Succinct Summation of Weeks Events for 2.3.17

Succinct Summations for the week ending February 3, 2017.

Positives:

1.Nonfarm payrolls came in at 227k the highest number since September and well above the 175k expected.
2. Labor force participation rates rose 0.2% as 76,000 people re-entered the work force
3. Consumer spending rose 0.5% in December.
4. Pending home sales rose 1.6%, well above the 0.6% expected increase;Spending on single-family homes rose 0.5% in December.
5. Consumer confidence remains strong at 111.8.
6. PMI manufacturing index rose from 54.3 previously to 55.
7. Case-Shiller’s home price index rose 0.9% in November, the best monthly gain since 2015.
8.ISM manufacturing rose from 54.7 to 56, the highest level since November 2014

Negatives:

1. Average hourly earnings rose just 0.1% and December’s 0.4% increase was revised down to 0.2%.
2. Unemployment ticked up to 4.8%
3.Personal income rose just 0.3% m/o/m, below the 0.4% expected increase.
4. Core PCE rose just 0.1% in December and is up 1.7% y/o/y.
5. The MBA mortgage applications composite fell 3.2% w/op/w, purchases fell 6%.
6. Construction spending fell 0.2% in December.

Thanks Mike!

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