U.S. Construction Spending Rose 0.4% In August
(For August 2010) U.S. construction spending rose 0.4% m-o-m in August vs. -0.4% consensus and revised (down -0.4%) 1.4% fall in June. On year level we are at -10.0%. Chart 1. U.S. Construction Spending
September University of Michigan/Reuters Consumer Sentiment Revised Upwards
(For September 2010) University of Michigan/Reuters Consumer Sentiment for September final reading came out at 68.2 vs. 66.6 reported two weeks ago; 67.0 consensus and 68.9 August reading. Chart 1. University of Michigan/Reuters Consumer Sentiment vs. Conference Board Consumer Confidence
September ISM Manufacturing Index At 54.4
(For September 2010) ISM Manufacturing Index was reported at 54.4 vs. prior reading of 56.3 and consensus of 54.5. The pace of growth in industrial activity is weakening. Chart 1. ISM vs. Philadelphia vs. Regional Manufacturing Surveys
U.S. Personal Income & Consumer Spending Rose In August
(For August 2010) U.S. personal income rose 0.5% in August vs. 0.3% consensus and 0.2% July reading. On y-o-y level the personal income is up 3.3%. Chart 1. U.S. Personal Income U.S. consumer spending also rose 0.4% in August vs. 0.4% consensus and 0.4% July reading. On y-o-y level the consumer spending is up 2.7%. Chart […]
Hidden Capacity In Shipping
Interesting chart today in Bloomberg’s Chart of the Day by Norwegian Arctic Securities. A slowing merchant shipping fleet isconcealing capacity that will undermine the industry’s recoveryas world trade quickens, according to Arctic Securities ASA, anOslo-based investment bank. The biggest reduction occurred in container shipping, wherespeeds dropped by 20 percent from their peak, according toArctic estimates. […]
U.S. Natural Gas Weekly – October 1, 2010
(For The Week Ending September 24, 2010) Working gas in storage rose 74 Bcf from previous week. Consensus was at 68 Bcf. Opposite to overwhelming negative historical stock market performance in September natural gas has overwhelmingly positive historical positive performance in September. Not this year. The risk here is skewed to the upside. Chart 1. Natural Gas Futures […]
China September Federation of Logistics & Purchasing and National Bureau of Statistics PMI At 53.8
(For September 2010) China Federation of Logistics & Purchasing and National Bureau of Statistics PMI rose from 51.7 to 53.8. Both China PMI’s suggest that China industrial production figures for September will improve a bit. Chart 1. China Federation of Logistics & Purchasing and National Bureau of Statistics PMI; HSBC Markit China Manufacturing PMI; China Industrial Production […]
September Chicago Purchasing Managers Index At 60.4
(For September 2010) Chicago Purchasing Managers Index was reported at 60.4. The consensus was at 55.5, prior reading at 56.7. First manufacturing survey above consensus and pointing to expansion. Richmond FED Manufacturing, Dallas Fed Manufacturing, Empire State Manufacturing and Philadelphia FED General Business Conditions Index all point to lower ISM manufacturing while Chicago pints to higher ISM […]
U.S. Q2 GDP Growth Revised To 1.7%
U.S. GDP Q2 growth was revised from 1.6% to 1.7%. The consensus was at 1.6%, Q1 reading was at 2.7%. Chart 1. U.S. Real GDP & Percent Change
Spanish GDP Actually 17.3% Lower Than Reported?
FT Alpaville was first to report this: An anonymous tip-off regarding Spanish GDP… The big question then, according to the author(s), is the ‘real’ level of Spain’s GDP. Using a deviation of 24 per cent in market services, 5 per cent in manufacturing and 6 per cent in construction, the author comes up with a […]
U.S. Petroleum Weekly – September 30, 2010
(For The Week Ending September 24, 2010) Belisarius had a real bad time compiling this report today, as he is struggling to find purpose in hard work on this piece of analysis and apparent zero usefulness in trading. In short refinery utilization collapsed so we had a small gasoline draw, and the price of crude oil skyrocketed on that… Chart 1. […]
U.S. Initial Jobless Claims At 453.000; Down 16.000
(For The Week Ending September 25, 2010) Initial jobless claims in the U.S. were reported at 453.000. The consensus was at 460.000, last week revised (up 9.000) reading was at 469.000. Chart 1. U.S. Initial Jobless Claims
Moody’s Cut Spain’s Last AAA Rating ; Ireland Bank Rescue Price Tag At USD 68 Billion
Moody’s lowered Spain to Aa1 from Aaa with a stable outlook. This was widely expected, Spain bond spreads narrowed. Bloomberg story: Spain’s Credit Rating Cut One Level to Aa1 by Moody’s. Ireland bank rescue price tag was estimated at USD 68 billion or 32% of Ireland’s GDP. Bloomberg story: Ireland Faces $68 Billion Bank Rescue to Prop Up Allied, Anglo. […]
MBA Mortgage Applications Down 0.8%
(For The Week Ending September 24, 2010) MBA mortgage applications fell 0.8% , prior reading was a decrease of 1.4.%. Refinance index fell 1.6%; Purchase index rose 2.4%. Chart 1. MBA Mortgage Applications
ATA For-Hire Truck Tonnage Index Down 2.7% In August
(For August 2010) The American Trucking Associations seasonally adjusted For-Hire Truck Tonnage Index fell 2.7% in August. The largest month-to-month decrease since March 2009. From the Press Release: ATA Chief Economist Bob Costello said that August’s data highlights that the economy, while still growing, is slowing. “We fully anticipate sluggish economic growth for the remainder […]