Succinct Summations for the week ending May 31st, 2019
1. Despite a variety of challenges, the Economy remains resilient so far.
2. GDP growth was revised to 3.1% for Q1, higher than the expected increase of 3.0%
3. Jobless claims rose from 212k to 215 w/o/w, bringing 4-week average down to 216,750.
4. Consumer confidence rose to 134.1 in May, above the expected 129.9.
5. Retail inventories rose 0.5 percent while wholesale inventories rose 0.7 percent in April.
6. Same store sales rose 5.7% w/o/w, above the previous increase of 5.2%.
1. Yield Curve Inversion send ominous warnings about a global slowdown;
2. POTUS, after a Nafta victory, counter-productively blows up his only trade win by imposing tariffs on Mexico because “Immigrants.”
3. China says, “Watch this” : American companies doing business in China may end up on “unreliable entities list” where the unlucky businesses will no longer be able to do business in China.
4. Corporate profits rose 1.6% y/o/y, down from previous increase of 11.2%.
5. Pending home sales fell 1.5% m/o/m, below the expected increase of 0.5%; and despite falling rates, home mortgage apps fell 1.0% w/o/w, falling for the third consecutive week in a row.
6. International trade deficit fell 4.2% y/o/y with monthly deficit coming in at $-72.1B.