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Highlights From Today's Economic Data Barrage
Summarizing today's econ data barrage:
- Initial claims at 420k, on expectations of 420k. Prior revised higher (duh), from 420K to 423K.
- Continuing claims at 4,064K vs expectations of 4,105K. Previous revised higher (duh), from 4133K to 4167K
- Not seasonally adjusted claims at 495,587, and increase of 5.3k. This number is becoming far more relevant than the embarrassment that is the constant revision in the SA claims.
- Persons claiming benefits in all programs drop 308,338, with 150k across EUC and Extended Benefits, and 155k in regular state claims.
- Durable goods down 1.3% on expectations of -0.5%, prior read of -3.3% is revised to -3.1%
- Ex transportation 2.4% vs expectations of 1.8%
- Personal Income at 0.3%, just above expectations of 0.2%, and a drop from the prior 0.5%; Personal spending of 0.4% lower than expectations of 0.5%, and the same as the prior reading.
- US PCE Core 0.1% M/M, in line with expectations
- US PCE Core 0.8% Y/Y, vs Exp 0.9%, previous 0.8%
- US PCE Deflator Y/Y 1.0%, on expectations of 1.1%, of 1.3%
Overall weaker than expected, as consumers spend less than expected, no improvement in claims, and a deterioration in durable goods.
Some highlights from the Personal Income report:
Private wage and salary disbursements increased $6.6 billion in November, compared with an increase of $31.2 billion in October. Goods-producing industries' payrolls decreased $3.0 billion, in contrast to an increase of $3.8 billion; manufacturing payrolls decreased $1.9 billion, in contrast to an increase of $2.6 billion. Services-producing industries' payrolls increased $9.6 billion, compared with an increase of $27.4 billion. Government wage and salary disbursements increased $0.8 billion, compared with an increase of $3.2 billion.
Yet despite this marked reduction in salaries across the board, the savings rate declined from 5.4% to 5.3%. Brilliant.
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On the whole, extremely bullish...or something. Where the hell did I put my egg nog?
Futures improved...un...be...fing...lievable. The durable goods data should make people run to the bomb shelter.
-8 on the DJIA, I quit.
Spending up huh...I wonder if it has anything to do with the $3.20 / gallon gasoline.
Bloomberg's initial reaction was that the numbers are very positive.
But, of course...how could I have been so stooopid.
You'll do a lot better in the markets if you just listen to the experts. Heck, all those smart people who held on in 2008 are almost back to even. Buy and hold does work.
I prefer the CNBC "Pros" instead of the Bloomberg "Experts", but that's just me.
Oh, the girls at CNBC are "Pros", just not at investing.
Ugh, that's like separating the corn from shit.
MSM/Wall Street "Pros" and "Experts" are both covered very well in this single brief wikipedia article:
http://en.wikipedia.org/wiki/Shill
Looks like you picked the wrong day to stop sniffing glue.
CNBC: "Jobless Claims Flat; Durables, Spending Show Solid Gains"
Those jerkoffs would put a positive spin on the holocaust.
Let me give it a shot; "Increased societal growth opportunities".
You still watch CNBC?
I wouldn't say I 'watch' it. I have it on in the mornings to see Santelli give the claims and other stuff and the futures. I do mock it, though.
It's pretty much nauseating.
I'm sure all the fin news will be about sat images of parking lots at malls, e hot items this year, everyone shopping.
Yet the local news showing soup kitchens and shelters close or struggle due to no donations and surge in need.
Fucked up world.
This rally really stinks to me....something is up.....is it just window dressing for the pension funds out there or what? use the GS computers to fluff the market so all looks good....better hope they have a battery backup for that computer...IMHO
I think it's partly about the pension funds (and remember T bond yields rising is a big help as well) and also the PMs out there who calculate the return over the 12mth period (I assume some averaging over the last week or so), for the commissions/ fees/ usury etc that they charge....
It seemed so blatant last year and it's all being repeated again.
Anyway, as people are so keen to buy equities right now, they can have mine. I think I'll wait a few weeks and buy then back in the January sales...
Oil has / is blowing past $90. Did a double take at local restaurant recently when I got the bill. Noticeably higher prices on all items.
Don't your CMG and PCLN winnings offset the price increases?
Don't forget IYR and the REITs. Stip malls are having a helluva year!
Check out www.nacocapital.com 's trading strategy! Tell me what you think.
How much are you getting paid for each referral to that site?
Does it include medical and 401k?
Maybe a hot meal or two?
Seriously, fuck off. Hack.
TD, you forgot "(duh)" on the revision to the durable goods number from last month. And thanks for ZH. I'd go crazy if i didn't realize that there are others who see this fraud.
An amazing concept: our common sanity relies on not being alone in realising the craziness that is all around us. Is that safety in numbers?
I agree whole-heartedly.
Circle the wagons men, and women.
It's just spin city time.
In the real world, these numbers
continue to stink of weakness....in
Wanker's bizzaro world, they're all
good. lol
Let's see "money printing" or, er "excuse me...DEBT PRINTING" during a war "FROM A DEPRESSION THAT NEVER OCCURRED DUE TO BAILOUTS" cannot "possibly create an economic recovery." Obviously "equity markets have made that a myth." What isn't is "sovreign debt defaults among the so called sound money types." And as if on cue "Ireland nationaizes yet another worthless bank." That's with REAL money--3 billion! How was it said in The Razor's Edge? "You learn to hate the people getting killed." You all would be wise to "learn that as well." Needless to say "it is in fact not normal for humans to hate or be prejudiced" This quality is in fact "a learned trait." Needless to say "there is a class born into malice aforethought." Todays most obvious manifestation is called "the media" but by all means do they not have "exclusive rights" to the quality. Indeed "they seem high on the hog in giving that quality away."
Disinformation plan and simple coming from msm.
At least gold is down a bit.
"Durable goods down 1.3% on expectations of -0.5%, prior read of -3.3% is revised to -3.1%"
And this would be why I don't believe a word that comes out of Washington. Holy crap that is a huge miss.
Yea, but so what? They'll jack the shit out of the market anyway.
Having the markets end the year on a high has many benefits. Most importantly - hedge fund performance fees. OK - pension problems look a little less bad too. And mom and pop feel better - they are supposed to right ? - even though junior has been living at home since graduating college and the family will need 20 years of savings to pay off his college loans - but hey the mutual funds are up - so at least thats something.
IIt also helps govt tax revenues, govt pensions etc. And gives bragging rights to Timmy.So - why not have the market end high?
How can headlines possibly talk about "improvement" when claims are anywhere north of 400k??? This is insanity. It used to be that anything in the negative hundreds of thousands was terrible, but we have a market that responds favorably on movements of thousands even when the overall number is awful. No sign of improvement.
Mystifying.
Europe is going to blow now at any time and
mess up the Matrix.
Not mystifying at all. Think about it this way Employment = Peasnts are happy and rich. Unemployment = More profits for corporations. And to make it even sweeter - as long as unemployment is high the Fed will keep pumping ( great excuse - since the unemployment is structural and a "feature" not a "bug" of the modern economy).
TThe next time markets get in serious trouble is when unemployment strats to decrese on a sustained basis. then the game will be up.
As for all the worries and unsolvable problems? next year - we'll think about it. Hell - thats almost 2 weeks away - way beyond anyone's planning horizon anyway.
you people are funny. the fed is throwing 100 bil of the 500 bil from end of this month to middle of next to cover for window dressing of the banks and end of year selling for taxes.
If you haven't figured it out yet, the nyfed ramps up always at window dressing time to cover for the banks now that the scam is known.
the media has to continue the stupid efficient markets stuff so the talking heads do their stuff. Look we have a whole corporate, wall street society based on a fiction. the efficient market. the powers that be know their only hold on power is the market. what do you people honestly expect
I think most people 'expect' but rarely get equitable treatment according to the written laws of the land. I don't believe that to be unreasonable even if it is naive.
All the "scams" are completely in the open. In yer face. What's anyone gonna do aboutit? I mean after all the stuff thats already known about the bailouts, the Fed handouts and mortgage frauds - nothing has been done. So nuttin to worry about. Fully transparent .
That's my thought on it also. They've already successfully passed the test of losing the concealment game without having pitchforks at their throats. Now, it's just time to press the throttle as there is no further need to even TRY to hide it.
It's an in-yo-face 360 degree ally-oop dunker-oo.
It ain't that easy. Two many global
gray swans. Almost uncountable at this
point.
primefool
yes its amazing
why havn;t the US citizens revolted?
all we have had is a guy shooting slome teachers
When is someone going to shoot Bennie?
I'm amazed noone has tried that yet
Reasons why there isn't a revolt
@yabs and Judge
6. Food stamps continue to pay for liquor mixers, soda pop and potato chips. No time to riot, since we also have $20 a month federally subsidized smart phone plans delivering the real time Yahoo entertainment news to the non-working FSA.
6. Black market is stronger than ever and continues to grow larger. Why work full time when you can work part time at Wally World, have three kids at zero dollar government paid for health insurance, get back $5k a year in "taxes" you don't pay PLUS have a baby-daddy or three kickin' it on your couch and paying for your high speed internet access and digital cable.
There just isn't the time to party this hard AND revolt.
+++...
And once again, the NSA unemployment numbers are materially worse than the SA numbers - at a time when, you'd think, "seasonal hiring" would be at its peak (and, subsequentially, that any "seasonal adjustment" should actually make the unemployment number look worse and not better).
So what am I missing?
hatred of public officials up 5.6%
Hyper-Inflation and Total Destruction is coming. Ben Bernanke is DEAD WRONG!