Succinct Summations for the week ending June 19th, 2020
Positives:
1. Markets rally, VIX falls below 40 as economy appears to stabilize.
2. Retail sales rose 17.7% m/o/m, above the expected increase of 7.5%.
3. Home mortgage apps rose 4.0% w/o/w after rising 5.0% the previous two weeks.
4. Housing market index is currently at 59 for June, above the expected 44.
5. Empire State Mfg Survey is at -0.2 for June, above the expected -30.0.
Negatives:
1. Reopening with insufficient testing, contact tracing, adherence to guidelines leads to big spikes in infection rates.
2. Jobless claims came in at 1.508M for the week of June 13, above the expected 1.220M.
3. Housing starts came in at an annual rate of 0.974M for May, below the expected 1.100M
4. Business inventories fell 1.3% m/o/m, below the expected decrease of 0.5%.
5. Industrial production rose 1.4% m/o/m, below the expected increase of 2.9%.
Thanks, Matt!
