GDP At 2.1% -- Jobless Claims Up A Bit -- Overall A Nice Report Card; Gasoline Demand In Free-Fall -- January 30, 2020

Link here.

GDP: in-line, unchanged.

Fundamentally supported by consumer spending, fourth-quarter GDP is expected to rise at a 2.1 percent annual pace to match the third quarter's pace. Consumer spending in the US is seen slowing from a strong 3.2 percent third-quarter pace to a still useful 1.9 percent in the fourth. Net exports and residential investment are also likely to be positives for the quarter. 

Jobless claims:

• prior: 211K
• prior revised: 223K
• consensus: 215K
• actual: 216K

Consensus outlook: Initial jobless claims are expected to rise 4,000 to 215,000 in the January 25 week after rising 6,000 in the prior week to 211,000. The prior week was the sample week of the January employment report and though the initial indication was favorable for the monthly employment report, a significant number of states were estimated raising the risk of a sizable revision, one that could affect estimates for January nonfarm payrolls and the month's unemployment rate. 

Gasoline demand, link here:

Days supply, link here: pretty much unchanged for quite some time now -- 25.9 days. For me, 25.9 rounds off to 28 days, and 4 x 7 = 28; therefore a 4-week supply of oil. A two-week supply is way too tight; a three-week supply about right.