Succinct Summations for the week ending August 30th, 2019
Positives:
1. Markets rally on cooling trade war tweets, as hope springs eternal;
2. GDP came in at 2.0% for Q2, meeting expectations.
3. Consumer spending rose 0.6% m/o/m, above the expected increase of 0.5%.
4. New orders for durable goods rose 2.1% m/o/m, above the expected increase of 1.2%.
5. Retail inventories rose 0.8% m/o/m, above the previous decrease of 0.3%.
6. Same store sales rose 5.70% w/o/w, above the previous increase of 4.90%
7. Consumer confidence came in at 135.1 in August, above the expected 130.0.
Negatives:
1. POTUS appears to be getting more erratic and unpredictable;
2. Pending home sales fell 2.5% m/o/m, below the previous increase of 2.8%.
3. Jobless claims increased 4k w/o/w from 211k to 215k.
4. Home mortgage purchase apps fell 4.0% w/o/w for a second straight week; Home mortgage refinance apps fell 8.0% w/o/w
5. Corporate profits rose 1.7% y/o/y in Q2, below the previous increase of 2.3%.
6. FHFA House Price Index rose 0.2% m/o/m, below the expected increase of 0.3%.
7. State Street Investor Confidence Index fell 8.7 points in August from 84.6 to 75.9.
Thanks, Matt !
