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Week in Review 8.30.2019
September 3, 2019
Week in Review
Week Ending: Friday, August 30, 2019
Recap & Commentary
In the U.K., new PM Boris Johnson announced, and the queen approved, a plan to suspend Parliament for nearly five weeks, from mid-September to mid-October. On the surface, Johnson’s request was not unusual. A new PM typically makes such a request to provide time for the new government to develop their legislative agenda. What was unusual about Johnson’s request was the length. At five weeks, it marks the longest suspension since 1945. While Johnson claimed that his government simply needs time to develop their agenda, critics cast the move as an attempt to hinder Parliament from blocking a no-deal Brexit, which Johnson favors.
Economic Bullet Points
Personal Income & Outlays — Personal income ticked up 0.1% in July, below the consensus of 0.3%. Disposable income rose 0.3%, and personal consumption expenditures increased by 0.6%. The July income increases reflected increases in employee compensation and government social benefits.
Personal outlays increased $96.4 billion in July. Personal savings came in at $1.27 trillion, and the personal savings rate as a percentage of disposable personal income ended at 7.7% in July.
Consumer Confidence declined sharply in August, a sign that trade tensions are finally garnering meaningful attention from consumers.
Of Note
Market Indices Week of 8/30
S&P 500 | 2.9% |
Small Caps | 2.4% |
Intl. Developed | 0.9% |
Intl. Emerging | 1.1% |
Commodities | 1.3% |
U.S. Bond Market | 0.2% |
10-Year Treas. Yield | 1.50% |
US Dollar | 1.3% |
WTI Oil ($/bl) | $55 |
Gold ($/oz) | $1,526 |
The Week Ahead
- Employment Situation Rep.
- ISM/PMI Mfg. Data
- ISM/PMI Services Data
- International Trade
- Factory Orders
- Jobless Claims
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