Succinct Summation of Week’s Events 10.26.18

Succinct Summations for the week ending October 26th, 2018

Positives:

1. GDP came in at 3.5% for Q3, 2 tenths higher than expected 3.3%.
2. Durable goods orders rose 0.8% m/o/m, beating the expected 1.5% decrease.
3. Pending home sales rose 0.5% in September, meeting high end of expectations.
4. FHFA house price index rose 0.3% m/o/m, meeting expectations.
5. Home mortgage applications rose 2.0% w/o/w, up from previous 6.0% decrease.
6. PMI composite is up to 54.8 in the current month, greater than expected 54.1.

Negatives:

1. New home sales came in at 553k for September, less than expected 625k.
2. Same store sales rose 5.5% w/o/w, slowing by 0.3% from previous week.
3. Retail inventories rose 0.1% m/o/m, down from prior revised 0.6% rise.
4. Wholesale inventories rose 0.3% m/o/m, down from prior revised 0.9% rise.
5. International trade in goods shows a deficit of $76B for September, deeper than expectations.
6. Chicago fed national activity index came in at 0.17 for September, down from prior revised 0.27.

Thanks, Matt!

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