Succinct Summations for the week ending December 8th, 2017
Positives:
1. Nonfarm payrolls came in at 228k, above the 190k expected.
2. Unemployment remains low, at 4.1%
3. ADP employment came in at 190k, below the 235k previously but above the 186k expected.
4. Initial jobless claims fell from 238k to 236k, with the moving average now at 241.5k.
5. MBA mortgage applications rose 4.7% w/o/w.
Negatives:
1. Factory orders fell 0.1% m/o/m, but better than the 0.4% expected decline.
2. Average hourly earnings rose just 0.2% m/o/m, below the 0.3% expected increase.
3. ISM non-manufacturing index fell from 60.1 to 57.4, and below the 57.4 expected.
4. PMI services index fell from 55.3 to 54.5, which is the lowest level since June.
