Succinct Summations for the week ending September 6th, 2019
1. Despite numerous false starts, it appears Trade War talks are back on later this month.
2. Over the past 12 months, average hourly earnings have increased by 3.2%.
3. Same store sales rose 6.5% w/o/w, above the previous increase of 5.7%.
4. Non-farm productivity rose 2.3% q/o/q, meeting expectations.
5. International trade deficit came in at $-54.0B for July, higher than the previous $-55.5B.
6. Unemployment rate remains unchanged at 3.7%.
7. PMI Manufacturing index came in at 50.3 for August, above the expected 49.9.
1. Bond markets continue to raise concerns of slowing global economy and increased possibility of recession.
2. Non-farm payrolls rose 130k m/o/m, below the expected increase of 163k.
3. Of that 130k, 25,000 are temporary Census workers.
4. Layoffs totaled 53,480 in August, higher than the previous 38,845.
5. Despite lower rates, Home mortgage refinance apps fell 7.0% for the second straight week.
6. ISM Manufacturing index came in at 49.1 for August, below the expected 51.3.
7. Construction spending rose 0.1% m/o/m, below the expected increase of 0.3%.