Succinct Summations week ending August 2, 2013.
1. S&P 500 crossed 1,700 for the first time ever.
2. U.S. jobless claims fell 19k last week to 326k — lowest level since January 2008!
3. U.S. GDP grows 1.7% (annualized) in Q2 v 1% expected. 2012 GDP revised to 2.8% from 2.2%;
3. ADP employment for July came in at 200k v 188k expected.
4. U.S PMI rose in July to 53.7 v 53.2 expected.
5. Chinese Purchasing Madeup Index comes in just above expansionary territory at 50.3 v 49.8 expected.
6. Good European PMI as Germany rises to highest levels in 18 months, France rises for the first time in 17 months, Italian PMI signals first expansion (50.4) since July 2011!
7. ISM manufacturing index rose to 55.4 in July, up from 50.9 in June, highest levels since 2011.
8. June pending home sales fell to -0.4%, but better than expected (-1%).
9. Euro-area unemployment rate unchanged at 12.1%, still very high but seems to be stabilizing.
10. U.S. July unemployment fell to 7.4% from 7.6% in June.
11. Ford truck sales increased 22% y/o/y and are at the highest levels since 2006.
1. US GDP in Q1 was revised down to 1.1% from an initial reading of 1.8%.
2. U.S. non-farm payrolls rose 162k in July, v 184k expected, should put the taper on hold, for now
3. Hourly earnings rose just 1.9% v 2.2% expected.
3. Exxon, the biggest energy company in the world posted its biggest quarterly miss since 1999.
4. U.S. MBA’s mortgage application index declined fell 3.7% to a two-year low (7th consecutive week of declines).
5. Consumer confidence slips to 80.3 v expectations of 81.3.
6. The Aussie falls to the lowest levels against the U.S. dollar since 2010 (PMI sinks to 42, not good).
7. Abenomics not enough? Japan industrial output -3.3% m/o/m v expectations of -1.5%.
8. Japan July PMI came in at 50.7 from 52.3 a month earlier. Employment fell for the first time in 3 months.
9. Ford, GM and Chrysler U.S. auto sales all missed expectations in July.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.