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Market Notes:  9-5 Thumbnail

Market Notes: 9-5

Week Close:
+ (-)%Aug


Markets:  In August, Stock Markets dipped a touch while the 10-year Treasury and WTI Oil rose a bit.  

S&P roller coaster last week:  Up, up a lot, up, down, and up.  

Fed Balance Sheet:   $8.121 trillion (down -$18 billion).  Reminder: their balance sheet was closer to $4 trillion before the Pandemic. 

Inflation:  The PCE (Personal Consumption & Expenditures index) came out last Thursday.   As expected, the YOY number moved from 3.0% up to 3.3%.  The Core PCE (without food and fuel) rose a tick from 4.1% up to 4.2%.  This is the metric the Federal Reserve focuses on for Inflation.   And this rise in the PCE could give them cover to continue to raise rates a ¼ point on a quarterly basis.  We will see.  

ISM:  Their manufacturing index rose form 46.4 up to 47.6 (consensus was for 46.8).  A number above 50 implies an expansion of the economy, while a number below 50 implies a contraction.  

Jobs:  The jobs number was expected to come in about 170,000 jobs.  It came in slightly above expectations at 187,000.

Jobless claims:  The weekly number came in at 228,000.  The four-week average came in at 237,000.

Radio:  Bill was off last Friday for the holiday weekend.   You can hear Bill and I talk about Markets and the Economy most Friday mornings at 6:40am, 7:40am, and 8:40am on WTAM 1100 AM.  

Unemployment:  The U3 unemployment number rose from 3.5% up to 3.8%.  The expectations was it would have remained at 3.5%. 



Focus of the week:  Coming off the Labor Day holiday, it looks to be a quiet week.  

Holiday:  U.S. Markets were closed yesterday in observance of the Labor Day holiday.  

Economic calendar:  Factory orders (Tue); the trade deficit, ISM services index, the Beige Book (Wed); and jobless claims (Thu).