Succinct Summations for the week ending October 6th 2017
Positives:
1. Average hourly earnings increased by 0.5%
2. Unaffected by hurricanes, September’s Household Survey saw a job gain of 906k
3. Unemployment fell to 4.2%.
4. New highs in markets as hopes were rekindled for tax cuts/reform as DC shifted focus (again).
5. Auto sales totaled 18.47mm in September, well over estimates of 17.15mm; upside surprise was wrecked vehicle replacement due to the storms.
6. Factory orders rose 1.2%, above the 1% expected increase.
7. Construction spending rose 0.5% m/o/m and 2.5% y/o/y.
8. MBA mortgage applications to buy a home rose 1% w/o/w; up 4.7% y/o/y
9. PMI manufacturing came in at 53.1, up from 52.8 and slightly above the 53.1 expected.
Negatives:
1. Las Vegas tragedy reveals the dysfunctional democracy that is America, incapable of passing the simplest most widely supported legislation if it is opposed by special interests. Despite huge majorities of Americans favoring modest controls on assault weapon purchases or background checks on Terrorists, and gun legislation is all but impossible to pass.
2. Nonfarm payrolls fell from 156k previously to -33k, (assuming this is hurricane Harvey and Irma related). BLS noted 1.47mm people that didn’t show up for work due to the ‘bad weather.’
3. ADP employment report came in at 135k, down from 237k previously and below the 140k expected.
4. Previous month’s construction number was revised down from -0.6% down to -1.2%.
5. Retail sales in the Euro region fell m/o/m in August by .5% instead of rising by .3% as forecasted.
6. Tom Petty (1950 – 2017):“Well I know what’s right
I got just one life
In a world that keeps on pushin’ me around
But I’ll stand my ground”Tom Petty And The Heartbreakers – I Won’t Back Down.
Thanks, Mike!
What's been said:
Discussions found on the web: