Succinct Summation of Week’s Events for 8.2.19

Succinct Summations for the week ending August 2nd, 2019


1. FOMC cuts rate 25 basis points, spurring trader hopes of “lower for longer.”
2. Non-farm payrolls rose 164k m/o/m, above the expected 151k.
3. Personal income rose 0.4% m/o/m, above the expected increase of 0.3%.
4. Unemployment rate came in at 3.7%, meeting expectations.
5. Same store sales rose 4.5% w/o/w
6. Pending home sales rose 2.8% m/o/m, above the expected increase of 0.5%.
7. ADP employment report shows an increase of 156k in private payrolls for July.
8. Consumer sentiment came in at 98.4 for July; Consumer confidence rose to 135.7 in July.


1. Tariff Man returned, roiling markets, and undoing whatever positives there were in the rate cuts;
2. “Mid-cycle adjustment” comment by Chairman Powell disappoints markets, who were hoping for a longer rate cutting cycle.
3. Jobless claims rose 8k w/o/w from 207k to 215k.
4. Construction spending fell 1.3% m/o/m, lower than the expected 0.3% increase.
5. Home mortgage apps fell 3.0% w/o/w, below the previous 2.0% decrease.
6. Factory orders rose 0.6% m/o/m, below the expected increase of 0.8%.
7. Same store sales decelerated from previous increase of 4.9%.
8. ISM Mfg Index fell 0.5 points m/o/m, from 51.9 to 51.2; PMI Manufacturing Index fell 0.2 points w/o/w from 50.6 to 50.4.

Thanks, Matt!

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