Today, much like yesterday morning, we had the release of several economic numbers, some volatility, and a bond market that settled into neutral territory before pricing went out. The ISM Index came in at 54.4 (anything above 50 is considered good), but the experts consider this sluggish economic growth. Consumer spending rose .4% in August, the same rate as July. Again, the experts are using the term “sluggish” to describe this important economic number.
More positive news came from the Michigan Sentiment and construction spending numbers also released this morning. Michigan Sentiment dropped from 68.9 to 68.2 in August, which was less than expected. Construction Spending, which economist were expecting to drop, actually rose .4% in August. Currently stocks are up a 45 on the big board, the MBS and treasuries prices are flat.
