Succinct Summations for the week ending December 6th, 2019
Positives:
1. Market continues to flirt with all time highs — nothing is more bullish,
2. Non-farm payrolls rose 266k m/o/m, above the expected increase of 180k.
3. Unemployment rate fell to 3.5%, below the previous 3.6%.
4. Home mortgages applications rose 1.0% w/o/w, above the previous decrease of 1.0%.
5. Jobless claims fell 10k from 213k to 203k, below the expected 218k.
6. Factory orders rose 0.3% m/o/m, above the previous decrease of -0.8%.
Negatives:
1. We are further away from a Trade deal then ever as December 15th Tariff deadline looms;
2. ADP Employment Report shows private payrolls at 67k, below the expected 156k.
3. ISM Non-Mfg Index came in at 53.9 for November, below the expected 54.5.
4. ISM Mfg Index came in at 48.1 for November, below the expected 49.4.
5. Home refinance applications fell 16.0% w/o/w, below the previous increase of 4.0%.
6. Construction spending fell -0.8% m/o/m, below the expected increase of 0.4%.
Thanks, Matt!
