Week 35-2024 | Rating

Week 35-2024 | Rating

Week 35-2024 | Rating

10-Year Treasury Yield

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PMI Manufacturing Final

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Corportae Profits

At an annualized rate of $3.168 trillion, year-over-year after-tax corporate profits rose a very sizable 10.0 percent in the first quarter compared to last year's first quarter (revised down from an initial 10.9 percent). When including inventory valuation and consumption adjustments, after-tax profits of $2.727 trillion in the first quarter were up 5.3 percent on the year (revised from 6.4 percent); taxes on corporate income, at a hefty $640.3 billion annual rate in the first quarter and which are calculated on this basis, were up a year-over-year 11.1 percent (revised up from 10.8 percent)

Unit Labor Cost Index

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MBA Purchase Applications

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Durable Goods Orders

Durable goods orders jump in July, boosted by transportation. Orders for long-lasting items such as appliances, aircraft and computers surged in July, pushed by demand for transportation equipment, the Census Bureau reported Monday. So-called durable goods orders soared by 9.9%, reversing a downwardly revised 6.9% slump in June and easily topping the Dow Jones estimate for an increase of 4%. However, excluding the vital transportation category, orders actually declined 0.2%, as the sector posted a 34.8% increase. Excluding defense, orders rose 10.4% after declining 7.5%.

GDP Pre Q2-2024

US GDP for Q2-2024 Preliminary at 3.0% from Consensus of 2.8%. Economists predict the economy grew at a 2.8% seasonally adjusted annual pace from April through June. That follows a 1.4% annual growth pace in the first quarter, the slowest since spring 2022. The US economy grew last quarter at a healthy 3% annual pace, fueled by strong consumer spending and business investment.

Jobless Claims

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Pending Home Sales

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Unemploymnet Rate

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Personal Oulays

Core personal consumption expenditures prices increased 0.2% in July and 2.6% from a year ago. The 12-month figure was slightly softer than the 2.7% estimate. All-item inflation came in respectively at 0.2% and 2.5%, in line with forecasts. Personal income increased 0.3%, slightly higher than the 0.2% estimate, while consumer spending rose 0.5%, in line with the forecast.

Core CPE

The Fed’s favorite inflation indicator increased 0.2% in July, as expected. Inflation edged higher in July, according to a measure favored by the Federal Reserve as the central bank prepares to enact its first interest rate reduction in more than four years. The Commerce Department reported Friday that the personal consumption expenditures price index rose 0.2% on the month and was up 2.5% from the same period a year ago, exactly in line with the Dow Jones consensus estimates. Excluding volatile food and energy prices, core PCE also increased 0.2% for the month but was up 2.6% from a year ago. The 12-month figure was slightly softer than the 2.7% estimate.

Mortgage Rates

The 30-year mortgage rate, which averaged nearly 7% through 2023, fell to a 16-month low of 6.44% last week. It is forecast to average 6.7% in 2024, before declining to 6.0% next year and 5.9% in 2026, survey medians showed.

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