Succinct Summations for the week ending July 14th, 2017
1. Federal Reserve Chair Janet Yellen sounded dovish in Congressional noting inflation is soft and wages remain below where she was hoping. Bad is good as it means lower for longer;
2. Industrial production rose 0.4% m/o/m, above the 0.3% expected increase. The previous month was revised 0.1% higher.
3. Initial jobless claims remain low, coming in at 277k.
4. UK unemployment fell to 4.5% in May, the lowest reading since 1975.
5. Consumer sentiment remains high, at 93.1.
1. Retail sales fell 0.2% in June, well below the expected 0.1% increase.
2. The small business optimism index fell 0.9 points to 103.6, its lowest reading of the year. Coming off a twelve-year high, this number is still very strong.
3. Producer prices edged only 0.1 percent higher in June. Inflation remains non-existent.
4. CPI also barely budged, rising just 0.1% mo/m and 1.6% y/o/y.
5. MBA purchases applications fell 3% w/o/w.
6. Eurozone industrial production rose 4% m/o/m in May, the most since August 2011.