Succinct Summations for the week ending June 26th, 2020
1. NY, CT, NJ., MA see lowest levels of infections, hospitalizations and deaths since pandemic began; 2. Durable goods orders rose 15.8% m/o/m, above the expected increase of 10.0%. 3. Jobless claims fell by 60k w/o/w, from 1.540M to 1.480M. 4. New home sales rose 676k in May, above the expected 636k. 5. Chicago Fed National Activity Index came in at 2.61 for May, above the previous -17.89 6. PMI Composite Flash stands at 46.8 for June, above the expected 45.0.
1. Resurgence of Covid19 across Sunbelt and West leads to record number of US infections, threatens to shut down nation’s economy (again), and raises questions anew about the lack of national leadership on this issue 2. Existing home sales fell 9.7% m/o/m, from 4.330M to 3.910M. 3. Home mortgage apps fell 3.0% w/o/w, below the previous increase of 4.0%. 4. International trade deficit widened from $-70.7B to $-74.3B during the month of May. 5. Third estimate for Q3 GDP remains at -5.0%. 6. Retail inventories fell 6.1% m/o/m, below the previous decrease of 3.8%.