Succinct Summations for the week ending December 7th, 2018
1. Federal Reserve sees Labor and Housing data as soft — indicates slower rate hike cycle;
2. Non-farm payrolls rose 155k in November, meeting the low side of expectations;
3. Unemployment rate remains unchanged at 3.7%.
4. MBA mortgage applications rose a seasonally adjusted 1.0% w/o/w
5. Non-farm productivity rose 2.3% q/o/q, meeting expectations.
6. ISM manufacturing index rose 1.6 in November from 57.7 to 59.3; ISM non-manufacturing index rose 0.4% m/o/m, from 60.3 to 60.7.
1. POTUS Tweets about a China deal turn out to be bullshit; market loses faith in POTUS;
2. Major Indices (S&P -4.6%; Nasdaq -4.9%; Dow -4.5%) suffer worst week since March;
3. International trade deficit deepened to -55.5B in November, 500M deeper than expected.
4. Layoffs came in at 53,073 for November for 3rd straight month of elevated layoffs.
5. Factory orders fell 2.1% m/o/m, down from previous 0.7% rise. Construction spending fell 0.1% m/o/m, missing the expected 0.3% increase.
6. PMI manufacturing index fell 0.4% in November from 55.7 to 55.3; PMI services index fell 0.1% m/o/m from 54.8 to 54.7.