Daily News 11/24/14

November 24, 2014

Monday – November 24

This week’s market action is holiday shortened given the Thanksgiving holiday on Thursday. The Stock and Bond markets will be closed on Thursday, while Friday will see the Bond markets closing early at 2:00 p.m. ET and Stocks closing at 1:00 p.m. ET. The U.S. Post Office will not deliver mail on Thursday, while most banks will also be closed in observance of Thanksgiving. Federal and state offices are closed Thursday.

In the absence of any economic data to begin the week, here are a few facts regarding the Thanksgiving Day holiday. Surprisingly, the average gathering of 10 people for dinner only costs about $54.18. That seems low, but it does not account for alcohol or running out last minute for items. The total amount spent across the nation for Thanksgiving, $2,375,000,000. The total number of turkeys that will be consumed is 51 million. The average households’ spending on Thanksgiving weekend, $302. An average turkey per pound is $1.15. Lastly, the number of families that will travel for Thanksgiving, 39,000,000.

A report from financial data firm Markit showed today that the U.S. services sector expanded in November at a slower rate than in October as growth in new business eased. Markit reported that its flash services Purchasing Managers Index hit 56.3 in November, the slowest rate since April and below the October reading of 57.1. A spokesman at Markit said that slowing growth in the service sector for the fifth straight month signals that the economic recovery has lost some steam, but that the pace of expansion “remains robust by historical standards.”