Succinct Summations for the week ending August 7th, 2020
1. Markets continue to rally on strong tech earnings 2. Jobless claims fell 249k w/o/w from 1.435M to 1.186M. 3. Non-farm payrolls rose 1.763M m/o/m, above expectations. 4. Unemployment rate came in at 10.2%, down from previous 11.1%. 5. PMI Services index came in at 50.0 for July, above the previous 49.6. 6. ISM Mfg Index came in at 54.2 for July, above the expected 53.5.
1. USA fails to secure extension of UE benefits, eviction freeze or stimulus. 2. Home mortgage apps fell 1.8% after the previous decrease of 2.0%. 3. ADP employment report came in at 167k for July, below the expected 1.888M. 4. Private payrolls rose 1.462M m/o/m, below the expected increase of 1.525M. 5. Factory orders rose 6.2% m/o/m, below the previous increase of 7.7%. 6. Construction spending fell 0.7% m/o/m, below the expected increase of 1.3%.