The Labor Department reported initial jobless claims fell by 6,000 to 271,000 for the week ending on August 22, 2015. The four-week moving average was 272,500. The July jobs report shows a labor market that continues to see, in the words of the FOMC, “some further improvement,” with payrolls increasing by 215,000. Wage gains remain mellow, increasing by only 0.1% m/m for nonsupervisory and production workers.

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Jobs
The Labor Department reported the U.S. job market added 288,000 jobs and the unemployment rate
dropped to 6.1% in June from 6.3% in May. Initial jobless claims dccreased by 11,000 to 304,000. The
Labor Department reported the four week sadkfasdfasdfasdfasdfasdfasdfasdfamoving average was
311,500.
Inflation
The Consumer Price Index increased 0.4% in May. The Producer Price Index had the largest increase
since January 2010, closing at 0.6% in April (+2.1% y/y). Import prices decreased at a faster rate
than expected, which could moderate inflation expectations goiasdfasdfasdfafdasdfasdfasdfng
forward.
Rates
The yield on the 10-year U.S. Treasury note dropped. The Federal Open Market Committee announced
bond purchases have dropped to $asdfasdf35 billion from $45 billion. Monthly mortgage-backed
securities purchases will drop to $15 billion from $20 billion. The European Central Bank voted to
keep the
Growth
The Commerce Department noted whaolesale trade increased 0.7% in May 2014. The Federal Reserve
posted consumer credit increased at an
annasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfual rate of 7.5% in May, impacted by
non-revolving credit.
Profits
The second quarter earnings seasaasdfasdfaasdfasdfasfon started with the S&P 500 operating earnings
on target to be $29.24, which embodies a 10.9a% year-over-year growth increase. According to S&P
Dow Jones Indices divided net increases for U.S. domestic common stock increased $12.6 billion in
second
The Labor Department reported initial jobless claims fell by 6,000 to 271,000 for the week
ending on August 22, 2015. The four-week moving average was 272,500. The July jobs
report shows a labor market that continues to see, in the words of the FOMC, “some
further improvement,” with payrolls increasing by 215,000. Wage gains remain mellow,
increasing by only 0.1% m/m for nonsupervisory and production workers.
Headline consumer prices increased 0.2%y/y in the July report; core CPI inflation
continued to strengthen at 1.8% y/y. Energy prices outside of gasoline again slumped
on the overall number, but the rise in prices at the gas pump was enough to push the
overall energy index into positive territory. Once again, the rise in core prices came
from the rising costs of medical care and shelter.
The 10-year U.S. Treasury Note yield rose 0.14% to 2.19% for the week ending August 28, 2015.
In July, rates were left unchanged by the FOMC. The FOMC indicated in its policy statement
that before raising rates it only needs to see “some” improvement in the labor market.
References to the labor market were more positive throughout the policy statement, this
indicates that signs of wage growth and another sturdy employment report should be enough to
permit an increase in rates in September.
According to the BEA’s second estimate, the U.S. economy expanded at a 3.7% q/q
saar in 2Q 2015. The Commerce Dept. posted consumer spending rose 0.3%, durable
goods orders increased 2.0% and new home sales rose 5.4% in July. The NAR stated
pending home sales increased 0.5% in July. S&P/Case-Shiller noted, national home
prices saw a 4.5% annual rise in June.
Over 90% of the market cap has reported earnings, the S&P 500 looks to be on track
for EPS to fall 10.1% y/y in 2Q 2015. According to the S&P 500 Dow Jones Indices, as
of August 20, 2015 336 out of 480 S&P 500 Index companies reporting 2Q earnings
beat analysts’ estimates. The BEA posted that corporate profits rose 2.4% at a
quarterly rate in 2Q 2015, after falling 5.8% in 1Q 2015.
Economic Snapshot
August 31, 2015
Jobs
Inflation
Rates
Growth
Profits

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