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Positives 1)The June Philly manufacturing index jumped to 27.5 from -43.1 and that was well better than the forecast of -21.4. As for the 6 month outlook, it rose to 66.3 from 49.7 as optimism grows with the reopening. Capital spending plans also improved. 2)The June NY manufacturing index was well better than expectations at -.2 vs the forecast of -29.6 …

[Read more...] about Succinct Summation of the Week’s Events – 6/19

Positives 1)While still very high, initial jobless totaled 1.54mm, about in line with the estimate of 1.55mm and down from a revised 1.9mm last week (up 20k from the initial). This is the 10th week in a row of moderation since the print in late March of almost 6.9mm. While these numbers have fallen they still remain high and continuing claims only fell by 339k …

[Read more...] about Succinct Summation of the Week’s Events

Positives 1)The BLS said 2.5mm jobs were added in May after the huge self inflicted job losses seen in the prior months. The estimate was for another loss of 7.5mm and the BLS said "These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus pandemic and efforts …

[Read more...] about Succinct Summation of the Week’s Events – 6/5

Positives 1)Purchase applications to buy a home continued higher according to the MBA. They rose 8.6% w/o/w and are now up 8.7% y/o/y with mortgage rates still sitting around record lows. Refi's were unchanged w/o/w but still up 176% y/o/y. 2)New home sales in April totaled 623k, well better than the estimate of 480k and actually up from 619k in March but …

[Read more...] about Succinct Summation of the Week’s Events – 5/29

Positives 1)All 50 states have at least something reopened, even NJ and NY. 2)This is still a really poor number but better than what was seen in April (anything is). The May Markit manufacturing and services PMI bounced to 36.4 from 27 with most of the gain coming from the services sector which rose to 36.9 from 26.7. Manufacturing improved by 3.7 pts to …

[Read more...] about Succinct Summation of the Week’s Events – 5/22

Positives 1)//twitter.com/ScottGottliebMD/status/1260946980710350855 2)The preliminary May UoM consumer confidence index rose to 73.7 from 71.8 and that was above the estimate of 68. The swing factor on the rise was the Current Conditions component which jumped to 83 from 74.3 after falling by 29.4 pts in April. The Expectations component fell by 2.4 pts …

[Read more...] about Succinct Summation of the Week’s Events – 5/15

Positives 1)Moderna's coronavirus vaccine will proceed to Phase 2 study. Phase 3 could begin in early summer of 2020.  2)We'll see how it goes but more states and countries elsewhere are further reopening.  3)Initial claims totaled 3.17mm, 170k more than expected but down from 3.84mm last week. As awful these figures are, it is the least amount of claims …

[Read more...] about Succinct Summation of the Week’s Events – 5/8

Positives 1)Gilead's remdesiver shows some promise. Vaccine hope with the story out of Oxford University that starting at the end of May they will be doing human trials on 6,000 people with an inoculation that proved successful on monkeys. Also, news on the testing front is getting better as CVS and Walgreens give news on how they will role out its testing …

[Read more...] about Succinct Summation of the Week’s Events – 5/1