EQUITY MARKETS

US

S&P500 +1.37%(2,476.55); NASDAQ +2.71% (6,435.33); DJIA +0.80% (21,987.56)

This week’s reports:

Q2’s 2017 GDP Annualized (prelim.) was +3% versus Q1’s +2.6%.
August’s Unemployment Rate rose to 4.4% from July’s 4.3% after Non-Farm Payrolls rose 156K from July’s upwardly revised 209K. Labor Force Participation remained unchanged from July’s 62.9%.
August’s Average Hourly Earnings rose 0.25%, the same increase as in July. Average Weekly Hours fell to 34.4 from July’s 34.5.
August’s Markit Manufacturing PMI rose to 52.8 from July’s 52.5.
August’s ISM Manufacturing rose to 58.8, its highest since 2011, from July’s 56.3.
July’s Wholesale Inventories (prelim.) fell by 0.4% from June’s downwardly revised +0.7%.
July’s Personal Income rose 0.3% from June’s upwardly revised +0.1%. Personal Spending rose 0.4% from June’s 0%.
August’s Michigan Consumer Sentiment Index fell to 96.8 from July’s 93.4.
June’s S&P/Case-Shiller Home Price Indices rose 5.7% y/y, the same increase as in May.
July’s Durable Goods Orders fell by 6.8% from June’s +6.4%. Durable Goods Orders ex Transportation rose by 0.5% from June’s +0.1%.
July’s Pending Home Sales fell 0.8% from June’s +1.3%.
Initial Jobless Claims for the week ending August 25^th fell by 1K to 236K. Continuing Jobless Claims for the week ending August 18^th fell by 12K to 1,942K.

US stocks rose as reports showing a gain in consumer sentiment and an increase in manufacturing offset a mediocre August employment report.
The S&P 500 ended August with a gain of less than 0.1% , the smallest increase since March though still the ninth advance in 10 months.