Initial Jobless Claims At 479.000; Up 19.000
Initial jobless claims were reported at 479.000. The consensus was at 455.000, last week revised reading was at 460.000. Chart 1. U.S. Initial Jobless Claims
Global Macro Investor Monthly – August 2010
This is the best piece of analysis I have read this year. Enjoy.
U.S. Petroleum Weekly – August 4, 2010
Crude oil stocks fell 2.8 million barrels for week ending July 30; Gasoline stocks rose 0.7 million barrels; Distillate stocks increased 2.2 million barrels; Propane/propylene stocks rose 2.1 million barrels; Other oils stocks rose 3.8 million barrels; Total crude oil and petroleum stocks were 61 million barrels higher than the week before. Refinery utilization rose […]
ISM Non- Manufacturing Index For July At 54.3%
ISM Non- Manufacturing Index was reported at 54.3% vs. 53% consensus and 53.8% reading in June. Chart 1. ISM Non- Manufacturing Index
ADP Employment Rose 42,000 In July
ADP Employment rose 42,000 in July vs. revised rise of 19,000 in June. Nonfarm payrolls on Friday will be negative, probably missing a -60.000 consensus. Chart 1. ADP Employment
Challenger Job-Cuts For July At 41,676
Challenger’s count of layoff announcements was reported at 41,676 in July vs. 39,358 in June. Chart 1. Challenger Job-Cut Report
MBA Mortgage Applications Up 1.3%
MBA mortgage applications rose 1.3% for week ending July 30, the prior reading was a decrease of 4.4.%. Refinance index rose 1.3%; Purchase index rose 1.5%. Chart 1. MBA Mortgage Applications
U.S. Factory Orders Fell 1.2% In June
U.S. factory orders fell 1.2% in June. The consensus was at -0.5%, prior revised reading was at -1.8%. Factory shipment fell 0.8%, May reading was at -1.8%. Another data point missing consensus. Chart 1. U.S. Manufacturers New Orders & Shipments
U.S. Motor Vehicle Sales For July At 11.85 Million SAAR
U.S. total motor vehicle sales for July rose 0.77 million units to 11.85 million SAAR. Chart 1. U.S. Motor Vehicle Sales
New All-Time Low For Pending Home Sales Index
Pending home sales index fell 2.6% in June vs. revised fall of 29.9% in May. New all-time low. Chart 1. Pending Home Sales Index
U.S. Personal Income & Consumer Spending Unchanged In June
U.S. personal income was reported unchanged in June vs. 0.2% consensus and revised 0.3% May reading. On YoY level the personal income is up 2.6%. U.S. consumer spending also remained unchanged in June vs. 0.1% consensus and 0.1% prior reading. On YoY level the consumer spending is up 4.6%. U.S. personal savings as a percentage of disposable income rose […]
Marc Faber Discusses Chinese Economy, Stock Market On Bloomberg TV
Marc Faber softened his stance on China. Bloomberg TV Interview:
U.S. Construction Spending Rose 0.1% In June
U.S. construction spending rose 0.1% MoM in June vs. -0.5% consensus and 0.2% rise in May. On a year level we are at -7.9%. Chart 1. U.S. Construction Spending
ISM Manufacturing Index For July At 55.5
ISM Manufacturing Index was reported at 55.5 vs. prior reading of 56.2 and consensus of 54.5. Chart 1. ISM Manufacturing Index
Monthly Strategy – August 2010
Equities Economic data released in recent month or so is dominated by bellow consensus readings and on absolute level pointing to only marginal and slowing growth. Consumer demand proxies point to deceasing level of consumer demand. Unemployment is high and it is not falling. The government stimulus is wearing off. But the market is rising despite all of that […]