Succinct Summations for the week ending May 18th, 2018
Positives:
1. Same store sales growth rose 4.9% y/o/y, up 0.7% from previous 4.2% increase.
2. Jobless claims came in at 222k, sending 4-week average down 2,750 to 213,250.
3. Crude oil inventories fell 1.4 million barrels w/o/w to 432.4 million,
4. E-commerce retail sales rose 3.9% in the first quarter, up from previous quarter’s 3.2% rise.
5. Industrial production rose .7% in April, beating expectations.
6. NAHB builder survey rose to 70, up from prior revised 68.
Negatives:
1. Yield on the US 10 year Treasury bond breaks out to a 7 year high.
2. Gasoline prices rose every day this week; average per gallon price is now $2.91, up 24% y/o/y and is at the highest level since November 2014 (according to AAA).
3.Housing starts fell to 1.287 million, lower than the expected 1.336 million.
4. Retail sales rose 0.3% m/o/m as expected, down from previous .6% increase.
5. MBA Mortgage applications fell a seasonally adjusted 2% w/o/w.
6. Business inventories remained unchanged m/o/m, lower than expected .2% rise.
Thanks, Matt !
