Succinct Summations for the week ending April 1st 2016
Positives:
1. Nonfarm payrolls came in at 215k, better than the 210k expected. Last month revised up +3k;
2. Average hourly earnings rose 0.3%, above the 0.2% expected increase;
3. S&P 500 rose 1% for the sixth time in the last seventh week;
4. ISM manufacturing very strong at 51.8, up from 49.5;
5. Pending home sales rose 3.5% — better than the 1.5% expected rise;
6. S&P Case-Shiller home prices rose 0.8% m/o/m, 4th straight monthly rise;
7. Chicago PMI came in at 53.6, up from 47.6 previously and above expectations;
8. Consumer confidence remains strong, coming in at 96.2 vs the 94 expected;
9. MBA purchase applications rose 2% w/o/w.
Negatives:
1. Consumer spending rose just 1%, with last month’s 0.5% increase revised down to 0.1%;
2. ADP employment came in at 200k, with last month’s reading revised down to 205k, from 214k;
3. Personal income rose just 0.2%;
4. Construction spending fell 0.5% m/o/m;
5. Unemployment ticked up slightly to 5% (but still very strong)
Thanks, Mike!
