Stock Market Nerd Macro – March 02, 2024
Inflation Data:
- The Personal Consumption Expenditures (PCE) index for January rose by 0.3% M/M as expected and vs. 0.1% last month.
- The Core PCE index for January rose 0.4% M/M as expected and vs. 0.1% last month.
- The Core PCE index for January rose 2.8% Y/Y as expected and vs. 2.9% last month.
Consumption & Employment Data:
- Net home sales for January were 661,000. This compares to 680,000 expected and 651,000 last month.
- Initial Jobless claims were 215,000. This compares to 209,000 expected and 202,000 last report.
- Personal Spending rose 0.3% M/M for January as expected. This compares to 0.1% growth last month.
Output Data:
- Core Durable Goods Orders for January fell by 0.3% M/M. This compares to 0.2% growth expected and a 0.1% decline last month.
- Durable Goods Orders for January fell by 6.1% M/M. This compares to a 4.9% decline expected and a fall of 0.3% last month.
- Chicago’s Purchasing Managers Index for February was 44.0. This compares to 48.1 expected and 46.0 last month.
- GDP for Q4 is currently sitting at 3.2%. This compares to 3.3% expected and 4.9% last quarter. GDP should keep falling as the benefits of supply chain recoveries fade.
