Stock Market Nerd – Macro – June 29, 2024
Inflation Data:
- Core Personal Consumption Expenditures (PCE) M/M for May was 0.1% as expected and vs. 0.3% last month.
- Core PCE Y/Y for May was 2.6% as expected and vs. 2.7% last month.
- Michigan 1 and 5 year inflation expectations were both 3% and below expectations.
- The GDP Price Index for Q1 rose by 3.1% Q/Q as expected.
Output Data:
- Durable Goods Orders M/M for May rose by 0.1% vs. -0.5% expected and 0.2% last month.
- The current Q1 GDP reading for Q1 is 1.4% vs. 1.3% expected and 3.4% last month. This sharp decline is related to net exports and public sector spending.
- The Chicago Purchasing Managers Index for June was 47.4 vs. 39.7 expected and 35.4 last month.
Consumer & Employment Data:
- Conference Board Consumer Confidence for June was 100.4 vs. 100 expected and 101.3 last month.
- New Home sales for May came in at 619,000 vs. 636,000 expected and 698,000 last month.
- Initial Jobless Claims were 233,000 vs. 236,000 expected.
- Personal Spending rose by 0.2% M/M for May vs. 0.3% expected and 0.1% last month.
- Michigan Consumer Expectations for June came in at 69.6 vs. 67.6 expected and 68.8 last month.
- Michigan Consumer Sentiment for June came in at 68.2 vs. 65.6 expected and 69.1 last month.
