Succinct Summation of Week’s Events 7.28.17

Succinct Summations for the week ending July 28th, 2017

Positives:

1. Second quarter GDP grew at a 2.6% annualized rate. Real consumer spending rose 2.8%.
2. New home sales came in at a 610,000 annualized rate. Sales in the west rose 12.5%.
3. Durable goods orders rose 6.5% m/o/m.
4. Consumer confidence rose from 118.9 to 121.1.
5. PMI composite came in at 54.2, up from 53 previously. New service orders hit a two-year high.

Negatives:

1. Existing home sales fell 1.8% m/o/m to a lower than expected annualized rate of 5.52 million.
2. Excluding the 13% surge in civilian aircraft, durable goods orders rose just 0.2%, below the 0.4% expected increase.
3. Initial jobless claims rose 10k to 244k.
4. The FHFA house price index rose 0.4% m/o/m, below the 0.7% previous reading and the lowest reading since January.
5. Case-Shiller home price index rose just 0.1% m/o/m.

 

Thanks, Mike !

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