Succinct Summation of Week’s Events 6.1.18

Succinct Summations for the week ending June 1st, 2018

Positives:

1. Average weekly earnings rose 3% y/o/y (the best in 7 years); weekly earnings up 0.3% m/o/m;
2. Nonfarm payrolls rose 223k in May (expected 190k);
3. GDP = 2.2% annualized growth rate;
4. Unemployment rate fell to 3.8%,  (from 3.9%); Jobless claims fell 13k w/o/w from 234k to 221k.
5. Same store sales rose 4.3% w/o/w;
6. Retail inventories rose 0.6% m/o/m, up from previous 0.4% decrease.
7. Consumer confidence came in strong at 128 as expected.

Negatives:

1. POTUS market interference before NFP sets a terrible precedent;
2. Long-term unemployed (jobless for 27 weeks+) was little changed at
1.2 million in May; this accounts for 19.4 percent of the unemployed;
3. MBA mortgage applications fell 2%. Fifth weekly decline in a row.
4.Pending home sales fell 1.3% m/o/m, below the 0.4% expected increase
5. ADP employment report shows growth of 178k, lower than expected 187k.

Thanks, Matt!

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