Succinct Summations week ending May 1st
1. Initial jobless claims plunged to 262k vs the 290k expected, the lowest reading in 15 years.
2. Pending home sales rose 13.4% y/o/y vs expectations for a 5.1% rise.
3. Consumer spending rose 1.9% in the first quarter, better than expected.
4. The S&P/Case-Shiller index increased 5% y/o/y, vs the 4.7% expected and the biggest gain since August.
5. PMI services flash came in at 57.8, slightly lower than expected but still strong.
6. Chicago PMI came in at 52.3 versus the 50 expected.
7. The employment cost index rose 0.7% in Q1 vs the 0.6% expected rise.
1. Q1 GDP rose 0.2% vs expectations for a 1% rise.
2. US homeownership rate for Q1 fell to 63.7% vs 64% in Q4 and vs 64.8% one year ago. The 50 year average is 65.3%.
3. Ford, Toyota, Fiat/Chrysler and Nissan miss expectations. (GM is only one beat so far)
4. Consumer Confidence came in at 95.2, below the 102.2 expected.
5. Dallas Fed manufacturing survey came in at -16 vs expectations of -12.
6. China’s manufacturing PMI remained around the flat line at 50.1, unchanged. The services PMI fell to 53.4 from 53.7 and is now matching the lowest level since December ’08.