Succinct Summations for the week ending June 3rd 2016
Positives:
1. Construction spending was revised up 1.5% from the previous reading of 0.3%.
2. Unemployment fell to 4.7%, down from 5% previously.
3. ADP employment report came in at 173k. The previous report was revised up from 156k to 166k.
4. ISM manufacturing came in at 51.3, up from 50.8 previously and above the 50.6 expected.
5. Factory orders rose 1.9% m/o/m, the previous reading was revised up to 1.7% from 1.1%.
Negatives:
1. Nonfarm payrolls fell to 38k, well below the 123k expected (35k from striking Verizon employees).
2. Chicago PMI fell to 49.3, down from 50.4 previously and below the 50.7 expected.
3. Consumer confidence came in at 92.6, down from 94.2 previously.
4. MBA mortgage composite index fell 5% w/o/w.
5. PMI manufacturing stalling out at 50.7, with the production component falling below 50 for the first time in almost seven years.
6. Construction spending fell 1.8% m/o/m.
7. ISM non-manufacturing fell to 52.9, down from 55.7 previously.
