Succinct Summations for the week ending August 25th, 2017
Positives:
1. Despite all of the political turmoil, S&P500 is within 1.5% of its all time highs.
2. Core capital goods rose 0.4% m/o/m. Ex-transportation they rose 0.5%, better than the 0.1% expected increase.
3. Jobless claims remain near historic lows, coming in at 234k.
4. PMI service index rose to 56.9, up from 54.2 previously and above the 54.8 expected.
Negatives:
1. FHFA house price index rose just 0.1% m/o/m, well below the 0.5% expected increase.
2. New home sales fell to a 571K SAAR, below the 610k expected.
3. Existing home sales fell 1.3% m/o/m to a lower than expected annualized rate of 5.44 million.
4. PMI manufacturing fell to 52.5, down from 53.2 previously.
5. Chicago Fed National Activity Index fell from .13 to -0.01
6. MBA mortgage purchase index fell a seasonally adjust 2% w/o/w.
Thanks, Mike!
