Succinct Summations for the week ending August 7th, 2020
Positives:
1. Markets continue to rally on strong tech earnings
2. Jobless claims fell 249k w/o/w from 1.435M to 1.186M.
3. Non-farm payrolls rose 1.763M m/o/m, above expectations.
4. Unemployment rate came in at 10.2%, down from previous 11.1%.
5. PMI Services index came in at 50.0 for July, above the previous 49.6.
6. ISM Mfg Index came in at 54.2 for July, above the expected 53.5.
Negatives:
1. USA fails to secure extension of UE benefits, eviction freeze or stimulus.
2. Home mortgage apps fell 1.8% after the previous decrease of 2.0%.
3. ADP employment report came in at 167k for July, below the expected 1.888M.
4. Private payrolls rose 1.462M m/o/m, below the expected increase of 1.525M.
5. Factory orders rose 6.2% m/o/m, below the previous increase of 7.7%.
6. Construction spending fell 0.7% m/o/m, below the expected increase of 1.3%.
Thanks, Matt
