Weekly Market Snapshot – September 2, 2019
Created by: Sam Tenney
- Federal Reserve Chicago’s Purchasing Managers Index (PMI) rose a drastic 6% in August’s PMI report from 44.4 to 50.4. Consumer sentiment for the area dropped 2.2% to 89.8, Consumer sentiment has a lagging effect on consumption numbers, meaning that consumer sales are likely to decrease in the future, but current Chicago PMI suggest an immediate increase in consumption.¹
- Employment numbers year over year have been revised by the Bureau of Labor statistics, the revision is about 501,000 less jobs created then initially reported by the Bureau, a -0.3% overall decrease.²
- Seattle home prices fell to -1.32% on average year over year. Regional housing prices are generally cyclical indicators of how we expect real estate to perform. ³
- The Argentina government has been rated “selectively default” by Standard and Poor’s rating agency after failing to sell short-term bonds to investors. This is the second time the government has been declared default since the turn of the millennium.¹
SOURCES
1. https://seekingalpha.com/research/48075864-eric-basmajian/5344567-daily-…
2. https://www.marketwatch.com/story/us-created-500000-fewer-jobs-since-201…
3. https://www.ft.com/content/9161f0c0-caff-11e9-a1f4-3669401ba76f
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