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Today's Economic Data Docket - Personal (Lack Of) Income, Pending Home Sales And Dallas Fed
Three B-grade economic updates today to serve as an appetizer to the ISM release on Thursday and the NFP data (very likely negative - more shortly) on Friday.
8:30: Personal income and outlays (July): A pickup? Following a weak June report—during which income rose 0.1% and spending declined by 0.2%—Goldman looks for a pickup in personal income (+0.4%) and spending (+0.5%) in July. The July Consumer Price Index suggests that core PCE prices rose by 0.21% in July.
Income: GS +0.4%; Consensus: +0.3%; Last +0.1%.
Spending: GS: +0.5%; Consensus: +0.5%; Last -0.2%. MAP: 1
Core PCE prices: GS: +0.2%; Consensus: +0.2%; Last +0.1%.
10:00: Pending home sales (June): Another drop? The pending home sales index—which tracks signed home sales contracts, and leads the official count of existing home sales by 1-2 months—rose by 2.4% in June after a 8.2% gain in May. The consensus expects a small setback (-0.9%) in this month’s report.
Consensus: -2.0%; Last +8.2%. MAP: 2
10:30: The Dallas Fed's Texas Manufacturing Outlook will complete the available reports for the factory sector from various District Banks. There is no reason to think that it will offer a different picture from most of the other reports. There has been a decided softening in the activity indexes that reflects sluggish new orders and shipments, and a slowing in hiring and the workweek.
11:00: QE Lite POMO - The Open Market Desk will buy nominal Treasury coupons in the 11/15/2018 - 08/15/2021 maturity range.
11:30: Treasury will auction a combined $56.0 billion of 3- and 6-month bills.
Source: GS, SMRA and ZH
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Gold purchases are consumer spending, no?
There's a savings rate?
Who on earth saves their money instead of purchasing IKEA products and cars they don't need - losers.
Credit is wealth (!)
Credit macht frei !
Keep the ponz going O-bummer, I can trade in toilet paper for money at discount prices!
All hail the ponz
(!)
Great another day of Better than expected . Market to rally to the moon.
July.... OF COURSE SPENDING WILL BE UP,when half of the country is on vacation!
I SPEND 100% MORE THAN NORAL IN MY VACATION!
Vacation time, then back to the tent city.
Euuuhhh... yeah... about that....
You might have forgot to read the small print on the vacation request form....
YOU NOW OWN US A KIDNEY!!
So according to our locator, your in your tent already right?
Please stay where you are as a medical unit will be at your tent in about 15 minutes and collect what is ours.
I have doom fatigue.
Amen to that.
I wish I could have taken the blue pill.
It's not so bad if you stay focussed on the gloom.
What's wrong with doom, what's wrong with gloom...come across to the dark side Debtless
http://www.youtube.com/watch?v=2ljFfL-mL70
Oh, I'm there. I've been on the doom trade since gold was at $7xx just a few years ago. Just seems everything is so centrally planned and obviously corrupt... and chances of all those who maintain the status quo loosing it again is near impossible. Despite the seeming reality of the US situation. Doom & gloom is soooo tiring.
Yeah........
US already in recession, according to Rick Davis, writes Mish.
http://globaleconomicanalysis.blogspot.com/2011/08/us-in-recession-right...
Wow!
Harvard wins again! And celebrates its 375th anniversary in 2011.
White House to nominate Alan Krueger to be Chairman of White House Council of Economic Advisors.Great.. more Keynesians...
End of the month window dressing, they need their bonuses!!! All news will be spun as bullish until Sept1st! After that this "market" will reverse and down we go, until the FEDsters will give'em "something"! I guess 875-950 on the S&P isn't as far fetched as many think! Then, and only THEN "we'll" get "MORE STIMULUS"!!!
I need about 11 to 12 weeks of vacation just like the President. This will bode well for everyone.
Who cares about house sales....fed stuff. Lets focus on what's importent:
Beyonce is flaunting her belly;
The drama in Little League baseball;
Gaga tried to kiss Britney on stage!
...and who will be th enext bachelorette?
It's all a matter of priorities.