Rounding Up Another Week Of Great Economic Data

TBI ^ | 11-26-2011 | New Deal democrat

[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

(snip)

[Thorliveshere]

Of course the news gleefully report “improved” job numbers without mentioning that it is hiring for Christmas help at stores.

[blam]

The Latest Economic Indicators Confirm: The Economic Rebound Remains Intact

[ClearCase_guy]

The four week average declined 2500 to 394,250. The four week average remains close to its best reading in over 3 years.

They say it like it's good news, but that right there is a savage indictment of Obama's failed economic policies.

[jdsteel]

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.

[hinckley buzzard]

And the markets had the worst Thanksgiving week since the Great Depression. Macro concerns as the wheels come off in Europe will override these marginal improvements domestically. Cheering because unemployment claims drop from 398,000 to 395,000 (or whatever), is laughable. It would only take one revision for it to bounce back up over 400,000.

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 Great RJ]

The Obama Depression continues.

[kabar]

There’s a pony in there somewhere.

[Farmer Dean]

How do the figures look when we factor in the real rate of inflation?

[GOPJ]

Of course the news gleefully report “improved” job numbers without mentioning that it is hiring for Christmas help at stores.

The MSM also fails to report on Occupy attempting to sabotage that...

[blam]

Unemployment calculated using the method when Clinton was president. 22+%