Succinct Summations week ending May 30th

Positives:

1. The S&P 500 made new all-time highs.
2. Case-Shilller 20-city index grew 1.2% in March, higher than expected.
3. Initial jobless claims came in back below 300k, down from 327k last week.
4. Durable goods grew 0.8% vs expectations for a 0.8% decline.
5. Chicago PMI came in at 65.5 v 61 expected.
6. The Nasdaq 100 hit a 13.5 year high.
7. Personal income gained 0.3%, in line with expectations.
8. Core PCE (the fed’s measure of inflation) climbed 0.2% m/o/m, in line with expectations.
9. Consumer confidence came in at 83, in line with expectations.

Negatives:

1. The economy contracted in Q1 by 1%.
2. Pending home sales grew 0.4% m/o/m, down from 3.4% in March and below expectations.
3. Japan April retail sales fell 4.4% y/o/y v expectations of -3.3%, worst pace of annual declines since 2011.
4. U of Michigan Consumer confidence came in at 81.9 v 82.5 expected.
5. Personal spending fell 0.1% v 0.2% expected.
6. Richmond fed manufacturing came in at 7 vs 9 expected.
7. Dallas fed came in at 8, below 9.6 expected.

Thanks, Batman!

Category: Markets

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.

4 Responses to “Succinct Summations of Weeks Events for 5.30.14”

  1. willid3 says:

    so we really didnt learn from the great debacle or the earlier version with the S&L crises?

    http://www.nakedcapitalism.com/2014/05/occ-as-case-study-of-how-regulators-choose-to-fail.html

  2. willid3 says:

    when even the rich get taken, what chance have the rest of us got?

    http://www.nakedcapitalism.com/2014/05/fiduciary-gone-even-rich-people-cant-escape-screwed.html

  3. postpartisandepression says:

    I have just a small question. How can Wall Street and the S&P 500 be reflective of the real world when they hit all time high after all time high and the real economy contracts during the first quarter of this year? It was the same question we asked in the run up to the 2008 crash. How can house prices/real estate keep going up at these rates when peoples salaries are stagnant?

  4. [...] A look back at the economic week that was.  ( , Big Picture) [...]