Succinct Summations for the week ending October 4th, 2019
Positives:
1. Public markets work! Absurdly overvalued unicorns run by self-dealing narcissists cannot seem to find enough suckers to take their crappy shares off their hands, as WeWorks cancels IPO.
2. Unemployment rate fell from 3.7% to 3.5% in September.
3. Non-farm payrolls rose 136k m/o/m, meeting the range of expectations.
4. MBA mortgage applications rose 1.0% w/o/w, above the previous decrease of 3.0%.
5. PMI Manufacturing index came in at 51.1 for September, above the previous 50.3.
6. Layoff announcements fell from 53,480 to 41,557 m/o/m, the lowest level since April.
Negatives:
1. “Stupid Watergate” got much worse, now involving China, VP Pence, and Sec of State Pompeo;
2. As crappy Unicorns implode, the collateral damage threatens legitimate IPO market.
3. Factory orders fell 0.1% m/o/m, below the previous increase of 1.4%.
4. ISM Mfg Index came in at 47.8 for September, below the expected 50.0.
5. Jobless claims rose 4k w/o/w from 215k to 219k.
6. Construction spending rose 0.1% w/o/w, below the expected increase of 0.3%.
Thanks, Matt!
