Succinct Summations for the week ending September 4th, 2020
1. Economy continues to slowly heal from the pandemic devastation. 2. Jobless claims fell 77k w/o/w from 958k to 881k. 3. Unemployment rate came in at 8.4%, below the previous 10.2%. 4. Corporate layoffs came in at 115,762 for August, below the previous 262,649. 5. Factory orders rose 6.4% m/o/m, above the expected increase of 6.0%
1. FAANMGs get smushed on worst trading day of the year since the March crash. 2. Non-farm payrolls rose 1.371M in August, below the expected increase of 1.400M. 3. Home mortgage apps fell 0.2% w/o/w, below the previous increase of 0.4%. 4. Private payrolls rose by 428k, below the expected increase of 900k. 5. Construction spending rose 0.1%, below the expected increase of 1.0%.