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Weak employment data, GDP growth revised downward😿
Like many times in the past year, 'bad news is good news' once again for stocks as weaker ADP and a downward GDP revision was seen as a positive for equities, helping the S&P 500 notch a 4th consecutive day of gains. US ADP registered a gain of 177k vs 195k expected, though the previous month was revised upward from 324k to 371k. On the GDP side, Q2 growth was revised down to 2.1% from 2.4%, despite upward bumps in consumption and services spending. Larger downward revisions in business fixed investment, non-residential spending, and the pricing components were responsible for the downdraft.
#GDP #SPX500 #consumption #service #employment
Like many times in the past year, 'bad news is good news' once again for stocks as weaker ADP and a downward GDP revision was seen as a positive for equities, helping the S&P 500 notch a 4th consecutive day of gains. US ADP registered a gain of 177k vs 195k expected, though the previous month was revised upward from 324k to 371k. On the GDP side, Q2 growth was revised down to 2.1% from 2.4%, despite upward bumps in consumption and services spending. Larger downward revisions in business fixed investment, non-residential spending, and the pricing components were responsible for the downdraft.
#GDP #SPX500 #consumption #service #employment
Core CPI meets expectation😀
Core CPI rose by 0.16% in July, rounding up to a 0.2% MoM headline, which was softer than most street economists had expected, but the details were quite a bit more nuanced. OER (rent) rose 0.49% MoM, while airfaries fell by a surprising 8% MoM. Core goods fell 0.3% MoM while used car prices dropped by 1.3%. The core headline rate inched down to 4.7% YoY from 4.8% YoY, while headline moved up to 3.2% YoY vs 3.0% YoY. Core services were up 0.4% MoM (6.1% YoY) excluding energy, shelther was up 0.4% (7.7% YoY), while the Fed's new favourite 'Supercore CPI' (core services excluding housing and energy) rose 0.22% and 4.127% YoY.
#CPI #OER #Fed #service #shelter
Core CPI rose by 0.16% in July, rounding up to a 0.2% MoM headline, which was softer than most street economists had expected, but the details were quite a bit more nuanced. OER (rent) rose 0.49% MoM, while airfaries fell by a surprising 8% MoM. Core goods fell 0.3% MoM while used car prices dropped by 1.3%. The core headline rate inched down to 4.7% YoY from 4.8% YoY, while headline moved up to 3.2% YoY vs 3.0% YoY. Core services were up 0.4% MoM (6.1% YoY) excluding energy, shelther was up 0.4% (7.7% YoY), while the Fed's new favourite 'Supercore CPI' (core services excluding housing and energy) rose 0.22% and 4.127% YoY.
#CPI #OER #Fed #service #shelter
Weak job growth and significant divergence in the service sector🧐
Friday markets saw a fittingly volatile close to a choppy week, starting with a 'mixed' payroll report, which saw a cycle-low miss of 187k to headline jobs growth, -50k revision lower in prior revisions, but offset against a lower unemployment rate (3.5%) and an upward surprise in wages growth. Underneath the headline, service sector hiring was strong in healthcare and education, but offset against slowdowns in leisure and hospitality.
#Jobs #market #unemployment #service #education
Friday markets saw a fittingly volatile close to a choppy week, starting with a 'mixed' payroll report, which saw a cycle-low miss of 187k to headline jobs growth, -50k revision lower in prior revisions, but offset against a lower unemployment rate (3.5%) and an upward surprise in wages growth. Underneath the headline, service sector hiring was strong in healthcare and education, but offset against slowdowns in leisure and hospitality.
#Jobs #market #unemployment #service #education
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