Data-hungry investors dive deep for economic clues

Nervous about the economy, some seek clarity in job listings and jewelry sales

- Owen Tucker-Smith

Anxiety about the U.S. economy is prompting traders to scour every economic report for nuggets of fresh information, at times diving into data they used to ignore.

Along with studying the usual readouts on jobs, manufacturing or inflation for clues to the path of interest-rate policy, many now say they are dissecting a broader range of reports for any signs that trade restrictions and other Trump administration policies are slowing growth.

That includes inspecting bar and restaurant spending, the number of jobs posted on private employment sites, automobile-loan application rates, credit-card spending and even sales at diamond jewelers. Mark Malek, Siebert chief investment officer, calls them "sleepy numbers"—figures that fly under the radar during a bull market but which investors scrutinize when the road ahead looks particularly unclear.

"You don't want to overlook anything that's going to give you some sort of hint that something might be happening," Malek said.

While the trade war has sparked some of the year's biggest days for stocks, new economic data remain a persistent driver of market swings. A climb in unemployment and a cooler-than-expected inflation report prompted big intraday moves earlier this month. Strong home-building data sent Treasury yields higher early Tuesday, and stocks climbed Thursday morning after home sales beat Wall Street's expectations.