The major averages delivered more losses this week. Since Monday the S&P 500 dropped 69 points or 1.03%. The NASDAQ fell 435 points or 1.92%. While the DOW slid 345 points or .74%. A rough ride in the last few weeks but none of the major averages have given up the requisite 10% to qualify a correction.
Shutdown Ended
Another exercise in self defeating behavior, something that has become far to popular if you ask me. With the data feeds returning as a result will start to see our regular economic data points once again. Though I expect it will take most of December to establish a steady rhythm to the delivery. The BLS released an incomplete jobs report for September showing 119,000 new jobs for the month. Between the wild revisions seen over the summer. The real number is anybody’s guess, So, take it with a grain of salt or 2. Average weekly hours was unchanged at 34.2. Average hourly earnings rose $0.09 to $36.67. A year ago, the average wage was $35.33. That’s a gain of 3.8%. Something that has contributed nicely to consumer spending, corporate earnings and GDP. Despite the doom and gloom crowd insisting the tariffs would be a disaster and produce the opposite. Thanks to Grok and the BLS for the chart.
Home on the Range
The latest data on existing home sales, roughly 85% of the market, from Realtor.com. Shows inventory for sale up 15.3% from a year ago in October. To over 1.1 million homes for sale. A 29th consecutive week north of a million. New listings gained 1.7% from a year ago, but homes are also taking longer to sell, hence the increase. As a combination of high prices and still high mortgage rates crimp affordability. Thanks to Grok, NAR and FRED for the chart.
Have a great weekend everyone! See you next Friday.
Last Week’s Post: Meaningful Losses
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