Succinct Summations for the week ending October 2nd, 2020:
1. Markets continue to stabilize despite a host of challenging conditions; 2. Unemployment rate came in at 7.9%, below the previous 8.4%. 3. Jobless claims fell 36k w/o/w from 873k to 837k. 4. ADP Employment reports shows private payrolls at 749k in September 5. Pending home sales rose 8.8% m/o/m, above the expected increase of 3.1%. 6. Construction spending rose 1.4% m/o/m, above the expected increase of 0.7%. 7. Wholesale inventories rose 0.5% m/o/m, above the previous decrease of 0.1%.
1. POTUS and FLOTUS both test positive for Covid-19. 2. Trump continues to undermine Democratic process, threatens widespread civil unrest post election. First Presidential Debate “a shitshow” 3. Non-farm payrolls rose 661k m/o/m, below the expected increase of 894k. 4. Personal income fell 2.7% m/o/m, below the previous increase of 0.5%. 5. Home mortgage apps fell 2.0% w/o/w, below the previous increase of 3.0%. 6. Corporate layoffs came in at 118,804 for September, above the previous 115,762. 7. Retail inventories rose 0.8% m/o/m, below the previous increase of 1.2%.