Succinct Summations for the week ending November 6th, 2020
1. Markets rally strongly for the week on [insert favorite narrative here] 2. Non-farm payrolls rose 638k m/o/m, above expectations. 3. Unemployment rate fell to 6.9%, below the previous 7.9%. 4. Jobless claims fell 7k w/o/w from 758k to 751k. 5. PMI Manufacturing Index came in at 53.4 for October, above the previous 53.1. 6. International trade deficit came in at $-63.9B for September, above previous $-67.0B. 7. Factory orders rose 1.1% m/o/m, above the expected increase of 0.9%.
1. WTF, this STIILL isn’t over yet? Really!? 2. Home mortgage apps fell 0.1% w/o/w, below the previous increase of 0.2%. 3. ADP employment report has private payrolls at 365k for October, below expectations 4. Construction spending rose 0.3% m/o/m, below expectations. 5. ISM Services index came in at 56.6 for October, below expectations. 6. Non-farm productivity rose 4.9% in Q3, below expectations.