Succinct Summations for the week ending September 22nd, 2017
Positives:
1. S&P 500, Dow Jones Industrial Average, and NASDAQ Composite all made new all-time highs. Yay!
2. Index of leading economic indicators rose 0.4%, above the 0.2% expected increase.
3. Import and export prices both rose 0.6% m/o/m, well above the 0.4% and 0.2% expected increases.
4. Initial jobless claims fell from 284k to 259k.
5. Housing starts came in slightly higher than expected, at a 1.18 million annualized rate, above the 1.173 expected.
6. Housing permits came in at a 1.3 million annualized rate, above the 1.22 million expected.
7. Philly fed business outlook survey rose from 18.9 to 23.8.
Negatives:
1. Dear Lord, this God-damned Obamacare thing, yet AGAIN?
2. Existing home sales came in at a 5.35 million annualized rate, below the 5.48 million expected.
3. MBA mortgage purchase applications fell 11% w/o/w, refinances fell 9%.
4. Housing market index survey fell from 68 to 64, below the 66 expected.
5. Continuing with the housing theme, the FHFA housing price index rose 0.2% m/o/m, below the 0.4% expected increase.
6. PMI composite flash came in at 54.6, below the 54.9 expected.
Thanks, Mike!
