Now in contraction year over year: US Durable Goods Orders Drop for 2nd Month New orders for US manufactured durable goods fell 1.3% in May, after a 2.8% plunge in April and much worse than market expectations of a 0.1% drop. Transportation equipment, down three of the last four months, was mostly responsible for the decline. Meanwhile, the so-called core capital goods orders rose 0.4%, recovering from a 1% decline in April. Highlights Net exports are not improving which...
Read More »New home sales, Housing prices, Richmond Fed, Consumer confidence
Back down from already depressed levels even as mortgage rates fall: US New Home Sales Fall Unexpectedly Sales of new single-family houses in the US dropped 7.8% from the previous month to a seasonally adjusted annual rate of 626 thousand in May, compared to market expectations of a 1.9% increase, as purchases plunged in the West and Northeast. It was the lowest sales since December despite lower mortgage rates and solid job market. US Home Price Growth Eases to 7-Year...
Read More »Chicago Fed, Dallas Fed, Germany IFO
Global deceleration continues:
Read More »Electronics sales, Fed indicator, Bank lending, Power generation
Tariffs: Bank lending deceleration: Real estate has gone nowhere: Gone flat this entire cycle:
Read More »Philidepia Fed, Freight, Architecture index, Housing starts
Last month’s uptick hinted at a reversal, but this month’s large move back down says otherwise: Still rolling over, and from depressed levels relative to prior cycles, and these charts are not population adjusted which only makes it worse:
Read More »NT Manufacturing, Home builder index, Earnings
Last months spike up that was hailed as a turn around now looks like an aberration: NY Manufacturing Falls The Most on Record The New York Empire State Manufacturing Index plummeted 26.4 points from the previous month to -8.6 in June, missing market expectations of +10. That was the largest monthly decline on record, due to drop in both new orders and employment, while shipments increased at a slower pace. The Trump tax cuts gave a one time boost to...
Read More »Retail sales, US Industrial Production, China Industrial Production, Morgan Stanley business conditions index
Not adjusted for inflation: Adjusted for inflation: Still looking down: Remember when last month’s spike higher was presumed to be the start of a turn around? . A Morgan Stanley economic indicator just suffered a record collapse
Read More »Fed recession models, Trade, Euro area industrial production
Imports and exports both decelerating: Still in contraction:
Read More »Small business optimism, JOLTS, Rail chart, Commercial real estate, Tariffs
Trump says ‘devalued’ currencies put US at a disadvantage and the Fed doesn’t have a ‘clue’ President Donald Trump said Tuesday the U.S. dollar is at a disadvantage compared to other major currencies like the euro as other central banks keep interest rates low while the Federal Reserve’s rates are higher by comparison. “The Euro and other currencies are devalued against the dollar, putting the U.S. at a big disadvantage,” Trump tweeted, adding the Fed doesn’t have “a...
Read More »Employment, German industrial production
Now even the lagging indicators are pointing south. And lower rates from the Fed will only make it a bit worse by cutting gov. interest payments to the economy: Highlights Move up the rate-cut plans is the theme of the May employment report which shows declining growth in the labor market and topping pressure for wages. Nonfarm payrolls, at 75,000, came in below Econoday’s consensus range and include a total of 75,000 in downward revisions to April and March. Data on wage...
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