Succinct Summation of Week’s Events 12.22.17

Succinct Summations for the week ending December 22nd, 2017

Positives:

1. Third quarter GDP rose 3.2%.
2. The Air is coming out of the Bitcoin bubble, as prices fell 25% to below 13,000.
3. Leading indicators rose 0.4%, above the 0.3% expected increase.
4. New home sales rose from 685k to 733k, above the 650k expected. The 17.5% increase is the largest monthly change in 25 years. Consumer spending rose 0.6% m/o/m, above the 0.3% expected increase.
5. Existing home sales rose 5.6% in November, to a 5.81 million annualized rate, well above the 5.55 expected; Housing starts came in at a 1.297 million annualized rate, above the 1.24 million expected.

Negatives:

1. Bitcoin just lost 100 billion in recently created value; let’s hope not too much of that was on margin.
2. Personal income rose 0.3% m/o/m, below the 0.4% expected rise.
3. Durable goods rose 1.3% m/o/m, below the 2% expected increase.
4. Jobless claims rose from 225k to 245k.
5.Mortgage applications fell 4.9% w/o/w.

Thanks, Mike!

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