Succinct Summations week ending June 27th:
1. U.S. June services flash PMI came in at 61.2 v 58 expected.
2. U of Mich. Consumer confidence came in at 82.5 vs expectations of 82.
3. May core PCE (Fed’s inflation gauge) came in at 1.5%, in line with expectations
4. Existing home sales increased 4.9%, the biggest gain since 2011.
5. Consumer confidence came in at 85.2 vs 83.5 expected.
6. Japan’s June manufacturing PMI index rose to 51.1, up from 49.9 last month
7. New home sales increased 18.6% m/o/m, largest increase since January 1992.
8. Initial jobless claims fell to 312,000
9. Japan retail sales rose by 4.6% m/o/m, higher than the estimate of up 2.9%.
1. U.S. economy shrank at a 2.9% annual rate, worst numbers since the recession.
2. U.S. May consumer spending rose 0.2% vs -.4% expected.
3. Case Shiller m/o/m increased 0.19% in April, the smallest increase since February 2012. The 10.8% Y/O/Y gain was the smallest since March 2013.
4. French business confidence fell to a 10 month low
5. Euro zone manufacturing and services indices fell to a 6 month low.
6. Durable goods orders in decreased 1% m/o/m in May.
7. Purchase applications fell 1.2% since last week and are down 18% y/o/y.
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.