Succinct Summations for the week ending April 6th, 2018
Positives:
1. All things considered, it could have been much worse.
2. Same store sales rose 4.4% y/o/y, above the previous 3.6% increase.
3. Factory orders rose 1.2% in February, up from -1.4% decline in January.
4. Bloomberg consumer comfort index rose to 57.2 w/o/w from prior 56.8.
5. ADP employment showed a gain of 241k private payrolls in March, well above the 175k expected.
Negatives:
1. Markets suffer repeated setbacks on ill advised trade war tweets
2. Nonfarm payrolls rise of 103k in March is well below the 175k expected
3. Jobless claims rose to 242k, higher than the expected 230k.
4. Mortgage applications fell 3.3%, down from the 4.8% rise from the prior week.
5. Trade deficit widened to $57.6 billion in February, more than expected $56.7 billion.
6. PMI Services index fell to 54 for final reading of March, down from February’s 55.9.
7. It is April and we still have snow in the forecast. . .
Thanks, Matt!
