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See this week’s charts as a slideshow → Or select individually: Here’s The Trend Obama Is Fighting, If He Wants To Save American Manufacturing With everyone focusing on today’s GDP, it is easy to ignore the other relevant economic data to be released in the one and a half hour block before 10am. In order of appearance, they are: Q2 GDP,the employment cost index, the Chicago PMI, and the final UMichigan consumer sentiment. Below is a summary from a rather . . . → Read More: Here Is What To Watch Out For Today In Addition To GDP (Consensus At 2.6%, Range 1.0%-4.0%) The Fed came out with its Beige Book today, a summary of economic activity for June to mid-July in all of its twelve districts. The report overall noted “modest” growth if not slowing growth. According to their report: Economic activity has continued to increase, on balance, since the previous survey, although the Cleveland and Kansas City Districts . . . → Read More: Fed Reports A Sluggish Economy One can’t help but laugh at headlines touting a huge 23.% jump in new home sales given that the “jump” was to the second worst month in history, dating back to 1963. Dave Rosenberg puts the headline jump into perspective in Housing Data Are Not Supportive. Interesting comments in the so-called “Minutes” (which are really more filtered notes that only say what they want, intentionally omitting anything “contrary”, as we now know) In his presentation to the Committee, the Manager noted that “fails to deliver” in the mortgage-backed securities (MBS) market had reached very high levels in recent months. Under these conditions, dealers . . . → Read More: July FOMC Minutes: Interesting Observations The housing market continues to deteriorate. Thursday’s report on May pending home sales was down 30% from the prior month and nearly 16% vs. a year ago. The market weakness spans the country. Sales in the Northeast, Midwest and South fell more than 30%, the bright spot, the West, only fell . . . → Read More: Home Prices Could Go Down Another 50% Today’s ADP number came in at +13k, compared to expectations of +60k, with the previous number revised to +57 from +55. It was basically a disaster, as it now puts the already shaky expectations for the June NFP number in even greater jeopardy. The number was so bad it even has Goldman’s Jan Hatzius scratching his . . . → Read More: ADP Bad Enough To Shake Even Goldman’s Confidence |
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