Tuesday, January 13, 2015

Wednesday: Retail Sales, Beige Book

by Bill McBride on 1/13/2015 07:53:00 PM

The West Coast port labor discussions are ongoing ... and this could negatively impact the economy.

From the LA Times: Night shifts at L.A.-area ports to be cut, in latest move during talks

Employers at the ports of Los Angeles and Long Beach will no longer order dockworkers to unload ships at night, a move they contend will help relieve crushing congestion on the waterfront.

The labor cut, scheduled to begin Tuesday, is intended to put fewer new containers on docks that are near capacity, allowing night-shift workers to focus on clearing the cargo boxes already there, said Steve Getzug, a spokesman for the Pacific Maritime Assn., which represents shipping lines and terminal operators.
...
But the union representing West Coast dockworkers said the work reduction would increase port congestion and is intended to pressure union negotiators who have been attempting to reach a new labor agreement for eight months.
...
Last week, tensions between the sides appeared to ease when employers and the union asked for federal mediation to help reach a new contract for about 20,000 West Coast dockworkers.
Still a mess!

Wednesday:
• At 7:00 AM ET, Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 8:30 AM, Retail sales for December will be released. The consensus is for retail sales to decrease 0.1% in December, and to decrease 0.1% ex-autos.

• At 10:00 AM, Manufacturing and Trade: Inventories and Sales (business inventories) report for November. The consensus is for a 0.2% increase in inventories.

• At 2:00 PM, the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts.