Succinct Summations for the week ending May 5th, 2017.
Positives:
1. Nonfarm payrolls rose from 79k to 211k, above the 185k expected.
2. Unemployment fell to 4.4%, its lowest reading since May 2001.
3.Average hourly earnings rose 0.3% m/o/m.
4. ISM non-manufacturing index rose from 55.2 to 57.5, above the 55.8 expected.
5.Jobless claims fell to 238k, down from 257k previously.
6. PMI services index rose from 52.8 previously to 53.1.
Negatives:
1. Consumer spending was unchanged in March.
2. Personal income rose 0.2% m/o/m, below the 0.3% expected. Last month’s number was revised down from 0.4% to 0.3%.
3. PMI manufacturing fell from 53.3 to 52.8, a 7-month low.
4. ISM manufacturing fell from 57.2 to 54.8, below the 56.5 expected.
5. Construction spending fell 0.2% m/o/m, below the 0.5% expected increase.
6. Nonfarm productivity fell 0.6% q/o/q.
7. ADP employment fell from 263 to 177, but that drop was in line with consensus.
Thanks, Mike!
