Succinct Summation of Week’s Events for 7.7.17

Succinct Summations for the week ending July 7th, 2017


1. Nonfarm payrolls come in at 222k, ahead of the 170k expected;
2. Unemployment ticked up from 4.3% to 4.4%, a sign more people are returning to the labor force.
3. April and May NFP were revised up by 47k;
4. MBA mortgage purchase applications rose 3% w/o/w.
5. Jobless claims remain low, coming in at 248k with the 4-week moving average at 243k.
6. ISM Manufacturing index rose from 54.9 to 57.8, well above the 55.1 expected.


1. Global interest rates continued higher; Japanese 40 yr JGB yield and the 10 yr German bund yield are 2 year highs
2. Average hourly earnings rose a paltry 0.2% in June and are up just 2.5% y/o/y.
3. June private payrolls rose just 158k, down from 253k previously and below the 180k expected.
4. PMI Manufacturing index fell from 52.7 in June to 52.
5. Factory orders fell 0.8% m/o/m.
6. Construction spending came in flat m/o/m and rose 4.5% y/o/y. Private nonresidential spending fell 0.7%.


Thanks, Mike!


Print Friendly, PDF & Email

Posted Under