Today's fundamentals: factory orders, trade deficit, chain store sales.
Factory Orders
BLS Employment Situation Report (October 2012) – Nonfarm jobs were +171,000 and the previous month was revised upwards by 36,000 – Unemployment Rate was 7.9% up from 7.8% – Average wage was dead flat – Average workweek was 34.4 hours the same as the previous month (revised.) This is a mediocre report which will pass for
MBS creeping down slowly since yesterday, which means higher rates.
Rates holding near record lows after ADP jobs, bad European PMI.
Rates holding near record lows after ADP jobs, bad European PMI.
Rates were even on the week until Fed minutes. Now they're spiking.
Improving trend for reas like Real Estate, Transportation, Hotel/Restaurant, Construction, Entertainment. Manufacturing site showing a bit of weakness. Rates even.
Today's stat summary: Mortgage applications, retail sales, factory orders, Fed's new rate communications policy
Services sector lowest reading since January 2010. Factory orders also slip. But markets more focused on EU than these fundamentals.
Factory Orders -Factory Orders (August) were -0.2% -Previous was +2.4% -Consensus was -0.3% -Consumer was not keeping pace and we have seen supply-side data reveal that business is now bringing its thinking in line with the consumer. Retail Sales -ISCS-Goldman Store Sales, Week/Week: +0.1% -ISCS-Goldman Store Sales, Year/Year: +3.7% -Redbook Store Sales, Year/Year: +4.1%. Previous
Factory Orders -Factory Orders (August) were -0.2% -Previous was +2.4% -Consensus was -0.3% -Consumer was not keeping pace and we have seen supply-side data reveal that business is now bringing its thinking in line with the consumer. Retail Sales -ISCS-Goldman Store Sales, Week/Week: +0.1% -ISCS-Goldman Store Sales, Year/Year: +3.7% -Redbook Store Sales, Year/Year: +4.1%. Previous
Mortgage Applications (week ending 8/26) -Purchase Index Week/Week: +0.9% -Refinance Index Week/Week: -12.2% -Composite Index Week/Week: -9.6% -The increase in the purchase index is good news for the huisng sector which is in serious need of good news. The refi index is rate sensitive and next week will probably show an increase for this week.
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