Skip to comments.Rounding Up Another Week Of Great Economic Data
Posted on 11/26/2011 7:01:53 AM PST by blam
Rounding Up Another Week Of Great Economic Data
New Deal democrat, The Bonddad Blog
Nov. 26, 2011, 9:39 AM
In the rear view mirror, second quarter GDP was revised down from 2.5% to 2.0%. The more forward looking durable goods orders declined for a second month, down -0.7%. Another leading indicator, the University of Michigan final consumer sentiment reading for November showed that consumer confidence has rebounded about halfway from its debt ceiling debacle collapse that began in July. Personal income was up 0.4%, while spending rose only 0.1%. The personal savings rate rose .2% to 3.5%.
With the continuing exception of Oil prices, and a small increase in corporate bond yield spreads, all of the high frequency weekly indicators turned in another positive week.
Let's start again this week by looking at jobs. While there was some weekly noise, the trend remains positive. The BLS reported that Initial jobless claims rose 5,000 to 393,000. The four week average declined 2500 to 394,250. The four week average remains close to its best reading in over 3 years.
The American Staffing Association Index rose by 1 to 92 last week. In the last couple of months, this series has resumed a slight upward trajectory, but remains lower YoY.
Tax withholding returned to a positive YoY reading this week. Adjusting +1.07% due to the 2011 tax compromise, the Daily Treasury Statement showed that while for the first 16 reporting days of November, $109.7 B was collected vs. $112.1 a year ago, a decline of -2.4 B, for the last 20 days, $137.5 B was collected vs. $130.0 a year ago, an increase of $7.5 B or 5.7%. I use the 20 day metric precisely because there is a definite pattern
(Excerpt) Read more at businessinsider.com ...
Of course the news gleefully report “improved” job numbers without mentioning that it is hiring for Christmas help at stores.
They say it like it's good news, but that right there is a savage indictment of Obama's failed economic policies.
It’s a testament to American business, who can manage to survive in a hostile environment. I am looking forward to a time in the near future where the government stops poisoning the well.
With impending tax increases and obamacares costs imminent, this current period of mild stability is just an Indian Summer before the icy blasts of the Obama Winter sweep down upon us.
The Obama Depression continues.
There’s a pony in there somewhere.
How do the figures look when we factor in the real rate of inflation?
The MSM also fails to report on Occupy attempting to sabotage that...