Succinct Summations for the week ending September 21st, 2018
1. Despite myriad possibilities, POTUS did not start a trade war or cause a constitutional crisis (let’s hope this holds for a while).
2. Housing starts rose 9.2% m/o/m from 1.174M to 1.282M.
3. Jobless claims fell 3k from 204k to 201k, beating expectations.
4. MBA mortgage applications rose a seasonally adjusted 0.3% w/o/w, making the index 4% higher than it was a year ago.
5. Current account deficit decreased to 101.5B in the second quarter, lower than the first quarter’s 121.7B
1. Existing home sales came in at 5.34M, missing expectations for fifth month in a row.
2. Housing market index remains at 67 for Sep., the lowest reading since last Oct.
3. Same store sales rose 5.4% w/o/w, 0.9% lower than the previous 6.3% rise.
4. Index of economic leading indicators came in at 0.4%, on the low end of expectations.
5. Iceland wants to kill you. Or me. Or anyone who is not paying close attention to what they are doing.