Looking like it will add some 10ths to GDP, depending on mulitples: Budget watchdogs howl over deficit-ballooning deals Measures tacked onto government spending bills this week will amount to $426 billion in lost revenue over the next decade Through q2:
Read More »Philly Fed, Existing home sales, Leading indicators, Spain, Rails
More bad news: Rolling over: Consensus Outlook The consensus for November’s index of leading economic indicators is an increase of 0.1 percent in what would follow three straight declines. Reversals for manufacturing and slowing in the labor market have been negatives for this index.
Read More »Japan trade, Mtg purchase apps, Architecture index, Trump comment
Global trade collapse continues: Looks like more of same- L shaped recovery since the financial crisis: Still looking weak:
Read More »Housing starts, Industrial production, Bank loans, Euro business loan demand, Momentum
Yes, housing starts were up for the month, and somewhat higher than expected, but looking at the chart it sure looks to me like they’ve gone nearly flat with things like changes in the interest rate outlook causing some of the volatility. And on a population adjusted basis housing starts remain at about half of what they were in 2006: The growth in industrial production in general has been diminishing over the last few cycles, and most recently headed south due to the...
Read More »Business sales, Retail sales
Today’s trade agreement will do nothing to reverse the tariff induced deceleration well underway in the economy: This is through Q3:
Read More »Euro area IP, India IP, Japan, Mexico, US claims, Sea containers
The global slow motion train wreck continues: Japan: Core machinery orders in Japan, which exclude those of ships and electrical equipment, declined 6.0 percent from a month earlier in October 2019, following a 2.9 percent fall in September and compared with market expectations of a 0.9 percent increase. It marked the longest period of month-on-month contraction since a similar stretch to January 2009, mainly due to lower demand for fabricated metal products (-44.3...
Read More »Small business optimism, China autos, Household asset ratio
Still elevated vs before the election, but working its way down from the highs: China Auto Sales Fall for 17th Straight Month Vehicles sales in China dropped 3.6 percent from a year ago to 2.46 million units in November 2019, marking the 17th consecutive month of decline, as local governments accelerated changes to emission standards this year. Sales of new energy vehicles (NEVs), including plug-in hybrids, battery-only electric vehicles and those powered by hydrogen fuel...
Read More »Germany, Japan, rails
Deeper into contraction: German Industrial Output Falls Unexpectedly Industrial production in Germany dropped by 1.7% mom in October 2019, missing market expectations of a 0.1% growth and following a 0.6% fall in September. This marked the steepest monthly decrease in industrial output since April, as production fell for capital goods (-4.4%), including tools, vehicles and machinery. Year-on-year, industrial output slumped 5.3%, the most in a decade. Manufacturing alone went...
Read More »Employment, Wholesale inventories and sales
Still in a down draft with additional tariffs scheduled to kick in Dec 15. Decelerating employment growth translates into decelerating personal income growth, etc. etc. etc. Similar pattern for wages- up some with tax cuts, down with tariffs: Meanwhile seems the crowd is making a big deal over the larger than expected headline number of data that’s both volatile and subject to large revisions: The 266,000 jobs added in November is an important number since it defies...
Read More »Small business hiring, S&P earnings, Trump
A Growing Share of S&P 500 Companies’ Earnings Are Contracting 350 health professionals sign letter to Congress claiming Trump’s mental health is deteriorating dangerously amid impeachment proceedings
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