Succinct Summations for the week ending March 3rd, 2017
Positives:
1. U.S. stocks hit new record highs, with the S&P 500 rising for the sixth straight week.
2. Core PCE rose 0.3% to a 1.9% y/o/y change, the strongest since 2012.
3. Durable good orders rose 1.8% m/o/m.
4. Chicago PMI surged to 57.4, up from 50.3 previously.
5. Consumer confidence hit a new cycle high, rising from 111.8 to 114.8.
6. The second revision to Q4 GDP shows 1.9% growth Q/O/Q.
7. S&P Case-Shiller 20-city index rose 0.9% m/o/m and 5.6% y/o/y.
8. MBA mortgage applications rose 5.8% w/o/w.
9. Jobless claims fell to 223k and the 4-week average fell sharply to 234.25k.
Negatives:
1. Much of the durable good order advance was due to aircrafts. Excluding them, durable goods actually fell 0.2%.
2. Construction spending fell 1% m/o/m.
3. PMI manufacturing index fell slightly, from 55 to 54.2.
4. PMI services index fell from 55.6 to 53.8.
5. Pending home sales fell 2.8% m/o/m, December was revised down from 1.6% to 0.8%.
Thanks, Mike!
