Succinct Summation of Week’s Events for 12.216

Succinct Summations for the week ending December 2nd, 2016

Positives:

  1. Nonfarm payrolls rose to 178k, up from 161k previously.
  2. Unemployment falls to 4.6%, a new cycle low.
  3. Third quarter real GDP was revised up from 2.9% (SAAR) to 3.2%.
  4. Personal income rose 0.6% m/o/m, above the 0.4% expected.
  5. PMI manufacturing index rose from 53.4 to 54.1 and above the 53.9 expected.
  6. Corporate profits rose 5.2% y/o/y in the third quarter.
  7. ISM manufacturing rose from 51.9 to 53.2, above the 52.3 expected.
  8. Construction spending rose 0.5%, up from -0.4% previously.

Negatives:

  1. Jobless claims rose from 251k to 268k.
  2. Average hourly earnings fell 0.1% m/o/m.
  3. Consumer spending rose just 0.3%, below the 0.5%expected increase.
  4. Pending home sales rose 0.1%, down from the 1.5% previous reading and below the 0.8% expected increase.
  5. MBA mortgage applications fell 9.4% w/o/w.

 

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