S&P500 +1.52% (3,348.44); NASDAQ +1.48% (11,075.02); DJIA +1.87% (27,682.81)
This week’s reports:
- Q2 2020 GDP Growth Annualized (3rd estimate) was -31.4%, slightly better than previously estimated -31.7% annualized.
- August’s Personal Income fell 2.7% from July’s +0.5% as pandemic-related Federal assistance programs begin to wind down. Personal Spending rose 1% from July’s +1.5%.
- September’s Consumer Confidence Index surged to 101.8, its highest level since the start of the Coronavirus pandemic, from August’s 86.3. It was the biggest one-month increase in 17 years. Economists had forecast a smaller increase in the index to 89.6.
- September’s Michigan Consumer Sentiment Index jumped to 80.4, its highest level in six month, from August’s 74.1.
- September’s Unemployment Rate fell to 7.9% from August’s 8.4% against the expectations of a decline to 8.2%. Non-Farm Payrolls rose by 661K from August’s +1,489K. Labor Force Participation fell to 61.4% from August’s 61.7%.
- September’s Average Hourly Earnings rose 0.1% from August’s +0.3%. Average Weekly Hours rose to 34.7 from August’s 34.6.
- July’s S&P/Case-Shiller Home Price Indices rose 3.9% y/y versus June’s +3.5% y/y.
- August’s Pending Home Sales jumped 8.8% from July’s +5.9%.
- September’s ADP Employment Change was an increase by 749K jobs in the private sector, versus August’s +481K and comparing to the expected increase in hiring of 650K.
- September’s Markit Manufacturing PMI rose to 53.2, its strongest since January 2019, from August’s 53.1.
- September’s ISM Manufacturing PMI declined to 55.4 from August’s 56.0, indicating that growth in the sector slowed, but remained strong.
- September’s Chicago PMI rose to 62.4 from August’s 51.2; it was expected to rise to 52.0.
- September’s Dallas Fed Manufacturing Index jumped to 13.6 from August’s reading of 6.
- August’s Factory Orders rose 0.7% from July’s +6.5%.
- August’s Wholesale Inventories (prelim.) rose 0.5% from July’s -0.1%.
- Initial Jobless Claims for the week ending September 26th declined by 36K to 837K, versus the expected decline to 850K. Continuing Jobless Claims for the week ending September 19th fell by 980K to 11.767M, versus the expectations of a decrease to 12.225M continuing claims.