Last week Negative economic news exceeded positive news. The Positives:

1. The U.S. Economy added 252,000 jobs in December.
2. Unemployment rate fell to 5.6%; Revisions to the jobs report added 50,000 jobs to each of the prior past two months.
3. S. consumer confidence jumped to a seven-year high;
4. Vehicle sales came in at annual sales rate of 16,800,000, slightly lower than the 16.9mm expected but still strong and above the 12-month average.

Following are the Negative economic reports:

1. Average hourly earnings fell 0.2% month over month.
2. Wages rose just 1.7% year over year, well below the 2.2% expected and the weakest readings since October 2012.
3. Factory orders fell 0.7% in November, vs the 0.5% expected decline.
4. December was the first time ever that all ten components of the Institute of Supply Management services report declined.
5. Institute of Supply Management non-manufacturing PM came in at 56.2, vs the 58 expected.
6. Labor Participation Rate fell to 62.7%, levels not seen since 1977.