Succinct Summation of Week’s Events 7.13.18 (plus U.S. home values)

The week's summation is below with jobless claims being down but job openings also being down.  It seems the net result between the positives and negatives was a wash, which was pretty well borne out by the very low volume in trading this week as investors await Q2 results before diving in (or out.)  The bonus this Sunday night is a very instructive graphic that shows that U.S. home values fell about 40% during the depths of the recession (something we knew) but the graph also shows something some of us may not know -- it seems that home equities have been completely back to their pre-recession levels for about a year now ... and now and then some. 


Succinct Summation of Week’s Events 7.13.18

July 13, 2018 4:00pm by Barry Ritholtz

Succinct Summations for the week ending July 13th, 2018

Positives:

1. Same store sales rose 5.2% w/o/w, up .8% from previous 3.1% rise.
2. Home mortgage purchase applications rose a seasonally adjusted 6.5% w/o/, and 7.7% Y/o/Y.
3. Jobless claims fell 17k w/o/w from 231k to 214k.
4. Consumer price index rose .1%, meeting expectations.
5. Wholesale inventories rose .6% in May, greater than April’s .1% build.

Negatives:

1. Job openings fell to 6.638M in May, down from April’s 6.698M.
2. Import prices fell .4% showing price weakness for the month of June.
3. PPI-FD rose .3% m/o/m, less than the previous .5% rise.
4. Consumer sentiment index fell 1.1 points in June from 98.2 to 97.1.
5.  Home mortgage buyers may have only shown up thanks to a 5 week low in the average 30 yr mortgage rate.