crypto company Ziglu, a deal initially announced back in April 2022.

On the regulatory side, a busy year remained that way with the SEC announcing on Thursday a settlement with exchange Kraken over its staking business. As part of the settlement, Kraken agreed to pay a $30 million fine and shut down its crypto staking offering for U.S. users.

Ahead of Thursday’s announcement, shares of Coinbase (COIN) fell 13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after CEO Brian Armstrong cryptically tweeted about talk of the SEC trying to shut down all staking for U.S. retail investors. The stock fell another 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on Friday.

Whether Armstrong’s fears turn out to be founded or not, Thursday’s action from the SEC against Kraken was the agency’s fourth this year against crypto firms as the regulator continues to tighten its control of the industry.

As SEC Chair Gensler told Yahoo Finance in December: “We are enforcing [existing securities laws]. We have publicly been saying to these crypto intermediaries…to come into compliance with the law.”

Gensler told Yahoo Finance he had one goal when it came to regulating crypto in 2023: make crypto exchanges and lending platforms come into compliance.

“They can do that appropriately, working with the SEC, or we can continue on a course with more enforcement actions, and I would have to say that the runway’s getting shorter,” he said.

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January 18, 2023

Microsoft to Cut Engineering Jobs This Week as Layoffs Go Deeper

(Bloomberg) — Microsoft Corp. strategies to lower employment in a variety of engineering divisions on Wednesday, in accordance to a person common with the matter, becoming a member of the ranks of technologies giants that are scaling back as the sector prepares for a prolonged slump in desire.

Stocks end first week of 2023 higher after jobs report spurs big rally

U.S. stocks staged their initially noteworthy rally of 2023 to close the 7 days larger Friday just after December work knowledge showed wage advancement decelerated last month. Investors perceived the release as a sign Federal Reserve officials may possibly simplicity their amount-climbing campaign.

The S&P 500 (^GSPC) jumped 2.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, whilst the Dow Jones Industrial Common (^DJI) extra 700 points, or 2.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The technologies-large Nasdaq Composite (^IXIC) surged 2.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. All three key averages were being on rate to conclude the week with losses just before Friday’s large gains.

The Labor Department’s ultimate positions report of 2022 showed the U.S. economic climate added 223,000 payrolls past thirty day period though the unemployment price fell to 3.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Economists experienced predicted readings of 200,000 and 3.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, respectively.

Employment has moderated in latest months, but hiring remains momentous inspite of the Federal Reserve’s attempts to quell a restricted labor current market that has positioned upward stress on wages and contributed to stubborn inflation.

“With over 1.8 unfilled jobs for just about every unemployed person, investors really should count on greater prices for extended following today’s launch,” Lazard Main Current market Strategist Ron Temple reported in a take note. “As extended as the labor sector continues to be this tight, the Fed can not rest assured that inflation will return to its 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} goal.”

Meanwhile, the ISM’s non-producing PMI fell down below the 50 threshold for the initially time because early into the pandemic two a long time ago. The gauge of expert services exercise in the U.S. fell to 49.6 very last month from 56.5 in November. Economists surveyed by Bloomberg anticipated a print of 55..

Beleaguered Tesla (TSLA) pared a decline of as much as 7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} before in the session following the electric powered carmaker slashed price ranges in China next a December fall in deliveries. Shares shut up 2.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

The starting up rate for Model 3 was slice to 229,000 yuan, or close to $33,000, whilst selling prices on the Design Y have been reduced to 259,900 yuan, or $37,886, according to Tesla’s website.

Elsewhere in markets, Entire world Wrestling Leisure (WWE) shares surged 16.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} immediately after The Wall Avenue Journal documented former main government Vince McMahon will return to explore a sale of the enterprise. McMahon retired in July 2022 subsequent a misconduct probe.

Mattress Bathtub & Outside of (BBBY) slid yet another 22.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on Friday right after revealing in a statement the previous day that the organization was checking out personal bankruptcy as it operates out of cash. On Thursday, shares tanked 30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} subsequent the announcement.

Costco (Value) stock received 7.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, rising from a 6-thirty day period low just after the bulk retailer produced upbeat December profits details. Revenue last thirty day period came in at $23.8 billion, up 7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} calendar year in excess of 12 months, although total comparable store sales grew 5.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, beating analyst anticipations of 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Costco was Yahoo Finance’s business of the year.

Lastly, Biogen (BIIB) shares closed 2.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} larger after the Food and drug administration granted accelerated acceptance to the biotech corporation and its partner, Japanese firm Eisai, for their new Alzheimer’s drug. Buying and selling was briefly halted for information pending.

In commodities markets, oil prices rebounded Friday morning following a gloomy commence to the 12 months that noticed crude futures plunge as significantly as 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} this week. West Texas Intermediate (WTI) crude oil, the U.S. benchmark shut at $73.69.

A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., January 5, 2023. REUTERS/Andrew Kelly — A trader functions on the investing ground at the New York Inventory Trade (NYSE) in New York Metropolis, U.S., January 5, 2023. REUTERS/Andrew Kelly

Exterior of the main regular monthly employment report, a bevy of other labor marketplace updates this 7 days proposed selecting continues to be strong and job openings are continue to superior. For investors, the figures instructed labor situations stay limited more than enough for the Federal Reserve to hold boosting desire charges, sending stocks lower.

In the past investing session, all three main averages drop much more than 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} following the ADP Nationwide Work report confirmed non-public payrolls grew by 235,000 jobs in December, although filings for unemployment insurance policy fell to the cheapest since September.

“Very last year, it was the Fed versus the marketplaces — they needed valuations to arrive down, they wished equities to go down, they wished bonds to go down, they wanted housing rates to go down — they received that,” David Waddell, CEO of eponymous firm Waddell and Associates told Yahoo Finance Stay on Wednesday. “This year, it can be heading to be the Fed as opposed to companies, and what the Fed has advised employers is, ‘We’re not heading to prevent right up until you hearth two million individuals.'”

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Alexandra Semenova is a reporter for Yahoo Finance. Comply with her on Twitter @alexandraandnyc

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November 3, 2022

Credit Suisse London bankers fear annihilation next week

Credit Suisse is likely to be reducing some careers. When the Swiss bank announced its restructuring system previous week, it said that it intended to get rid of 2,700 people ahead of Xmas. Quite a number of of those are very likely to be investment decision bankers in the Uk.

Even though Credit rating Suisse will manage an M&A advisory crew in EMEA underneath its new CS To start with Boston operation, the bank’s fairness funds marketplaces, debt cash markets and leveraged finance bankers in Europe will all be surplus to need. Insiders say they’ve read they could be let go as quickly as upcoming week.

Credit history Suisse declined to comment on the timing of the cuts. “We will resize our money marketplaces company in EMEA to be a authentic advisory only business,” claimed Credit history Suisse CEO/hatchet man Ulrich Koerner last Thursday. “We have not achieved outcomes more than many yrs and we do not have the proper standing in EMEA.”

Although Credit score Suisse is retaining its existence in places like leveraged finance in the US inspite of $120m of writedowns in Q3, leveraged finance bankers are among the people becoming chopped in London. “Substantial cuts are predicted subsequent week, but we have no genuine notion how they could possibly look,” states a single London personal debt capital markets banker in the Town. “All people I have spoken to at CS in London in the past number of times now expects to get slice,” suggests a single headhunter. “They’re just not certain when, but they consider it may be next week.”

The most optimistic CS bankers are evidently hoping to be utilized for a more 6 months whilst they wait to see how the “Klein prepare lands.” Even so, the expenditure bank’s $666m 3rd quarter loss may possibly preclude a very long hold off. So way too might the bank’s 89{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} collapse in money marketplaces revenues.

If CS bankers are allow go in London subsequent 7 days, they are not likely to obtain a big payout. The bank’s latest amount of British isles severance fork out is recognized to be a mere two weeks for each individual year of company.

Not all people is certain that Michael Klein’s CS Very first Boston will be as excellent as Credit Suisse suggests it will. “This is a bunch of leveraged finance and sponsor bankers masquerading as M&A bankers,” just one senior CS insider, informed us. “The plan that it will be capital light-weight is a variety of laughable.”

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November 1, 2022

Stocks fall to start busy week but end October with gains

U.S. stocks lagged Monday in a downbeat final buying and selling working day of Oct but still shut the month firmly increased as a active week marked by Fed plan, earnings, and work opportunities facts obtained underway.

The S&P 500 (^GSPC) declined .7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, while the Dow Jones Industrial Ordinary (^DJI) erased about 130 details, or .4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The engineering-significant Nasdaq Composite (^IXIC) was off by 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Fairness marketplaces nonetheless rounded the month out increased soon after a brutal September slump. The Dow finished October with a acquire of 13.96{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, its best regular monthly advance given that January 1976 and its 10th ideal month of the final century, in accordance to details from Bespoke Expense Team.

The Federal Reserve’s future plan announcement Wednesday and October’s regular monthly employment report established for release Friday will figure out regardless of whether the tailwind will keep on pushing shares ahead by means of the rest of 2022.

U.S. central financial institution officials are poised to increase the Fed’s benchmark policy charge by an additional .75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, but some strategists feel it could be the previous outsized hike in advance of officials scale back again on tightening ideas.

Pantheon Economics Main Economist Ian Shepherdson claimed with even now-superior main CPI and payroll gains averaging 372,000 throughout the 3rd quarter, investor anticipations that policymakers will continue to keep raising charges into upcoming 12 months are justified.

“But we see ample straws in the wind now to imagine that the economy is at a genuine inflexion issue, while buyers are placing much too a great deal emphasis on information, which correct now surface to recommend that expansion is keeping up nicely,” he stated.

WASHINGTON, DC - OCTOBER 14: Chair of the U.S. Federal Reserve Jerome Powell attends a meeting of the IMFC (International Monetary and Financial Committee) at the IMF and World Bank Annual Meetings at IMF headquarters, October 14, 2022 in Washington, DC. Secretary Yellen will hold a news conference and take questions later in the day. (Photo by Drew Angerer/Getty Images) — WASHINGTON, DC – October 14: Chair of the U.S. Federal Reserve Jerome Powell attends a conference of the IMFC (International Financial and Economical Committee) at the IMF and Globe Lender Yearly Meetings at IMF headquarters, Oct 14, 2022 in Washington, DC. (Picture by Drew Angerer/Getty Photos)

“We question Chair Powell’s tone will alter substantially this 7 days, but he won’t be able to hold again the tide if the figures turn,” Shepherdson included.

In other places on Monday, President Joe Biden is scheduled to provide a speech at 4:30 p.m. ET addressing “stories above latest times of big oil providers making report-location income even as they refuse to enable reduced rates at the pump for the American people,” the White Residence mentioned in a statement.

The Labor Department’s jobs report is predicted to exhibit regular payrolls fell underneath 200,000, a significant fall-off from an average of 400,000 across a great deal of the pandemic restoration but however in close proximity to the pre-pandemic regular typical. Economists assume 190,000 positions had been added or established final month, according to consensus estimates from Bloomberg.

And on the earnings front, organizations are even now rolling out third-quarter success. Of firms in the S&P 500 index that have noted so much, the web profit margin for the index is 12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, which is under the previous quarter’s internet profit margin and below the year-in the past web earnings margin, but greater than the five-calendar year ordinary web financial gain margin of 11.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Bank of The us analysts said in a observe that earnings overall so considerably have continued to “defy recessionary phone calls,” with numerous company metrics nonetheless higher than anticipations.

Mega-caps, having said that, have been an exception to that sentiment this quarter. Data clearly show third-quarter benefits marked the worst earnings year on report for mega-caps giants immediately after a person of their most effective seasons previous quarter. Shares of Facebook guardian enterprise Meta (META) fell to the most affordable shut considering the fact that 2015, dragged down by a post-earnings market-off.

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Alexandra Semenova is a reporter for Yahoo Finance. Observe her on Twitter @alexandraandnyc

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June 2, 2022

Fewer Americans Apply for Unemployment Benefits Last Week | Business News

By MATT OTT, AP Business enterprise Writer

WASHINGTON (AP) — Less Individuals utilized for jobless support past 7 days with the selection of People collecting unemployment at historically small concentrations.

Purposes for unemployment positive aspects fell by 11,000 to 200,000 for the 7 days ending May possibly 28, the Labor Department claimed Thursday. First-time purposes generally keep track of the selection of layoffs.

The 4-week ordinary for promises, which evens out some of the weekly volatility, dipped by 500 from the past week to 206,500.

The overall variety of Americans amassing jobless gains for the 7 days ending Could 21 fell from the previous 7 days, to 1,309,000, the fewest because Dec. 27, 1969.

Political Cartoons

American workers are experiencing traditionally potent work protection two several years following the coronavirus pandemic plunged the economic climate into a short but devastating economic downturn. Weekly applications for unemployment assist have been continuously beneath the pre-pandemic level of 225,000 for most of 2022, even as the overall economy contracted in the initially quarter and concerns about inflation persist.

Very last thirty day period, the governing administration reported America’s businesses included 428,000 jobs in April, leaving the unemployment charge at 3.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, just over the least expensive amount in a half-century. Hiring gains have been strikingly consistent in the deal with of the worst inflation in four decades, with companies including at the very least 400,000 positions for 12 straight months.

The government’s Could work report will be introduced Friday, with a lot of anticipating that 400,000 careers included streak to be damaged. Economists surveyed by FactSet venture that the U.S. added 323,000 careers in Could, which would be the fewest in about a yr-and-a-fifty percent.

On Wednesday, a independent government employment report said that the quantity of occupation openings throughout the economic climate ticked a bit decreased in April but remains much greater, at 11.4 million, than the amount of unemployed people today.

The nutritious level of open jobs exhibits that companies are still hoping to include personnel and mature, even as inflation hovers near a 40-year significant and the Federal Reserve has embarked on what could be its swiftest pace of curiosity fee hikes given that the 1980s.

Last thirty day period, the governing administration documented that U.S. producer costs soared 11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in April from a yr earlier, a hefty obtain that suggests substantial inflation will continue to be a burden for consumers and businesses in the months forward.

Inflation at the shopper amount eased a bit in April after months of relentless increases but remained in close proximity to a four-decade high. Shopper selling prices jumped 8.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} previous month from a 12 months in the past, just underneath the 8.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} yr-above-year surge in March, which was the highest considering that 1981.

Earlier in Could, the Federal Reserve intensified its struggle against inflation by boosting its benchmark quick-phrase curiosity fee by a 50 {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}-percentage place, signaling more big charge hikes to occur.

There experienced been some speculation that the Fed may possibly consider a amount hike pause at its September conference, but these hopes diminished after a report Wednesday from the Institute for Provide Administration showing that production development accelerated previous thirty day period, opposite to economists’ expectations for a slowdown.