Succinct Summations for the week ending May 24th, 2019
Positives:
1. All things considered, this week could have been much worse than it was… That resiliency is the biggest positive no one is speaking about.
2. Jobless claims fell 1k in May from 212k to 211k.
3. Home mortgage refinance apps rose 8.0% w/o/w, above the previous 1.0% decrease.
4. New home sales had upward revisions of 39k in the previous two months.
5. Natural gas in storage rose 100 billion cubic feet, increasing for the 8th straight week.
Negatives:
1. Trade War continues to be a drag on economic activity and sentiment. By end of next week, ships with Chinese goods will hit our ports be subject to 25% tariffs — up from 10% now.
2. Same store sales rose 5.2% w/o/w, decelerating from previous 5.4% increase; Durable goods orders fell 2.1% m/o/m, below the previous 1.7% increase.
3. PMI composite came in at 50.9 for April, below the expected 52.4.
4. New home sales fell 6.9% m/o/m from 723k to 673k; Existing home sales came in at 5.190M for April, lower than the expected 5.350M.
5. Home mortgage apps decreased 2.0% w/o/w, lower than the previous 1.0% decrease.
Thanks, Matt
