Succinct Summations for the week ending June 28th, 2019
1. Markets recover most of their early week sell off to finish nearly flat;
2. Corporate profits rose 2.3% y/o/y, higher than the previous 1.6%.
3. GDP growth for Q1 (3rd read) came in unchanged at 3.1%.
4. Home mortgage purchase apps are up 9.0% y/o/y despite falling 1.0% w/o/w.
5. FHFA house price index rose 0.4% m/o/m, beating the expected increase of 0.2%; Pending home sales rose 1.1% m/o/m, beating the expected increase of 0.6%.
6. Retail inventories rose 0.5% and wholesale inventories rose 0.4% m/o/m as expected.
1. Trade Wars turn out to not be not so easy to win, still upsetting partners, consumers + markets.
2. Jobless claims rose 10k w/o/w from 217k to 227k, higher than the expected 218k.
3. New home sales fell 53k in May from 679k to 626k, lower than the expected 680k.
4. Real consumer spending rose 0.9% q/o/q, lower than the expected increase 1.3%; Durable goods orders fell 1.3% m/o/m, lower than the expected decrease of 0.1%.
5. Same store sales decelerating, up rose 5.0% w/o/w from previous increase of 5.4%.
6. International trade in goods deficit came in at $-74.6B, larger than the expected $-71.5.