Market Commentary

Market CommentaryFor the week of October 18th, 2021ECONOMIC REVIEW1 The Job Openings and Labor Turnover Survey (JOLTS) for August showed that there are still 10.439 million open jobs in the economy, however, this is better than the July reading which was revised up to 11.098 million open jobs. Consumer Price Index (CPI) increased 0.4% on a month-over-month basis, beating economists’ expectations of 0.3%. The year-over-year increase was 5.4%.Producer Price Index (PPI) increased 0.5% on a mo

Market CommentaryFor the week of October 11th, 2021ECONOMIC REVIEW1 The ISM Services Index for September increased to 61.9 compared to the consensus expectation of 59.9.Non-farm payrolls for the month of September increased by 194,000, below economists’ expectations of 500,000 jobs added.The unemployment rate fell to 4.8%, lower than the survey estimate of 5.1%. INSIGHT: Economists remain optimistic on the ISM Services Index reading as last month’s report had some promising trends.

Market CommentaryFor the week of October 4th, 2021ECONOMIC REVIEW1 The final reading of gross domestic product (GDP) for the second quarter was revised up to 6.7% from 6.6%. Personal consumption expenditure (PCE) was slightly higher than expected. The consensus was +0.2% while the actual increase was +0.3%. The year-over-year increase is now at +3.6%.The University of Michigan Consumer Sentiment Index for the month of September exceeded economists’ estimates of 71 as the index rose to 72.8

Market CommentaryFor the week of September 27th, 2021ECONOMIC REVIEW1 Housing starts for the month of August increased 3.9% to an annual rate of 1.615 million, above the expectation of 1.55 million.Existing home sales in August fell -2.0% to an annual rate of 5.88 million, which was slightly below the expectation of 5.89 million.Initial jobless claims increased from the previous week, exceeding expectations. Claims increased to 351,000, compared to the previous mark of 335,000. INSIGHT: Single

Market CommentaryFor the week of September 7th, 2021ECONOMIC REVIEW1 Nonfarm payrolls missed sharply to the downside for the month of August, coming in at 235,000 jobs added, compared to the estimated gain of 733,000.The Conference Board Consumer Confidence Index also missed forecasts; the index fell to 113.9, missing economists’ expectations of 123.0.The ISM Manufacturing Index increased to 59.9 for the month of August, exceeding the survey estimate of 58.5. INSIGHT: At the Jackson Hole