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Empire Manufacturing Beats Expectations As Prices Paid Surge To Two And A Half Year High, Advance Retail Sales Of 0.3%, Below Expectations Of 0.5%
The only actual number that matters, is the Empire Index' Prices Paid index, which climbed to a two and a half year high of 45.8, as prices received barely moved. Even the Empire Index itself acknowledges the collapse in margins: "The prices paid index climbed to a two and-a-half-year high in
February, but the measure for prices received was little changed,
suggesting some pressure on profit margins." New orders and employees both dropped to 11.8 and 3.6, from 12.4 and 8.4 respectively. And, lo and behold, inventories climbed to the highest since April: the hollow growth must continue!
From Empire Report:
The general business conditions index rose 3.5 points to 15.4. The new orders index edged down just slightly, to 11.8. The shipments index retreated 14 points, reversing much of January’s 18-point surge, but remained positive at 11.3. The inventories index continued to climb from its December low, reaching its highest level since April. The index for number of employees fell, but the average workweek measure moved up. The prices paid index climbed to a two and-a-half-year high in February, but the measure for prices received was little changed, suggesting some pressure on profit margins.The forward-looking indexes continued to signal widespread optimism, though to a somewhat lesser degree than in January. Indexes for expected prices, both paid and received, declined moderately, after reaching multiyear highs last month.
Yet the biggest disappointment came from the advance retail sales which not only missed on every metric, but saw all the January data was revised lower:
- US Advance Retail Sales in January were 0.3% M/M vs. Exp. 0.5% (Prev. 0.6%, Revised lower to 0.5%)
- US Retail Sales Less Autos in January were 0.3% M/M vs. Exp. 0.5% (Prev. 0.5%, Revised also lower to 0.3%)
- US Retail Sales Ex Autos & Gas in January were 0.2% M/M vs. Exp. 0.4% (Prev. 0.4%, Revised, where else, lower to 0.1%)
Bottom line - the entire holiday retail season has now been confirmed to be a disaster, despite the propaganda machine spending billions in taxpayer pimp money to dress it up.
Can we start the QE3 talk already?
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Levitation bitchez!
SO MANY LAWS AGAINST PERVERTED PEOPLE BUT NO LAWS ABOUT PERVERTED DATA. WITH THAT IN MIND; WHO'S YOUR DADDY ?
(99% of you will answer: The Bernank)
This makes me wonder how last week's "CONsumer CONfidence" numbers were so high. LMAO!
Green shoots abound. We'll need to hire a few million "illegal landscapers" to cut 'em down just to see all the great news!
http://news.yahoo.com/s/ap/20110215/ap_on_bi_go_ec_fi/us_economy
"There is a huge amount of pent-up demand waiting to be unleashed," Hoffman said. "The only missing ingredient for a sustained consumer rally is job creation."
Just... yeah.
Not only that...revisions on retail sales were BAD....ex auto and gas...retail sales fell off a cliff...
That "wealth effect" is really working!... or not. Let it snow let it snow let it snow!
Retail sales were abysmal. Enough said.
Check the retail sales revisions too. Expectations were missed even after large revisions.
Must be fucking snow...lol
Yep it was the snow.... and the cold- don't forget the cold!!
Snow is cold? WTF. What about global warming? I want warm snow.
There's cold, 20 degrees.....and then there's COLD.....-20 degrees.
Will someone please fix the futures? They're red. Ok thx.
Can just start to hear....the squeal of the tires as the brakes are slammed on and the economic vehicle begins to slide towards.....(tune in next month)
Our efficient markets are pricing this stuff in at least 6 months in advance. I'm sure of it.
More QE and the skid will go on for a long time....just have no idea whether it will be hitting a brick wall or going off a cliff.....but I'm sure you are correct!!
Either way, it is the sudden stop that kills you. I hope it is the cliff. The view will be better.
This will probably be spun as great data and up we go. BTFD
Hollow growth must continue.
Eureka moment. The only thing known that exhibits hollow growth is a baloon or a bubble.
Or similar.
ORI
http://aadivaahan.wordpress.com/2011/02/14/oil-crisis-in-a-thousand-words/
You forgot blondes.
SOMETIMES I GO BLONDS, STRAWBERRY. I OWN P90X AND UNDER MY ROBE I'M RIPPED TO THE 9'S.
Could you please turn off caps-lock? It's F*****G ANNOYING!
ORI-- Hollow growth is a great term to descibe this giant cesspool of deception and lies. UK inflation comes in at 3.7% in a single month on the back of 10% rise in food price in the same month! DING DING DING! [in an old street English accent]
"Lot's a chaulk-lit fer me to eat, lot's a coal making' lot's a eat. Warm face, warm hands, warm feet. Oh woodn't it be a loverly?"
nothing to see here..retail sales always drop after holidays. that price increase thingy is unexpected tho.
Harry tells me he is adding inventory waiting for the 2nd qtr buying spree per this report.
for myself I see a "silent spring" of higher debt, inflation and lower UE as 99ers commit suicide after getting dropped off the dole and thus reduce the workforce.
geen shoots this spring for sure Harry.
That suicide post appears to be a fake based on investigations by various posters.
Oh, did the federal bureau of blog investigations issue a statement on that?
I knew that post was fake when he wrote that he wasn't allowed to visit his dying partner in the hospital because he was gay. Really. Hospitals ask you if you're straight or not before permitting you access to a patient? I think not.
Thank goodness for Dr. Deficit the 99'ers will be dropping like flies come next month... we wouldn't want those peasants causing any trouble now, ya hear?
<sarc off>
Houston, we have a problem.
Ah but this is the new age of SouthSeaTulips.com where margins and earnings don't matter
Good choice for a domain handle. MississippiSouthSeaTulips.com is too hard to spell.
What a load of manipulated twaddle
"manipulated twaddle"...there is an under utilized phrase. I like it!
Seems like a bit of dog's breakfast to me. Eh, what?
If you just ignore the bad data, the ebubblemy looks pretty healthy.
ElErian and Shilling coming up on Bloomberg Radio - between 9am and 10am est
i hope the dow drops 1 or 2 points so i can BTFD
dips gettin more shallow, this bitch is ready to zoom to 36,000....
the old alcoholic art cashin said the market is "resting" what a fucking load of horse shit, he should go to the fucking nursing home with his case of cheap gin...
Resting?!?! I thought it was pining for the fjords...
Real interest rates must be down to -10%. Everything is just honky dory. Dow 100,000 easy.
It's all priced in, rally on!
Profit warning from FDX--stock up!!! thats this market..up up and more up..
I know, thats pretty much all you need to know about this latest Aug-Feb parabolic move up - even when you warn your stock goes up. Why didnt Cisco just warn prior to its earnings call?
Fed Ex Up!
Lowers guidance by 25%, blames it on cocaine and fuel when it already collects more on fuel surcharges than the Airlines on baggage!
FedEx - Fuel Surcharge
http://www.google.com/images/nav_logo36.png); background-attachment: initial; background-origin: initial; background-clip: initial; background-color: initial; cursor: pointer; display: inline; height: 13px; margin-left: 5px; margin-right: 3px; vertical-align: 0px; width: 13px; background-position: -35px -229px; background-repeat: no-repeat no-repeat; border: 0px initial initial;">
17.0%, Feb. 7, 2011 - Mar. 6, 2011 After all, it'll be so much easier to post a beat in April and that's all that really matters.
Why are lean hogs up so much? WTF?
What did I miss?
Emergency bacon reserves being built up. I know a good part of my freezer is bacon. I'm going to want it and Zimbabwe Ben is trying to turn me into a vegetarian.
In reality, if memory serves there was a hog culling months back as the price of feed started going up. Price of feed forces disruptions in the meat market. Have to cull to duck losing money on the animal feed vs sell price of animal. The lower future supply in meat lets the prices move up.
Pork bellies are flat. They are gonna corner ham. Bastards. Smoked hams don't need refrigeration, do they?
Well, this just goes to show- America is number one when it comes to manipulating the numbers baby. China, Britain, Europe- what a bunch of posers. We're under 1% with a BTE empire index! In your face you communist underachievers.
I thought the big info was jobs...or lack of hiring. Confirming Gallup's flat hiring index.
http://www.gallup.com/poll/145856/Job-Creation-Flat-Fourth-Consecutive-M...
I've lately become a big fan of Gallup. Their consumer spending data is top notch.
http://www.gallup.com/poll/127544/Consumer-Spending-Weekly.aspx
Excellent information for consumer discretionary in particular. Not that said sector is currently based on fundamentals or anything, but still.
When you are spending more on energy and food you spend less on manufactured items. Simple as that. It's even worse when you're unemployed.
How long before the arrogant runt that is The Ben Bernank tells us again that inflation does not exist, and that he could bring it under control in 15 minutes if it appeared.
I think he should donate his brain to science. It might be very revealing...
Hans Delbruck? No the name on the jar was 'Abby Normal' something or other......
You mean to tell me I put an Abby Normal brain into a 500 pound printing machine gorilla?
'Young Frankenstein' was a classic comedy.
Some suspect The Ben Bernank is a pathological liar. The brain may be worth studying for future reference. Perhaps pathological liars have brains with common physiological conditions.
http://www.youtube.com/watch?v=pQiXPHhZ4Go
Que Harry Wanger to tell us he is confirming surging sales retail discretionary household items in 3....2....
Harry is not real.
Harry has been band--thank goodness....fucking troll.
But, but...I need his comments to shock me out of my complacency!
Wow, revising from .5 to .1 is quite drastic. Shows that the data was massaged to prevent a sell off in the markets. I know a few traders that are quite nervous about the market at these levels. Even they know on the sale side that we are overvalued and not self-sustaining.
The collapse of things is coming quickly if manufacturing costs up and inventories piling up so soon.
BTFD on precious metals
SPX
Was that it?
http://www.zerohedge.com/forum/99er-charts-0
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