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Capacity Utilization, Industrial Production Come In Line With Expectations, Prior Revised Lower
August Industrial Production came in at 0.2%, in line with expectations, while the prior print of 1.0% was revised lower to 0.6%. Capacity Utilization missed consensus sllightly, coming in at 74.7% on consensus of 75%, with the previous reading also revised lower from 74.8% to 74.6%. Overall, no pick up in the economy can be traced across these two metrics, meaning the double dip continues.
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Wonder if QE will be back on the table quicker...a revision to the previous revision by Morgan Stanley?
In reality, lowering the prior and then meeting expectations is missing expectations, since you are starting from a lower point.
Not that it matters.
exactly right. The growth is in line, but vs. a lower previous level, hence the current month's level surely is lower than expected. Not that it matters :-)
Good. This will give CNBC something to focus on.
"Prior revised lower" - what a surprise.
Just a little bit "better than expected" !
Not related, but in the "you should know this" category -
Feds Spent $800,000 of Economic Stimulus on African Genital-Washing Program
http://cnsnews.com/news/article/75198
"The
National Institute of Mental Health (NIMH), a division of the National
Institutes of Health (NIH), spent $823,200 of economic stimulus funds in
2009 on a study by a UCLA research team to teach uncircumcised African
men how to wash their genitals after having sex."
O throws a few dollars over to teach a brotha how to scrub his balls and stimulate his cock......must be a kick back for all the cheering Kenyans did on tv
This is what we need! 'bad economic data' input into the algos program.
Dead Cap Util is not good news. Like Tyler says, the double dip continues.
Dead cat stock bounce these last few weeks?
Look at it this way, elections are coming up, 3rd Q numbers will likely suck but not terrible so why not get some altitude in the indexes so the 10k number holds on the Dow and 1040 on the S&P.
Then the pols can say, 'what? the economy is doin' great just look at Wall Street!'.
Not that there is much more than one iota of correlation there but that's what they'll say ... and the ADHD electorate will go along with it.
Empire State Manuf index disappointed this morn, but futures rose. Also a story about real estate prices resuming their decline following the wasted taxpayer dollars on rebates.
Market whistling past the graveyard
And the market still hangs on to it's bullish stance.
Odd, Bloomberg had the exact opposite interpretation stating that this clearly shows there will be no double dip...
Guy on Bloomberg radio was interesting - tracks diesel fuel consumption at 4000 truck stops all across US said things haven't budged upward since May. I think the phrase will be "Unhappy Holidays" this retail season.
I found lots of interesting information here. I love zerohedge.
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