Succinct Summations for the week ending September 9th 2016
Positives:
1. Durable goods rose 4.4% in July, up from a -4% reading previously.
2. Job openings came in at cycle highs of 5.871M, up from 5.624M previously.
3. JOLTS to Job Seeker ratio falls to 1.3, lowest since 2001
4. Jobless claims fell to 259k, down from 263k previously.
5. Redbook same store sales were up 0.8% y/o/y, the largest gain since early July.
Negatives:
1. U.S. stocks fell 1% for the first time since Brexit and had the worst week since early February.
2. ISM non-manufacturing fell to 51.4, down from 55 previously and below the 55 expected.
3. Gallup U.S. consumer spending fell to $91/day, down from $100 previously (which was the highest reading since 2008)
4. PMI services index fell to 51, slightly down from the previous reading of 51.4.
