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This measure closely correlates to the unemployment rate in the Labor Department’s employment report. Economists said it raised the possibility that the unemployment rate could drop further from a near 49-year low of 3.7 percent. The government will publish its October employment report on Friday. “At the end of the day, it is the job market, or the security of having a job with a regular paycheck, that supports confidence and spending,” said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto. “So far, so good.”.
Consumer confidence at multi-year highs bodes well for spending in the upcoming holiday season, More consumers planned to buy automobiles and houses over the gold masonic formal set cufflinks next six months, but the share of those intending to purchase major appliances slipped, The dollar was near a 2 1/2-month high against a basket of currencies, while stocks on Wall Street were higher, U.S, Treasury yields rose, The economy grew at a 3.5 percent annualized rate in the third quarter and is considered on course to achieve the Trump administration’s target of 3.0 percent annual growth this year..
Growth has been spurred by a $1.5 trillion tax cut. Economists estimate the tax cut stimulus peaked in the third quarter and expect growth to gradually slow from the second half 2019, restrained in part by higher interest rates. The Federal Reserve has increased borrowing costs three times this year and in September removed a reference to monetary policy remaining “accommodative” from its policy statement. The U.S. central bank is expected raise rates gain in December. Higher borrowing costs have cooled housing demand; sales and homebuilding declined in September.
A separate report on Tuesday showed the S&P CoreLogic Case-Shiller composite home price index of 20 U.S, metropolitan areas rose 5.5 percent in August from a year ago after increasing 5.9 percent in July, Growth in house prices has slowed from as high gold masonic formal set cufflinks as 6.8 percent in March, Prices had been boosted by a shortage of properties on the market, but now mortgage rates have risen to seven-year highs, “The sharp gain in mortgage rates thus far in 2018 continues to weigh on home sales as well as home prices,” said Brent Campbell, an economist at Moody’s Analytics in West Chester, Pennsylvania..
(Reuters) - Chesapeake Energy Corp (CHK.N) on Tuesday agreed to buy Texas oil producer WildHorse Resource Development Corp WRD.N in a nearly $4 billion cash-and-stock deal that knocked down the natural gas producer’s shares by more than 12 percent. Investors have punished shares of oil and gas producers that have struck deals this year for higher production instead of focusing on improved returns. Denbury Resources (DNR.N), Concho Resources (CXO.N) and Diamondback Energy (FANG.O) each fell after disclosing acquisitions this year.
WildHorse shareholders will get either 5.989 shares of Chesapeake common gold masonic formal set cufflinks stock, or a combination of 5.336 shares of Chesapeake stock and $3 in cash, for each share held, under terms of the agreement, The offer implies a 21 percent premium to WildHorse’s closing price on Monday, while the stock-and-cash option represents a 24 percent premium, The deal, which includes assumption of WildHorse’s debt of $930 million, will increase Chesapeake’s shares outstanding by up to 90 percent, diluting existing holders’ stakes..
WildHorse’s shares were up 4.7 percent at $19.26 while Chesapeake’s fell 46 cents to $3.26 in midday trading amid a volatile market. “Investors first response any time they see a company focus on growth is to sell off the stock, believing it pushes the free cash flow horizon further out,” said Andrew Dittmar, a mergers and acquisition analyst at DrillingInfo. The acquisition is expected to give Chesapeake about 420,000 net acres in the Eagle Ford shale and Austin Chalk formations in Texas, and help save between $200 million and $280 million in annual costs over the first five years, the companies said.
The Austin Chalk, which lies atop the Eagle Ford, is undergoing a renaissance as oil producers deploy technology developed in the shale boom to boost output, “The complementary WildHorse assets build upon our existing Eagle Ford position and with our Powder River Basin position gives us two powerful oil growth engines in our portfolio,” Chesapeake Chief Executive Doug Lawler said on a call with analysts, Chesapeake has been directing its capital toward oil production against a backdrop of rising crude prices and declining natural gas prices, The combination would reduce the gold masonic formal set cufflinks company’s gas-to-oil split to 68 percent gas, from 72 percent, said analysts at Sanford C, Bernstein..