Economics Update

We get the official numbers on Friday, but ADP's private employment survey shows a 93,000 increase in private employment in November, which is the best number in about 3 years, though this alone is still a bit smaller than the natural growth in the labor market.

Also on the plus side, we have the Federal Reserve Board's  Beige Book showing mild expansion, construction spending rising in October, and car sales for GM, Ford, and Chrysler up significantly in November.

On the so level, we have the Institute for Supply Management's manufacturing index falling, but still showing slow growth.

On the minus side, we saw mortgage applications falling sharply last week.