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Bob Carey
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  US Economy and Credit Markets Ended Sept. 30, 2016
Posted Under: Weekly Market Commentary

United States 10 year yields ended September very close to where they started the month despite the volatility in Bond markets and a Federal Reserve meeting featuring three members dissenting leaving rates unchanged. Crude oil rose last week as OPEC reached a preliminary understanding to reduce the amount of crude oil the cartel produces. Monday's New Single-Family Home Sales report registered a 7.6% decline in August but was ahead of expectations. New home sales were up over 20% y-o-y but median prices are down just over 5% from a year ago. Wednesday's August New Durable Goods Orders showed no change as increases in defense and auto orders were offset by weakness in other categories. On Thursday, the Real GDP Growth for Q2 was increased to 1.4%, versus previous estimates of 1.1%, and edged out the consensus expectations of 1.3%. Rounding out last week, Friday's August Personal Income reading showed an increase of .2% for the month which matched expectations. Consumption was unchanged according to the report as consumers opted to pocket the increase. Major economic reports (and related consensus forecasts) for the upcoming week include: Monday: September Markit US Manufacturing PMI (51.4, unch.) and ISM Manufacturing (50.5, +1.1); Wednesday: September 30 MBA Mortgage Applications, September ADP Employment Change (165K, -12K), August Trade Balance (-$40B, -$.5B), August Factory Orders (-.3%, -2.4%) and August Durable Goods Orders; Thursday: October 1 Initial Jobless Claims (256K, +2K): Friday: September Change in Non-Farm Payrolls (170K, +19K), September Unemployment Rate (4.9%, unch.) and August Wholesale Inventories (-.1%, unch.).
Posted on Monday, October 3, 2016 @ 9:19 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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