Succinct Summations for the week ending June 30th, 2017
Positives:
1. Corporate profits rose 11.5% y/o/y in Q1 to annualized $1.729 trillion.
2. Real GDP was revised up from 1.2% to 1.4%.
3. Personal income rose 0.4%, in line with expectations
4. Consumer confidence rose from 117.9 to 118.9, above the 116.7 expected.
5. Jobless claims continue to be low, coming in at 244k.
Negatives:
1. Durable goods fell 1.1% in May. Ex transportation it rose just 0.1%.
2. Consumer spending rose just 0.1% in May. Nondurable goods spending fell 0.5%.
3. Pending home sales fell 0.8%, the third consecutive monthly decline.
4. MBA mortgage applications fell 6.2% w/o/w; S&P Case-Shiller rose just 0.3% in April
5. Initial jobless claims rose 2k w/o/w to 244k
Thanks, Mike!
