Succinct Summation of Week’s Events 12.5.14

Succinct Summations week ending December 5th

Positives:

1. NFP came in at 321k far above 230k expectations. This was the strongest month since January 2012 and the best year of job creation since 1999.
2. S&P 500 and Dow Jones made new all-time highs for the fifth straight week.
3. Crude oil fell to the lowest prices since July 2009, a benefit to consumers.
4. Unemployment came in at 5.8%, the best level since before Lehman collapsed.
5. 17.2 million cars sold SAAR in November, the strongest readings since 2003.
6. October U.S. construction spending rose 1.1% m/o/m.
7. U.S. ISM services index rose to 59.3, above 57.5 expected.
8. U.S. ISM manufacturing came in at 58.7, just higher than expected.

Negatives:

1. Spread between short and long bonds shrank to its tightest levels since 2009.
2. ADP Employment report came in at 208k vs 222k expected
3. U.S. initial jobless claims came in at 297k vs 295k expected.
4. Refinance applications fell more than 13% w/o/w.
5. Markit’s U.S. PMI manufacturing fell to 56.2, a seven month low.
6. French unemployment rose to 10.4%, the highest reading since 1998.

 

Thanks, Mike!

 

 

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