Succinct Summation of Week’s Events 1.6.17

Succinct Summations for the week ending January 6th, 2017.


  1. ISM manufacturing came in at 54.7, up from 53.2 previously and its highest reading in two years.
  2. Construction spending rose 0.9% m/o/m and 4.1% y/o/y, both above expectations.
  3. PMI manufacturing came in at 54.3, up from 54.1 previously.
  4. Jobless claims fell from 265k previously to 235k. The 4-week moving average dropped to 256.75k.
  5. S. stocks hit new record highs.
  6. Unemployment remains low at 4.7%. Average hourly earnings increased 0.4%.
  7. ISM non-manufacturing index came in at 57.2, up from 56.8 and in line with the prior reading.


  1. ADP employment came in at 153k, down from 216k previously and below the 172k expected.
  2. Nonfarm payrolls fell from 178k (revised up to 204k) to 156k.
  3. MBA mortgage application index fell 12% w/o/w, refinance index fell 22%.
  4. PMI services index fell from 54.6 to a (still strong) reading of 53.9.
  5. Factory orders fell 2.4% m/o/m (but were up 0.1% excluding transportation equipment).
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