Succinct Summations for the week ending December 2nd, 2016
- Nonfarm payrolls rose to 178k, up from 161k previously.
- Unemployment falls to 4.6%, a new cycle low.
- Third quarter real GDP was revised up from 2.9% (SAAR) to 3.2%.
- Personal income rose 0.6% m/o/m, above the 0.4% expected.
- PMI manufacturing index rose from 53.4 to 54.1 and above the 53.9 expected.
- Corporate profits rose 5.2% y/o/y in the third quarter.
- ISM manufacturing rose from 51.9 to 53.2, above the 52.3 expected.
- Construction spending rose 0.5%, up from -0.4% previously.
- Jobless claims rose from 251k to 268k.
- Average hourly earnings fell 0.1% m/o/m.
- Consumer spending rose just 0.3%, below the 0.5%expected increase.
- Pending home sales rose 0.1%, down from the 1.5% previous reading and below the 0.8% expected increase.
- MBA mortgage applications fell 9.4% w/o/w.