Succinct Summation of Week’s Events 12.20.19 (plus Public Gives the Economy Mixed Reviews)

Once again it's time for the weekly summation, the big positives being that, just like in the Clinton years, the stock market is proving that it doesn't care about impeachment.  There's also the small matter that we are once again at record highs, in fact making new highs practically every day as news of a trade deal become more and more positive.  The negative is also the impeachment, but fortunately only from a philosophical perspective, not an economic one. 


The bonus this Sunday evening before the holidays is an easy to read little chart that shows the public's attitudes about the economy -- namely that the average American sees the current economy as primarily benefiting the wealthy and the average family isn't seeing it.  Still, it's encouraging to see that despite the fact that so many Americans are failing to see the end of recession woes after 12 years, over 55% still view the current economic environment as either good or excellent. 


Succinct Summation of Week’s Events 12.20.19

December 20, 2019 5:30pm by Barry Ritholtz

Succinct Summations for the week ending December 20th, 20

Positives:

1.  As we learned in 1998, Markets don’t care about Impeachment.
2.  All time highs are now, and always, bullish for markets.
3.  Consumer spending increased 0.4% m/o/m.
4.  Personal income rose 0.5% m/o/m, above prior increases.
5.  Housing starts came in better than expected at 1.365M.
6.  Industrial production rose 1.1% m/o/m, above expectations.
7.  Consumer sentiment hits 99.3 for December, above expectations.

Negatives:

1. Only the 3rd U.S. President to ever be Impeached — No other way to say this: disgraceful behavior has led to a national embarrassment;
2. Corporate profits fell 1.1% y/o/y, below prior decrease of 0.4%.
3. Same store sales rose 4.6% w/o/w, below last month.
4. Existing home sales fell from 5.440M to 5.350M.
5. PMI Composite came in at 52.2 for December, below expectations.
6.  Jobless claims fell 18k w/o/w from 252k to 234k.
7. Home mortgage apps fell 2.0% w/o/w, below prior decrease of 0.4%.