Succinct Summation of Week’s Events 9.2.16

Succinct Summations for the week ending September 2nd, 2016

Positives:

1. Personal income rose 0.4% m/o/m, the prior month was revised up from 0.2% to 0.3%.
2. ADP employment came in at 177k, slightly higher than expected. The previous reading was revised from 179k to 194k.
3. Consumer confidence rose from 97.3 to 101.1.
4. Consumer spending rose 0.3%, in line with expectations. The previous month was revised up from 0.4% to 0.5%.
5. Construction spending was flat m/o/m, but the previous reading was revised from -0.6% up to +0.9%.
6. Mortgage applications rose 2.8% after falling 2% in the previous week.
7. Unemployment rate remains low, coming in unchanged at 4.9%.
8. Pending home sales index rose 1.3% m/o/m, above the 0.6% expected increase.

Negatives:

1. Nonfarm payrolls fell from 255k down to 151k and below the 175k expected (the previous reading was revised up to 275k).
2. Average hourly earnings rose just 0.1% m/o/m, below the 0.2% expected increase.
3. ISM manufacturing fell from 52.6 down to 49.4, and below the 52.2 expected.
4. Chicago PMI fell from 55.8 down to 51.5.
5. Motor vehicle sales fell from 17.9M (annualized) down to 17M. Domestic sales fell from 14.3M down to 13.4M.
6. Jobless claims ticked up, albeit only barely, from 261k to 263k.
7. PMI manufacturing index fell from 52.9 down to 52.

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