Succinct Summation of Week’s Events 4.21.17

Succinct Summations for the week ending April 21st, 2017.

Positives:

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.

Negatives:

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.

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