Succinct Summation of Week’s Events 4.28.17

Succinct Summations for the week ending April 28th, 2017.

Positives:

1. New home sales came in at 621k, above the 588k expected.
2. Durable goods rose 0.7% m/o/m and 5.8% y/o/y. Core rose 0.2% and 3%.
3. Consumer confidence pulled back from 125 to 120, but remains very strong.
4. FHFA house price index 6.4% and 0.8% m/o/m.
5. Case-Shiller housing index rose 5.9% y/o/y.
6. Wholesale inventories fell 0.1% m/o/m.

Negatives:

1. Real GDP rose just 0.7% in the first quarter, well below the 1.1% expected increase.
2. Real consumer spending rose 0.3%, below the 0.7% expected and the worst report since the fourth quarter of 2009.
3. Jobless claims rose 14k to 257k. The 4-week moving average is still very low, at 242.25k.
4. Retail inventories rose 0.4% m/o/m.
5. Pending home sales fell 0.8% in March.

 

Thanks, Mike!