Succinct Summations for the week ending January 6th, 2017.
- ISM manufacturing came in at 54.7, up from 53.2 previously and its highest reading in two years.
- Construction spending rose 0.9% m/o/m and 4.1% y/o/y, both above expectations.
- PMI manufacturing came in at 54.3, up from 54.1 previously.
- Jobless claims fell from 265k previously to 235k. The 4-week moving average dropped to 256.75k.
- S. stocks hit new record highs.
- Unemployment remains low at 4.7%. Average hourly earnings increased 0.4%.
- ISM non-manufacturing index came in at 57.2, up from 56.8 and in line with the prior reading.
- ADP employment came in at 153k, down from 216k previously and below the 172k expected.
- Nonfarm payrolls fell from 178k (revised up to 204k) to 156k.
- MBA mortgage application index fell 12% w/o/w, refinance index fell 22%.
- PMI services index fell from 54.6 to a (still strong) reading of 53.9.
- Factory orders fell 2.4% m/o/m (but were up 0.1% excluding transportation equipment).