Succinct Summations for the week ending August 26th 2016
Positives:
1. Durable goods rose 4.4% in July, up from a -4% reading previously.
2. New home sales came in at an SAAR of 654k, well above the 580k expected.
3. Jobless claims fell to 261k, from 262k. 4-Week moving average is down to 264k.
4. Chicago Fed National Activity Index came in at 0.27, up from 0.16 previously.
5. PMI services flash came in at 50.9, in line with expectations.
Negatives:
1. GDP rose at just a 1.1% annualized rate (but consumer spending rose 4.4% annualized).
2. Corporate profits fell 2.2% y/o/y.
3. Consumer sentiment fell to 89.8, slightly below the 90.7 expected.
4. PMI manufacturing came in at 52.1, down from 52.9 previously and below the 53.2 expected.
5. Existing home sales fell to an SAAR of 5.39M, down from 5.57 previously and down 3.2% m/o/m.
6. MBA mortgage applications fell 2.1% w/o/w.
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