Succinct Summations for the week ending September 1st, 2017
Positives:
1. Q2 GDP was revised up from 2.6% to a 3% SAAR.
2. ADP employment came in at 237k versus a 185k expected reading.
3. Personal income rose 0.4% in July, in line with expectations.
4. ISM manufacturing rose from 56.3 to 58.8 and above the 56.6 expected.
5. Jobless claims remain low coming in at 236k with the 4-week average at 236.75k.
6.Consumer confidence rose from an already strong 121.1 to 122.9.
7. Chicago PMI continues to come in strong at 58.9, in line with expectations.
Negatives:
1. Nonfarm payrolls fell from 209k to 156k, below the 180k expected. Previous month revised down to 189k
2. Average hourly earnings rose 0.1% m/o/m and 2.5% y/o/y, both slightly below expectations.
3. Case-Shiller prices rose just 0.1% m/o/m, versus expectations for a 0.3% increase.
4. Consumer spending rose 0.3% in July, below the 0.4% expected increase.
5. The MBA mortgage composite index fell 2.3% w/o/w, its third straight decline.
6. PMI manufacturing fell from 53.5 to 52.8
7. Construction spending fell 0.6% m/o/m.
Thanks, Mike !
