Succinct Summations for the week ending November 6th, 2020
1. Markets rally strongly for the week on [insert favorite narrative here]
2. Non-farm payrolls rose 638k m/o/m, above expectations.
3. Unemployment rate fell to 6.9%, below the previous 7.9%.
4. Jobless claims fell 7k w/o/w from 758k to 751k.
5. PMI Manufacturing Index came in at 53.4 for October, above the previous 53.1.
6. International trade deficit came in at $-63.9B for September, above previous $-67.0B.
7. Factory orders rose 1.1% m/o/m, above the expected increase of 0.9%.
1. WTF, this STIILL isn’t over yet? Really!?
2. Home mortgage apps fell 0.1% w/o/w, below the previous increase of 0.2%.
3. ADP employment report has private payrolls at 365k for October, below expectations
4. Construction spending rose 0.3% m/o/m, below expectations.
5. ISM Services index came in at 56.6 for October, below expectations.
6. Non-farm productivity rose 4.9% in Q3, below expectations.