See the Market Strategies Newsletter for this week:
See it in Word Document format (Nicer layout):
Market Strategies Newsletter for high return investing in all market sectors.
Or see it in web page format:
Market Strategies Newsletter web page format
Get next week’s issue on Sunday night by email
Free — Sign Up Here:
FREE issue Of Market Strategies High Return Investment Newsletter
Key Economic News Summaries:
Economic data was pleasing, not that they were all good numbers but better than the misery expected. Namely, the May Employment Report, which showed a lower loss of Payrolls – 345K jobs instead of the – 520 expected and a positive April revision from a loss of 539K to -504K. This change of expectations showing 210K more jobs than previously thought dwarfed the real picture of a 9.4% Unemployment rate. Hourly earnings rose just 0.1% helping productivity, which jumped 1.6%.
On Monday, prior to the open, April Personal Income was reported + 0.5% well above the consensus of a minus figure – 0.2% and the March revision improved 0.1% to – 0.2%. April Spending also improved to -0.1% from a consensus of -0.2% and a March figure of -0.3%. Then on Tuesday the May ISM Report at 42.8 was also better than both expectations of 42.2 and 40.1 in April. Pending Home Sales for April improved to 6.7% from 3.2%. These higher sales figures of course do not reflect a recent jump in mortgage rates.
Wednesday’s numbers were bearish led by the ADP Payroll estimate of -532K, then followed by a weaker April Factory Orders report +0.7% instead of+ 0.9% expected and a downward revision to March -1.9% in Liew of the -0.9% reported.