Succinct Summations week ending August 1st
1. GDP grew on a 4% annualized basis in Q2, up from -2.9% in Q1 and above expectations of 3.1%.
2. Consumer sentiment came in at 81.8, up from 81.3 and better than the 81.5 expected.
3. ISM manufacturing index came in at 57.1, up from 55.3 and better than the 56 expected.
4. Jobless claims came in a 302k, the 4-week moving average falls to the lowest level since 2006.
5. PMI services flash index slowed modestly in July, after hitting 5-year highs in June.
6. Q1 GDP was revised up to -2.1%, from -2.9%.
7. The FOMC meeting announced the Taper is on schedule to end in October.
8. PMI Manufacturing came in at 55.8 vs expectations of 56. Still a very good reading.
9. June NFP revised up from 288k to 298k.
10. 200,000 jobs were added for the sixth straight month for the first time since 1997.
1. The S&P 500 had its worst weekly drop in 2 years.
2. Home prices rose at their slowest pace since February 2013.
3. Nonfarm payrolls came in at 209k vs 233k expected, and down from 288k prior.
4. Small caps were down 7% in July, their worst month since May 2012
5. Pending home sales fell 1.1% m/o/m, vs expectations of a 1% decline.
6. Home prices fell by 0.3% m/o/m, vs expectations for a 0.3% gain. Y/O/Y was up 9.3%, also below expectations for a 9.9% gain.
7. MBA refinancing applications fell 4% w/o/w.
8. Chicago PMI fell to 52.6, down from 62.6 and well below the 63.2 expected.
9. Bloomberg consumer comfort index fell to a 2-month low.
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.
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