Succinct Summations for the week ending December 9th, 2016
Positives:
1. Dow, S&P 500, and NASDAQ all made new all-time highs.
2. Consumer sentiment rose from 93.8 to 98, just one tenth of a point away from last year’s high.
3. ISM non manufacturing increased from 54.8 previously to 57.2.
4. Nonfarm productivity rose 3.1% y/o/y, to the highest reading since the second quarter of last year.
5. Jobless claims fell from 268k previously down to 258k.
6. Despite the rise in interest rates, the MBA mortgage application purchase index rose 0.4% w/o/w.
7. Factory orders rose 2.7% m/o/m and last months was revised up 0.3%.
8. PMI services index came in at a strong 54.6, new orders came in at the strongest rate this year.
Negatives:
1. Job openings fell 1.7% to 5.534M. Hiring also fell 0.4%.
2. Revolving credit rose 6% to levels not seen since June 2008. This could fall in either positive or negative, depending on how you look at it. Seeing as how one sided these summations are we put it here.
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