Sunday, June 4, 2017

Succinct Summation of Week’s Events 6.2.17 (plus U.S. Wind Projects)

It's time for the weekly summation with all indexes making new all-time highs and unemployment near an all-time low. With environmental policy making all the headlines this week, this Sunday's bonus is a rather intoxicating graphic showing all the many wind projects currently existing in this country. Whatever the politicians do or do not do, green energy is the future and it doesn't look like there's much out there that's going to stop it. Hope everyone enjoyed this very pleasant weekend.

Succinct Summation of Week’s Events 6.2.17

June 2, 2017 4:30pm by Barry Ritholtz

Succinct Summations for the week ending June 2nd, 2017.

Positives:

1 U.S. stocks made new all time highs; international stocks made 52-week highs.
2. ADP employment came in at 253k, well above the 170k expected.
3. Headline unemployment remains low at 4.3%
4. Consumer spending and personal income both increased 0.4% in Q2.
5. Wages and salaries rose 0.7%.
6. Consumer confidence remains elevated, coming in at 117.9, the sixth straight reading above 110.
7. Chicago PMI came in at 59.4, the highest reading in 2 ½ years.
8. ISM manufacturing rose from 54.8 to 54.9, and above the 54.6 expected.

Negatives:

1. Nonfarm payrolls fell from 211k to 138k, well below the 185k expected.
2. Average hourly earnings rose just 0.2% m/o/m, and 2.6% y/o/y.
3. Pending homes sales fell 1.3% m/o/m, down for the second straight month.
4. PMI manufacturing fell to 52.7, the lowest reading in 8 months.
5. Jobless claims rose 13k to 248k.
6. MBA Purchase applications fell for the third week in a row.
7. Construction spending fell 1.4% m/o/m, .
8. Core CPE rose just 0.2% m/o/m and 1.5% y/o/y, down from 1.6% previously.