Succinct Summation of Week’s Events 9/7/18

Succinct Summations for the week ending September 7th, 2018


1. Nonfarm payroll employment increased by 201,000 in August, and the Unemployment Rate was unchanged at 3.9 percent;
2. Jobless claims fell 10k w/o/w, from 213k to 203k.
3. MBA home mortgage applications fell a seasonally adjusted 1% w/o/w, up from previous 1% decline.
4. Same store sales rose 6.5% w/o/w, higher than the previous 5.1% rise.
5. Construction spending rose 0.1% m/o/m, up form previous -1.1% decrease.
6. PMI manufacturing index came in at 54.7 for the month of August, beating expected 54.5.


1. More noise from President Trump about Tariffs/Trade War against China roils the markets
2. Revisions to total nonfarm payroll employment for June was downwards from +248,000 to +208,000;  July was revised down from +157,000 to +147,0003.
4. Factory orders fell 0.8% m/o/m, down from previous 0.7% rise.
5. ADP employment report shows decrease of 56k m/o/m, from 219k to 163k; Challenger job cut report shows layoffs increasing to 38,472 in August, greater than the 27,122 in July.
6. Trade deficit declined to -50.1B in July, lower than -45.7B in June.

Thanks, Matt!



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