Weekly Round-Up: 04/29/13 – 05/03/13

Weekly Round-Up: 04/29/13 – 05/03/13:

Personal income and outlays came in mixed, income missed, outlays beat

Pending home sales beat consensus

Dallas Fed Survey missed by a wide margin

SP Case-Shiller 20-city home pricing index beat consensus

Chicago PMI missed and contracted instead of expanded

Consumer confidence beat expectations

Motor vehicle sales missed consensus

ADP employment report missed consensus

PMI Mfg hardly beat expectations

ISM Mfg missed by a small margin

Construction spending missed consensus and unexpectedly decline

FOMC issued a statement that was semi-eventful

International Trade was better than expected

Jobless claims beat by a large margin

NFP beat and the prior revised figures for March and February amplified the optimistic report

Factory orders missed and declined more than expected

Service manufacturing was expanded less than expected

 

Commentary

This week was mixed. However, the two most important reports, the FOMC policy announcement and the NFP, satisfied those who were bullish on equities. Housing data this week was better than expected. The PMI reports were horrible and too me it indicates caution moving forward. On the other hand, it could indicate room for better reports in future months. Moving forward, PMI expectations could be set too low by economists and analysts, thus making it easy for actual reports to surpass expectations. Personally, I’m going to air on the side of caution.