Succinct Summations for the week ending March 2nd, 2018
1. Jobless claims fell to 210K, the lowest reading in 49 years.
2. FHFA House Price Index shows y/o/y appreciation of 6.5%.
3. Consumer confidence index rose to 130.8, beating Econoday’s consensus.
4. Richmond Fed Manufacturing Index rose to 28 in February from previous reading of 14 in January.
5. Mortgage applications rose by a seasonally adjusted 6% w/o/w.
6. PMI Manufacturing index fell from 55.7 to a still very strong 55.3.
7. ISM Manufacturing index rose from 59.1 to 60.8 in February, above the 58.6 expected.
1. President Trump, exhibiting shocking ignorance (even for him), launched a Trade War.
2. The trade war snafu interrupted the market recovery — stocks rough week saw the S&P 500 declining 1% for 3 consecutive sessions for the first time since January 2016.
3. Durable goods orders fell 3.7% for January.
4. Pending home sales index fell 4.7% in January to a 104.6, lowest mark in nearly 3.5 years; New home sales at 593K annualized rate in January was lower than the 640k expected.
5. Exports Fell 2.2% in January adding to a $74.4 billion goods deficit for the month.
6. Same store sales were up 3.3% y/o/y, slowing .4% from prior week’s growth.
7. Mortgage applications rose by a seasonally adjusted 6% w/o/w.
8. Chicago PMI Fell to 61.9 from previous 65.7 m/o/m.