Market News

[Dutchy]

weatherweenie....consumer sentiment slipped to 81.8 in May, according to the Thomson Reuters/University of Michigan's preliminary reading. The reading was down from 84.1 from the month before and was also below the expectation of 84.5 among economists polled by Reuters

Despite the rabble rousing from pundits about a recovering economy, the man on the street knows better. Stagnant wages, no good paying jobs, inflation spiking, housing affordability down, all sounds great, huh ??
Does not bode well for the Market's this year..

 

[weatherweenie]

LOL, never heard of this before: 'ISM is correcting the May manufacturing index after finding a data error, the head of the survey told CNBC.
The correct figure was 56 and not 53.2, Brad Holcomb said. He said there was a software error that applied last month's seasonal adjustment factor to this month's data.'

 

[weatherweenie]

ISM re-corrects May manufacturing index, now stands at 55.4 (was 53.2, corrected to 56)

LOL, never heard of this before: 'ISM is correcting the May manufacturing index after finding a data error, the head of the survey told CNBC.
The correct figure was 56 and not 53.2, Brad Holcomb said. He said there was a software error that applied last month's seasonal adjustment factor to this month's data.'

 

[Dutchy]

More on ISM revision fiasco..


Summarizing The ISM Fiasco: Here Is The Original May "Data", The Revised "Data", And The Revised-Revised "Data" | Zero Hedge

 

[Dutchy]

The week will be interesting..


The next four days could rock uneasy markets - Market Extra - MarketWatch

 

[BichonFreeze]

Trade Deficit Grows. Hasn't been this high since April 2012.

 

[weatherweenie]

Groundbreaking for homes fell 6.5 percent to a seasonally adjusted annual pace of 1 million units, the Commerce Department said on Tuesday. March's starts were revised down to show a 12.7 percent increase instead of the previously reported 13.2 percent rise. Economists polled by Reuters had forecast starts slipping to a 1.03 million-unit rate last month.

 

[weatherweenie]

Fed tapers another $10 billion

 

[weatherweenie]

The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, the economy's worst performance in five years, instead of the 1.0 percent pace it had reported last month.

 

[BichonFreeze]

Whats more interesting is this decline according to Reuters, " The difference between the second and third estimates was the largest on records going back to 1976, the Commerce Department said".

 

[nnuut]

Nah! The economy is just fine, ask Obama!:laugh:

 

[tsptalk]

The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, the economy's worst performance in five years, instead of the 1.0 percent pace it had reported last month.

And stocks are shrugging it (so far) off because it means interest rates are safe near 0%. Things sure have changes in the last 10 years.

 

[weatherweenie]

And stocks are shrugging it (so far) off because it means interest rates are safe near 0%. Things sure have changes in the last 10 years.

This helped turn things positive: Financial data firm Markit said its "flash" services Purchasing Managers Index hit 61.2 in June, the highest reading since the survey began in October 2009, compared with May's final reading of 58.1

 

[weatherweenie]

Fed Minutes: QE likely to end with final $15B reduction in October

 

[weatherweenie]

Initial claims for state unemployment benefits dropped by 11,000 to a seasonally adjusted 304,000 for the week ended July 5, the Labor Department said on Thursday. Economists polled by Reuters had forecast first-time applications for jobless aid to hold steady at 315,000 last week.

 

[weatherweenie]

Wells Fargo posts earnings of $1.01 a share, in line with estimates

 

[weatherweenie]

The Commerce Department said on Wednesday retail sales, which had increased 0.2 percent in June, were held back by a second straight month of declines in receipts at auto dealers, as well as weak sales of furniture and electronics and appliances. July's reading was the weakest since January. Economists polled by Reuters had forecast retail sales, which account for a third of consumer spending, increasing 0.2 percent last month

 

[weatherweenie]

US July housing starts at 1.093 million vs. 970,000 estimate

 

[weatherweenie]

consumer price index increased 0.1 percent, in line with expectations and indicating that inflation remains muted even as the economy improves

 

[weatherweenie]

US weekly jobless claims at 298,000 vs. 300,000 estimate