Succinct Summation of Week’s Events 8.25.17 (plus Octogenarians Rule the Rich)

The customary weekly summation is below with the S&P still a stone's throw from all-time highs despite all the recent turmoil and jobless claims near all-time lows.  This Sunday's bonus is another very interesting graphic, this time illustrating the concentration of the nation's wealth vis-a-vis age demographics.  Certainly it should come as no surprise to anyone that the eldest in our population possess the most wealth (proportionate to their own group that is).  Certainly it is logical that those who have wealth would continue to accrue more as they age, the old rule of compounding.  Hope everyone had a fruitful weekend. At least we're not in Texas.

Succinct Summation of Week’s Events 8.25.17

August 25, 2017 5:00pm by Barry Ritholtz

Succinct Summations for the week ending August 25th, 2017

Positives:

1. Despite all of the political turmoil, S&P500 is within 1.5% of its all time highs.
2. Core capital goods rose 0.4% m/o/m. Ex-transportation they rose 0.5%, better than the 0.1% expected increase.
3. Jobless claims remain near historic lows, coming in at 234k.
4. PMI service index rose to 56.9, up from 54.2 previously and above the 54.8 expected.

Negatives:

1. FHFA house price index rose just 0.1% m/o/m, well below the 0.5% expected increase.
2. New home sales fell to a 571K SAAR, below the 610k expected.
3. Existing home sales fell 1.3% m/o/m to a lower than expected annualized rate of 5.44 million.
4. PMI manufacturing fell to 52.5, down from 53.2 previously.
5. Chicago Fed National Activity Index fell from .13 to -0.01
6. MBA mortgage purchase index fell a seasonally adjust 2% w/o/w.

10 Sunday Reads - The Big Picture

Octogenarians Rule the Rich

Source: Bloomberg