• Bruce Krasting
    12/18/2014 - 21:42
      The one thing that Jordan can't do in this war is appear to be weak.

Department Of Commerce

Tyler Durden's picture

Despite 2nd Slowest Income Growth In 2014, Spending Rises Most Since March Driven By Subprime, Car Sales





Mission releverage accomplished. Personal Income rose 0.3% in August (very slightly below Bloomberg's median estimate), the 2nd slowest growth of the year. Personal spending however jumped 0.5%, beating the 0.4% expectations, and its equal best growth since March. What was spending focused on? Why autosales, which accounted for about half of the spending. And what funded this spending? Why subprime car loans of course; it sure wasn't the real disposable income per capita which was a paltry $37,684 in August.

 
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Housing Starts, Permits Tumble Driven By Collapse In Multi-Family Units





One look at the August housing starts and permits data, and one will wonder just how is it possible that yesterday NAHB homebuilder confidence rose to a 9 year high, when according to the US Department of Commerce both Housing Start and Permits tumbled in the past month, with the housing "leading indicator" that is Permits sliding 5.6% from 1040K to 998K, and declining sequentially in every region of the US, with double digit drops in the Northeast and the Midwest, while Housing Starts tumbled by 14.4% from 1117K, to only 956K, wildly missing Wall Street expectations of "only" a 5.2% drop to 1037K.

 
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Housing Starts Tumble, Miss Most Since January 2007; Permits Have Biggest Two-Month Plunge Since Lehman





"Epic disaster." Those two words best explain what just happened with US housing starts and permits in June.

 
Tyler Durden's picture

June Retail Sales Miss Across The Board, May Revised Higher





Following disappointing retail sales number for both April and May, or two thirds of Q2, there was hope that June would finally be the month retail sales would soar. Alas, that would not be the case, following the release of the latest retail sales data by the Department of Commerce which reported that in June retail sales rose just 0.2%, well below the 0.6% expected and matching the lowest end of the forecast expectations (from 0.2% to 1.1%). Misses were also reported for retail sales ex-autos (0.4%, Exp. 0.5%) and ex-autos and gas (0.4%, Exp. 0.5%). Perhaps the only saving grace was the upward revision of May data from 0.3% to 0.5% for the headline number and from 0.0% to 0.3% for the ex-autos and gas. If anything, however, today's retail sales increase which was the slowest in 5 months confirms that the trend we warned about in April, namely that the US consumer tapped out in March to fund that month's mad spending spree, and the spending trend has been deteriorating ever since.

 
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GDP Negative: 64-Year-Old Meth Cook Arrested In California Retirement Community





Fresno police have arrested a 64-year-old man suspected of cooking methamphetamine in his apartment at a retirement community. KFSN-TV reports Robert Short was pulled over as part of a routine traffic stop late Saturday and officers found meth in his car. Investigators then went to Short’s apartment in the California League-Fresno Village, where they found a half pound of meth, heroin and materials for a meth lab.

 

 
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US Unveils New Sanctions Against 7 Russians, 17 Companies





U.S. sanctions, to be announced today, will target Russian individuals and companies involved in financial, energy, infrastructure sectors, congressional official familiar with White House plan tells Bloomberg’s Jonathan Allen.

  • *U.S. SAID TO SANCTION 7 RUSSIANS, 17 COMPANIES IN NEW ACTIONS
  • *PERSON ON CAPITOL HILL DISCUSSES NEW U.S. SANCTIONS ON RUSSIA

As we already noted it appears Rosneft and Gazprom (and Gazprombank) will be among the companies but the one to watch is for a direct sanction against Vladimir Putin himself. Full list to follow... and then the blowback.

 
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Obama Administration Encouraged Insider Trading





Over the past week the Obama administration leaked material information, in effect allowing and encouraging frontrunning of public data, when it told "asset managers last week that it was planning additional sanctions against Russia over the conflict in Ukraine."Bloomberg reports that the meeting, convened a week before talks with Russia in Geneva that ended yesterday, left managers grappling with the question of whether the government intended to follow through, or was trying to trigger asset sales through the threat of sanctions, said the person. Former administration officials have said forcing Russia out of global financial markets is the strongest tool President Barack Obama has at his disposal in trying to defuse the ongoing crisis between Russia and Ukraine.

 
Tyler Durden's picture

Spot The Adjustment To The Seasonal Adjustment





See if you can spot the Durable Goods ex Transports seasonal adjustment outlier.

 
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The Dangers Of Economic Proximity With China





As Taiwan’s legislature prepares to review the controversial Cross-Strait Services Trade Agreement with China next month, apprehensions over the island’s growing economic reliance on China continue to rise. A recent anti-dumping case initiated by a U.S. trade commission, and subsequent decisions on legal representation, highlight the dangers — economic and political — that can arise from a further integration of the two economies.

 
Tyler Durden's picture

It Was So Cold In January, Even The Internet Froze





Of course, the internet can not freeze - at least not in the Old Normal world - however that is the only logical explanation we can offer in a world in which yesterday's atrocious retail sales were blamed on the weather - supposedly people stay at home, don't drive, don't go to the mall, don't shop because they have never had to engage in such activities in the winter when it snows outside - and yet online retail sales.... dropped even more? Because we know that in said world, consumption weakness can not possibly be explained by a tapped out US consumer who actually has little disposable cash left, and so we have to assume, correctly, that the weather was so bad in January, that even the Internet and online retail websites, must have frozen. There is no other explanation.

 
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Are Millions of Business People At Risk of Dying In Collapsing Buildings?





We Recommend That Everyone Stay Out Of Office Buildings  Until ...

 
Tyler Durden's picture

The Golden Age of Gas... Possibly: An Interview With The IEA





The potential for a golden age of gas comes along with a big “if” regarding environmental and social impact. The International Energy Agency (IEA) - the "global energy authority" - believes that this age of gas can be golden, and that unconventional gas can be produced in an environmentally acceptable way.

 
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