Succinct Summations for the week ending June 2nd, 2017.
Positives:
1 U.S. stocks made new all time highs; international stocks made 52-week highs.
2. ADP employment came in at 253k, well above the 170k expected.
3. Headline unemployment remains low at 4.3%
4. Consumer spending and personal income both increased 0.4% in Q2.
5. Wages and salaries rose 0.7%.
6. Consumer confidence remains elevated, coming in at 117.9, the sixth straight reading above 110.
7. Chicago PMI came in at 59.4, the highest reading in 2 ½ years.
8. ISM manufacturing rose from 54.8 to 54.9, and above the 54.6 expected.
Negatives:
1. Nonfarm payrolls fell from 211k to 138k, well below the 185k expected.
2. Average hourly earnings rose just 0.2% m/o/m, and 2.6% y/o/y.
3. Pending homes sales fell 1.3% m/o/m, down for the second straight month.
4. PMI manufacturing fell to 52.7, the lowest reading in 8 months.
5. Jobless claims rose 13k to 248k.
6. MBA Purchase applications fell for the third week in a row.
7. Construction spending fell 1.4% m/o/m, .
8. Core CPE rose just 0.2% m/o/m and 1.5% y/o/y, down from 1.6% previously.
Thanks, Mike!
