Succinct Summations for the week ending December 15th
Positives:
1. S&P 500 and Dow Jones Industrial Average made new all-time highs.
2. Retail sales rose 0.8% in November, well above the 0.3% expected increase.
3. Jobless claims fell to 225k, bringing the 4-week moving average down to 234.75k.
4. PMI manufacturing rose from 53.8 to 55, an 11-month high.
5. NFIB small business index came out, but I have removed them from my list of sources. More on this in the future.
Negatives:
1. Producer prices rose 0.4% m/o/m, above the 0.3% expected increase. PPI less food and energy rose 0.3%, also faster than expected.
2. Consumer prices also rose in November, increasing by 0.4%, in line with expectations.
3. Import and export prices rose 0.7% and 0.5% m/o/m.
4. Industrial production rose 0.2% m/o/m, below the 0.3% expected increase.
5. PMI services fell from 54.7 to 52.4, a 15-month low.
6. MBA mortgage applications fell a seasonally adjusted 2.3% w/o/w.
Thanks, Mike!
