Apartment List reported its National Rent report covering November and its index fell by 1% m/o/m, “marking the 3rd straight m/o/m decline, and the largest single month dip in the history of our index, going back to 2017. The timing of the recent cooldown in the rental market is consistent with the typical seasonal trend, but its magnitude has been notably sharper …
Powell/Jobs news/Inflation/Overseas
Sorry for no note earlier this morning as I had some travel issues. Let’s be honest, Jay Powell said nothing new and only just reaffirmed what we’ve heard from all of his colleagues over the past few weeks. I believe the reaction was more due to ‘no news is good news’ and it being the last day of the month. Quantifying the job losses in tech, Challenger’s labor …
Awful mfr’g #/Home sales/Job openings
To the point I made in the ADP note that we can now add US manufacturing to the recession side of the ledger, nothing said that better than the awful November Chicago PMI which plunged to 37.2 from 45.2 and well under the estimate of 47. It's the 3rd straight month below 50 and the lowest print since May 2020. I don't have the press release yet to see more …
ADP jobs report
ADP said only a net 127k private sector jobs were created in November, below the estimate of 200k and almost half the pace of 239k seen in October. Notable was the 100k person drop in manufacturing employment while construction shed 2k jobs. The service sector added 213k jobs but the dispersion was VERY mixed. Leisure/hospitality hired a net 224k, …
“Increased macroeconomic headwinds…”
I'm going to start today with a quote from Crowdstrike in their earnings press release last night to highlight how circumspect businesses, especially small ones, are becoming in this slowing economic environment. After talking about still "robust growth", "total net new ARR (annual recurring revenue) was below our expectations as increased macroeconomic headwinds …
Home prices fall for a 3rd straight month/Consumer confidence
The S&P CoreLogic September home price index saw a 10.7% y/o/y increase, continuing to slow due to tough comps and outright declines m/o/m for a 3rd straight month for reasons we all know. The sunbelt states led the gains with Miami, Tampa, Charlotte, Atlanta and Dallas the top 5. The smallest increase was in San Francisco of only 2.3% followed by Seattle, …
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“Piece by piece, China’s zero covid system is crumbling under its own weight”
To an extent, the Chinese protesters did what they needed to do in terms of garnering responses from the Chinese government, both central and local. Here are some that I've seen: 1)According to AP yesterday, "In the capital of Beijing, city government officials announced they would no longer block access to apartments where infected residents live." How generous of …
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New Podcast: A Conversation with Jonathan Steinberg, Founder and CEO of WisdomTree
I'm happy to present my latest podcast and CEO interview. Once again, I join Guy Adami and Dan Nathan to discuss this week's headlines, starting with the protests in China and what a re-opening there could mean for central banks in the rest of the world. We also check in on the current state of US Equities following the recent rally, and the stages that have …
A few notable things
From a humanitarian standpoint, the public dissent and disgust displayed by the Chinese people is incredible. I've only been there once and putting aside their authoritarian government, they are hard working, enterprising and family loving people who want to live the same freewill and prosperous life as the rest of us and they've been deprived of that …
Succinct Summation of the Week’s Events
Succinct Summation of the Week's Events: Positives,1)Thanks to incentives, new homes in October totaled 632k, 60k more than expected while September was revised down to 588k from 603k. A rebound in sales in the Northeast and South offset a drop in the Midwest and no change out West. Months' supply fell to 8.9 from 9.4 but is still well above historical averages …
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Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor. Each day The Boock Report provides summaries and commentary on the macro data and news that matter, with analysis of what it all means and how it fits together.