Succinct Summations for the week ending April 21st, 2017.
1. Existing home sales rose 4.4% m/o/m and 5.9% y/o/y to an annualized rate of 5.710 million.
2. Industrial production rose 0.5% m/o/m.
3. Initial jobless claims came in at 244k, the 4-week average is lower for the 3rd straight week.
4. The philly fed business outlook survey remains strong, coming in at 22.
1. PMI composite flash fell from 53.2 to 52.7, both manufacturing and services fell.
2. Housing starts fell 6.8% to a 1.215 million annualized rate.
3. Manufacturing component of industrial production fell 0.4% m/o/m.
4. The housing market index fell from 71 to 68 (still a strong reading).
5. Empire State Manufacturing cooled off from its unsustainably high reading, falling from 16.4 to 5.2.
6. MBA mortgage application index fell 1.8% w/o/w.