Succinct Summations for the week ending May 21st, 2021
1. Economic reopening and normalization is appearing all over the country.
2. Index of leading economic indicators rose 1.6% m/o/m.
3. E-Commerce retail sales rose 7.7% q/o/q (above prior decrease).
4. Jobless claims fell 34k w/o/w from 478k to 444k.
5. Housing market index is at 83 for May (meeting expectations).
6. PMI Composite is at 68.1 for May, above previous 62.2
1. Partisanship preventing Congress from investigating January 6th Insurrection
2. Home mortgage apps fell 4.0% w/o/w.
3. Existing home sales came in at an annual rate of 5.850M for April, below expectations.
4. Housing starts came in at an annual rate of 1.569M for April, below the expected 1.705M
5. Empire State Mfg Index is at 24.3 for May, below the expected 25.0.
Despite Drawdowns, Markets Remain Near All-Time Highs