Succinct Summations week ending November 7th
1. S&P 500 and Dow Jones both made new all-time closing highs.
2. ADP employment report showed +230k private sector jobs in October, up from 225k in September;
3. Nonfarm payrolls show at least 200k jobs have been added for the last nine months.
4. Unemployment rate fell to 5.8%, the lowest level since 2008.
5. NFP revisions showed economy added 31k more jobs the prior two months than originally estimated.
6. ISM Services came in at 57.1, down from 58.6 but still well above the neutral level of 50; ISM Manufacturing came in at 59, up from 56.6 previously and better than the 56.1 expected.
7. UK October manufacturing PMI rose to the highest level since July.
1. Non-farm payrolls came in at 214k vs 233k estimated.
2. U.S. manufacturing hit its lowest level since July with Markit’s PMI coming in at 55.9 versus expectations of 56.2.
3. China’s HSBC PMI services index fell to 52.9, a three-month low.
4. The European Commission cut its growth forecasts for the Eurozone and EU.
5. Eurozone retail sales fell 1.3% vs an expected drop of just 0.8%.
6. Refinance applications fell 5.5% w/o/w.
7. The trade deficit in September widened to $43B, up from $40B previously and wider than expected.