DC Lite #297

1. NFP. The US added 143k jobs in January, below the 170k consensus estimate. However, Nov+Dec revisions totaled +100k. This brought the 3-month moving average up to 237k.

2. Consumer credit change (I). Total consumer credit jumped by a record $40.8bn in December, driven by a $22.9bn surge in revolving credit (also a record) and a $18bn increase in non-revolving credit (the most since October 2022).

3. Consumer credit change (II). "But don't fall for misleading narratives... Consumers are not using more credit to finance their outlays. Relative use of credit vs spending is lower than pre-pandemic. Income is the key driver of consumer spending."

4. Sentiment indicators. "Equity positioning, especially in the US, remains very bullish."

5. Q4 blended growth. The blended YoY EPS and sales growth rates for the $SPX are 16.4% and 5.2%. If the former is actualized, it would mark the strongest earnings growth since Q4 2021.