Pending Home Sales, Auto Sales, ISM Services, Factory Orders

April Auto Sales: Ford -7%; GM -7%; Chyrsler -8%. Showing a pullback in auto purchases.

March pending home sales: down 1.2% @ 116.2 vs prior 117.6

Inside the number: YOY -6%; West YOY -13.3%; Midwest YOY -9.3%. Showing existing home sales are also falling off.
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ISM Services: Production 63 vs prior 60.5.

Inside the number: New orders 64.6 vs prior 59.5, Prices 70.5 vs prior 60.5; Backlog 54 vs prior 50.5.

Showing a clear increase in production, new orders, backlogs and prices paid which all indicate potential for inflation.
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March Factory Orders +4.2% vs prior 0.4%. The highest level since 1992 on a +71% increase in airplane orders mainly for Boeing. Ex transporation Durable Orders +2.2%.

Inside the number: Q106 YOY +9.6%; Durable goods +6.5%; (highest since 1992) Non durable +1.5%; Core Capital Goods +3.9%; Unfilled orders +2.9%; (highest since 1992) Inventory to Shipment ratio 1.17.

All indicating higher demand, lower inventory, large backlogs and thin economic slack with the potential for inflation. Can you say no pause and two more Fed raises, I can.
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