Weekly Review 03-06-18

US

S&P500 +0.49%(2,734.62); NASDAQ +1.62% (7,554.33); DJIA -0.48% (24,635.21)

This week’s reports:

Q1 2018 GDP Growth Annualized (second est.) was 2.2% versus Q4 2017’s 2.9%.
May’s Unemployment Rate fell to 3.8%, a 18-year low, from April’s 3.9%. Non-Farm Payrolls surged by 223K from April’s +159K. Participation Rate fell to 62.7% from April’s 62.8%.
May’s Average Weekly Hours remained unchanged from April’s 34.5. Average Hourly Earnings rose 2.7% y/y versus April’s 2.6% y/y.
April’s Personal Income rose 0.3% from March’s +0.2%. Personal spending rose 0.6% from March’s +0.5%.
May’s
April’s Pending Home Sales fell 1.3% from March’s +0.6%.
May’s Chicago PMI jumped to 62.7 from April’s 57.6.
May’s Markit Manufacturing PMI fell to 56.4 from April’s 56.6.
May’s ISM Manufacturing Index rose to 58.7 from April’s 57.3.
March’s S&P/Case-Shiller Home Price Indices rose 6.8% y/y, the same as in February.
Initial Jobless Claims for the week ending May 25^th fell by 13K to 221K. Continuing Jobless Claims for the week ending May 18^th fell by 16K to 1,726K.

US stocks surged on Friday to recoup previous losses following an upbeat unemployment report that showed a modest gain in wages. The robust jobs report helped steady a stock market that had been struggling this week with concerns about escalating trade tensions and Eurozone stability, which eased after Italy struck a deal on a coalition government.
The US imposed tariffs on imports od steel and aluminum from Canada, Mexico and the European Union, ending temporary exemptions, who swiftly pledged to retaliate with duties of their own.