Succinct Summation of Week’s Events for 10.28.16

Succinct Summations for the week ending October 28th, 2016

Positives:

1. Real GDP rose to 2.9% (SAAR) Q/O/Q, the highest reading since 2014.
2. FHFA house price index rose 0.7% m/o/m and 6.4% y/o/y, both above expected.
3. Jobless claims fell to 258k, with the 4-week average falling to 253k.
4. PMI Manufacturing index flash came in at 53.2, up from 51.4 previously and above the 51.2 expected.
5. New home sales rose 3.9% to an SAAR of 593k.
6. State Street investor confidence index came in at 99.1, up from 95.5 previously.
7. PMI services flash came in at 54.8, up from 51.9 previously.

Negatives:

1. Durable goods fell 0.1% m/o/m, although they’re up 1.6% y/o/y. Core fell 1.2% m/o/m and 4.1% y/o/y.
2. Chicago Fed national activity index came in at -0.14, the previous reading was revised from-0.55 down to -0.72.
3. Consumer confidence fell from 104.1 down to 98.6, below the 101 expected.
4. The MBA mortgage application index fell 4.1% w/o/w.
5. New home sales were revised down from 609k in August down to 575k.

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