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Rover’s Weekly Market Brief — 6/8/2018

Indices

DJIA: 25,316.50 (+2.77%)

NASDAQ: 7,646.00 (+1.21%)

S&P 500: 2,779.00 (+1.62%)

Commodities

Gold: 1,302.80 (+0.27%)

Copper: 327.50 (+5.70%)

Crude Oil: 65.63 (-0.27%)

Economy

There were 6.7 million jobs available [1] at the end of April, up +65,000 from the previous month, with hires (5.6 million, +92,000) and separations (5.4 million, +86,000) also remaining relatively unchanged from March. Within separations, the rate of layoffs and discharges rose from 1.0% to 1.2%, but the quits rate remained unchanged at 2.3%. Job openings grew the most quickly for information (+6.0%), professional services (+5.7%), accommodation and food services (+5.7%), health care (+5.5%), and transportation (+5.0%), and, while the South had the most job openings at 2.3 million, the rate of openings grew the most quickly for the Midwest (+4.8%) and West (+4.4%).

Nonfarm labor productivity [2] increased at a seasonally adjusted annual rate of 0.4% in Q1 2018, with a +2.3% increase in hours worked taking away from a +2.7% increase in output. On a yearly basis output increased +3.6% while hours worked increased +2.3%, bringing productivity up +1.3%. A +3.3% increase in hourly compensation in Q1 and a +0.4% productivity increase brought labor costs up +2.9%. However, inflation adjusted real hourly compensation for Q1 2018 vs Q1 2017 dropped -0.2% overall for all nonfarm businesses, with rates varying from a -3.4% drop for non durable manufacturing to a +2.2% increase for durable manufacturing.

In April, exports rose +$0.6 billion to $211.2 billion, while imports dropped -$0.4 billion to $257.4 billion, shrinking the US goods and services deficit by -$1 billion to $46.2 billion. Compared to the same year-to-date period in 2017, both exports (+$62 billion) and imports (+$82.8 billion) increased, and the trade deficit was +$20.8 billion larger, Export increases in April included fuel oil (+$0.5 billion), soybeans (+$0.3 billion), and corn (+$0.3 billion), while civilian aircraft exports decreased -$2.8 billion. Imports dropped for cell phones (-$2.2 billion) and cars (-$1.0 billion), but increased for crude oil (+$1.0 billion). By country, trade deficits increased with China (+$4.7 billion to $93.4 billion) and Germany (+$1.7 billion to $18.7 billion), and the surplus increased with Canada (+$3.7 billion to $4.2 billion).

Upcoming Economic Reports:

Wednesday June 13 – Federal Open Market Committee (FOMC) Meeting Announcement

Thursday June 14 – Retail Sales

Earnings Calendar:

 

Monday Tuesday Wednesday Thursday Friday
AmTrust
Financial Servs
(AFSI)
[3]
H&R Block
(HRB)
[4]
Bitauto
Holdings
(BITA)
[5]
Jabil
(JBL)
[6]
Hexindai
(HX)
[7]
RH
(RH)
[8]
Pivotal
Software
(PVTL)
[9]
Myovant
Sciences
(MYOV)
[10]
Michaels
Companies
(MIK)
[11]
Nobility
Homes
(NOBH)
[12]