The last week of summer vacation brought a burst of new and healthy data, and a modest drop in long-term interest rates, putting mortgages below 4.00 percent. But the best stories in this last quiet week are reflections on human nature. August payrolls plus-189,000 slowed from early-year gains, and the prior two months were revised lower. The purchasing managers’ ISM index in August rocked back up to 58.8 from 56.3, now about as high as it gets. The gain in average hourly earnings slowed in August, but from a fast July, the year-over-year steady at 2.5 percent. The 10-year US T-note in the last year. The Trump Trade has fizzled about as far as it can. The Fed’s favorite measure of inflation (personal core expenditures deflator) is stuck on the low side, up 0.1 percent in July. Second quarter GDP was revised up to 3.0 percent annualized, putting the first half of 2017 dead-on the Fed forecast at 2.1 percent growth — and will out-perform when the third added in. These r…
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