Succinct Summation of Week’s Events 2.2.18

Succinct Summations for the week ending February 2nd, 2017

Positives:

1. Nonfarm payrolls rose from 148k previously to 200k, above the 175k expected.
2. Average hourly earnings rose 2.9%, the highest since 2009.
3. Personal income rose 0.4% m/o/m, above the 0.3% expected increase.
4. PMI manufacturing index came in at 55.1, near a 3-year high.
5. Consumer confidence rose from 122.1 to 125.4, above the 123.6 expected.
6. Construction spending rose 0.7% m/o/m, above the 0.5% expected increase.
7. Jobless claims fell from 233k to 230k, the 4-week moving average fell from 240k to 234.5k.
8. Factory orders rose 1.7% m/o/m, above the 1.5% expected increase.

Negatives:

1. S&P 500 down 3.9 percent in week, most since early 2016; S&P 500 was down 2.1 percent.
2. NFP for November/December revised down by 24,000.
3. Nonfarm productivity fell 0.1% q/o/q, below the 1.1% expected increase.
4. Highest average 30 yr mortgage rate since March 2017 at 4.41%; Refi apps were down by 2.9% w/o/w but still up 3.2% y/o/y; MBA mortgage applications fell 2.6% w/o/w.
5. People not in the labor force hit a record high at 95.7 million.

Thanks, Mike !

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