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Succinct Summation of the Week's Events
Succinct Summation of the Week’s Events:
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Peter Boockvar
The slowdown in hiring is unmistakable
While to be revised many more times, the first stab at the August payroll establishment survey saw a job gain of 142k, 23k below expectations and the…
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Peter Boockvar
Auto sales/Casey's tells us about their customer/Bowling is popular
I forgot to mention yesterday auto sales for August.
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Peter Boockvar
ISM services, remains just above 50
The August ISM services PMI was little changed at 51.5 vs 51.4 in July and around the estimate of 51.4.
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Peter Boockvar
Container price update/Hiring's continue to slow, firing's still muted
I forgot to mention this morning that we got more relief on the container shipping price situation.
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Peter Boockvar
Labor market comments in Beige Book/Earnings call rundown/BoJ has another reason to hike
I'll repeat here again what the Fed's Beige Book's bottom line was.
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Peter Boockvar
Maybe sounds like a .5-1% GDP growth rate, certainly not 3%
I’ve been arguing for months that the US economy feels much more like a 1-1.5%, and certainly not the 3% print for Q2 (though first half is averaging…
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Peter Boockvar
BoC cuts, as expected/Job openings shrink again
The Bank of Canada cut its main rate by 25 bps as expected to 4.25% and this now totals 75 bps of cuts off the peak of 5%.
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Peter Boockvar
Soft data, AI trade in question but some acrophobia too/Commodities/More PMIs/Dollar Tree uses word 'immense'
It was August 1st when weak economic news meant weak stocks and vice versa rather than the market spinning everything into what it would mean for Fed…
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Peter Boockvar
ISM mfr'g still weak, bad news is bad news now, and vice versa
The August ISM manufacturing index was little changed m/o/m at 47.2 vs 46.8 in July and 48.5 in June and thus remaining in contraction.
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Peter Boockvar
The BoJ still really matters/Other things of note
I still wake up and see what went on in Japan overnight as one of my first things, particularly with JGB yields and the yen, and as an owner of some…
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Peter Boockvar

August 2024

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