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Reality Sets In: Philly Fed Revises December Business Conditions Down To 20.8 From 24.3
Unfortunately, the Ministry of Disinformation and Data Revision will not be able to blame the latest major economic data point revision on dyslexia. After as we previously noted, the Chicago PMI was revised lower from 68.6 to 66.8 just three short days ago, today that other standout number, the Philly Fed, which had originally printed at the better than expected level of 24.3, has just been revised much lower to 20.8. Since this number means the Philly Fed actually declined from the November print of 22.5, one can see why even the Chinese are seeing their jaws drop at the ceaseless "adjustment" of what has now become an unrepentantly upwardly economic data stream. Specifically, the December Employment Index has been lowered to 4.3 from 5.1, the December New Orders Index has swooned to 10.6 from 14.6, the December Current Inventories was lowered from -2 to -5.9, the Current Number of Employees dropped from 5.1 to 4.3, and the Current Average Employee Workweek contracted from 19.3 to 16.8. The silver lining: the December Prices Paid Index to 47.9 from 51.2. Also, virtually all the future indices improved. Then again, as today's PPI indicated, and as surging commodity costs validate, nobody doubts the margin collapse any longer. We can't wait to find out just how many more of the melt up inducing December economic indicators will continue to be revised lower (even as the BLS continues to backward revise jobless numbers higher).
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Year-End bonuses for the PD's don't get calculated for another 12 months... they can let it all hang out now.
Yup. Bribe paid.
And yet the DOW is only down 26 points.
That's because QE is all that matters......until even that doesn't matter anymore.
Bingo...+112 ($Billion)
Bah, unlike Weimar and it's wheelbarrows, we have a new technology called bandwidth...
In the 70's when I was a teenageer you wore your hair long, never trusted anyone over 30, and NEVER trusted the government. Now I understand why.
Lol. "You want to know the real truth? The real honest truth is we've been lying to you all along!"
I WANT SOME BLUE PILLS TO!!
all I get is that Ritalin crap...
May I remind everyone that any reading above zero indicates economic expansion. 20.8 is definitely above zero out here in the real world. In your world, I'm not so sure though.
May I remind everyone that any reading above zero indicates economic expansion. 20.8 is definitely above zero out here in the real world. In your world, I'm not so sure though.
Tyler, are you sure? I didn't see this on CNBC.
http://www.philadelphiafed.org/newsroom/press-releases/2011/011311.cfm
*whoosh*
+1 LOL Yup, one of those days. haha
What I love about these "press releases" is that they present the data separately (downloadable) but they helpfully explain to us that it doesn't amount to a hill of (increasingly more expensive) beans.
Here, I've complied some data for you over there but don't worry because it means nothing. This is advertising at it's best.
Here is a wonderfully delicious McSlop burger. You know you love it and your family loves it and everyone will love and care about you if you go to McBerger and purchase the McSlop with kilo of fries and a keg of Coke.
So true CD... sad and true.
They will blame it on a guy who has the flu with a fever not dyslexia.
Jeez - they have no shame about it.
And the Blow Horn [CNBC] says nothing about the Ministry of Truth revisions, of course, and instead focuses on criminal syndicate Wall Street bankers swarming around government employees responsible for picking a criminal syndicate Wall Street bank to unload toxic AIG shares upon the public.
ATTN COMCAST: value destruction that can be counted by each minute that these propagandist continue to broadcast an enormous cloud of nothingness.
Oh, so you're their remaining viewer.
Even informercials are less biased than CNBC.
Bloomberg or MSNBC (4 the giggles)
They did mention it, but if you blinked you missed it. They were distracting you with a cleavage shot
No...not cleavage...but rather M. Haines important probing questions to the CEO of a soda fountain company about whether or not his son might overfill a bottle causing it to blow up...and whether or not the product was safe...and I kid you not.
It is literally fascinating...this train wreck of a network. I cannot get enough of it while simultaneously following the actual news here on ZH.
Where's Harry? Figured he'd be on here, telling everyone how great these #'s are...
People are still using the government's statistics?
My models require them...
So, what good are the models?
You tell me.
http://www.bikinigirlstop.com/candice-swanepoel-angel-in-bikini/
I prefer the Brazilian models- their numbers are fuller and much more expressive. :)
That's a nice model. Too bad the cash flow and returns on investment are wayyy negative; but the Chinese know that about U.S. bonds and dollar notes.
And what model would that be, BTFD? :P
But the lies will continue. They MUST continue:
http://www.youtube.com/watch?v=xZDKZZp0YUI
Market moves up 113 on jobs number...revisions down 25 I guess Brian is doing a most excellent job....
Don't know how many of you have already seen and read this...This one doesnt pull any punches. Tiny Tim basically says.. the US corporation is insolvent and absolutely WILL default without raising the debt ceiling (which of course they will do). Get ready to pay $50 for a pound of turkey coldcuts.
http://www.treasury.gov/connect/blog/Pages/letter.aspx
'TOGETHER WE THRIVE'! I dont know who Obama is talking about exactly, central bankster criminals, US political elite scumbags, and communists of the world I guess.
Communists didn't give $20,000,000,000,000 to the banker-gangsters.
Those who kill for their 'free' markets did.
After the context, Geithner's letter opens with the phrase: "Never in our history has Congress failed to increase the debt limit when necessary."
It leads one to wonder... What, precisely, does the debt limit limit?
How cool would it be if whenever I exceeded the speed limit, all I had to do was... increase the speed limit. I could go as fast as I wanted.
I think the only way to raise the debt limit should be by national referendum. I know, we have national referendums every couple of years, but the choices tend to be poor. Damn. We're skrewed.
Declined, revised lower, swooned, dropped, contracted...Tyler, have you worn out your thesaurus yet?
Pretty damn bad when the Chicom's are looking at the US fraud and blushing at the level of corruption!!
The proof that "there is no market" is that even multiple very significant revisions don't re-equilibrate the indices.
Spoon boy: Do not try and analyze the market. That's impossible. Instead... only try to realize the truth.
Neo: What truth?
Spoon boy: There is no market.
Neo: There is no market?
Spoon boy: Then you'll see, that it is not the market that moves, it is only The Bernank
Is that green I see? Why yes it is. BUY THE FUCKING DIP!
There ain't been a dip in a while.
HFT + QE(n+1) + BTFD = DOW ((n+1),000,000) - PHILLYFEDREV (n)
The BLS. Can we PLEASE come up with an acronym that more honestly reflects what the BLS really does?! As for jobs:
http://www.youtube.com/watch?v=fMq8Ert1ss0
If a public company made these type and number of revisions to its 10Qs like this, they'd be impaled by the SEC and run out of town on pink sheets
You are kidding, right?
If a public company made these type and number of revisions to its 10Qs like this, they'd be impaled by the SEC and run out of town on pink sheets
What does the SEC do and where is it?
Is it a vestigial organ?
What was Harry saying about ZH readers and their unfounded pessimism in the economic recovery again?
"....anything else..."
"yes. could you supersize that mcSlop phillyfed and add a bullish mcDip, please?"
"thank you. you're total will be 13.9 mcSlop foodstamps. pay at the window."
gross. get those teeth cleaned or cover 'em up ..... that's nasty!!
Things suck. Now inflation is showing up. What's not to like?
No one believed the Dec. numbers and that is why the mkts melted up. Bad economic news equals higher equity and commodity prices. The mkts rallied Dec. in advance of the poor numbers coming in Jan. revised or not. The POMO story ZeroH has covered so well rules the day. As long as economic numbers are bad or revised down the longer POMOs will continue. Expect Precious Metals to make new highs shortly @ http://rosenthalcapital.com/blog/
But we're creating jobs across the land! We should hang a mission accomplished banner over the Fed, just like Dubya did declaring victory in Iraq. This doesn't change anything.
QE Forever
nobody expects the filly fed!!