Weekly Economic Recap
Throughout each week, I post on the economic happenings most days.It's A LOT to sift through, so below is a compilation of the highlights for each day.
Monday: Decent start to the week despite telecoms getting slammed.
The Empire State Manufacturing Survey came in at 1.1, down from the last reading, but higher than expected. The prices paid index showed continued signs of price moderation.
The Empire State Manufacturing Survey came in at 1.1, down from the last reading, but higher than expected. The prices paid index showed continued signs of price moderation.
Tuesday: Solid day for the market as mega caps caught up throughout the day.
The June retail sales rose 0.2%, the 3rd straight monthly increase, but less than the 0.5% forecast. The control group of sales, which most closely resembles the consumer spending component of GDP, doubled expectations with a 0.6% reading.
The June retail sales rose 0.2%, the 3rd straight monthly increase, but less than the 0.5% forecast. The control group of sales, which most closely resembles the consumer spending component of GDP, doubled expectations with a 0.6% reading.
Wednesday: Markets were a bit choppy but still managed to close with some gains.
Total housing starts fell 8% MoM and single family starts were down in all regions except the West. Higher financing costs are creating headwinds for builders and preventing activity from being stronger despite being in a supply-constrained housing market.
Total housing starts fell 8% MoM and single family starts were down in all regions except the West. Higher financing costs are creating headwinds for builders and preventing activity from being stronger despite being in a supply-constrained housing market.
Thursday: A mixed day in the market that was pushed down by poor performance in $Tesla(TSLA.US$ , $Netflix(NFLX.US$ , and $Taiwan Semiconductor(TSM.US$ .
Weekly jobless claims fell by 9k to 228k, beating the expected 240k. This is the lowest level of initial claims since May when $S&P 500 Index(.SPX.US$ was around 4,100, or 11.4% lower than today.
Weekly jobless claims fell by 9k to 228k, beating the expected 240k. This is the lowest level of initial claims since May when $S&P 500 Index(.SPX.US$ was around 4,100, or 11.4% lower than today.
Friday: A mixed day in the market with no economic data releases to talk about. $SPDR S&P 500 ETF(SPY.US$ $Invesco QQQ Trust(QQQ.US$ $Dow Jones Industrial Average(.DJI.US$ $Nasdaq Composite Index(.IXIC.US$
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