Succinct Summations for the week ending September 4th
1. Wages gained 2.2% year over year as Unemployment fell to 5.1%
2. Productivity rose 3.3%, better than the 3.2% expected and up from 1.3% previously.
3. ADP employment came in at 190k, up from 177k previously.
4. August vehicle sales totaled 17.72mm SAAR, about 400k more than expected, up from 17.46mm and the best level since August ’05
5. Construction spending increased 0.7%, in line with expectations.
6. Chicago PMI came in at 54.4, down from 54.7 but still a solid number; Markit PMI came in at 32, up from 52.9 previously.
7. ISM nonmanufacturing came in at 59, better than the 58 expected
1. Major U.S. indices lose 3% for the week, with S&P500 losing 3.4%, Dow Industrials 3.25%, and Nasdaq off 2.99%
2. At 173k new jobs in August, NFP disappoints below consensus;
3. Weekly jobless claims rose to 282k, up from 270k previously.
4. Factory orders rose 0.4%, down from the 2.2.% previously and below the 1% expected rise;
5. Netflix loses 16% for the week, now off 20% from its highs, now officially in a bear market
6. Emerging markets suffer similar selloffs.
What's been said:Discussions found on the web: