PPI, Housing, Net Foreign Purchases
In our top story tonight, the leader of al-Qaida in Iraq, Abu Musab al-Zarqawi, is STILL dead and someone else has taken his place.
July NAHB/Wells Fargo housing-market index DOWN @ 39 vs prior 42 Full Report
Inside the number: the lowest since December 1991. The index peaked at 72 in June 2005 and has fallen in 11 months since then.
It's the fastest decline in the 21 year history of the index. Housing starts -14% since the the beginning of the year. New home sales -9.7% YOY.
Construction has led, directly and indirectly, to about 40% of job growth since 2003, according to Joseph LaVorgna, an economist for Deutsche Bank. We estimate 40-60% since 2001 depending on locale.
May net net foreign purchases @ $69.6B vs prior $51.1B
Inside the number: Private investors scooped up large amounts of Treasury bonds and government agency bonds. Foreign central banks were net sellers of U.S. long term financial assets for the first time in more than a year. Chinese and Japanese money is still keeping rates artifically low.
June PPI +0.5% vs prior +0.2%; Core PPI +0.2% vs prior +0.3% Full Report
Inside the number: Energy prices+0.7% wholesale gasoline +6.3% & food +1.4% boosted the PPI. Passenger cars +0.9% and capital goods +0.3% jacked the core.
Q206 PPI +6.7% annual rate. More disturbing core intermediate goods +0.8%, and in the last year +7.3%, a definite sign of more stagflation to come.
Keep it tween da ditches, we take it day by day and keep our eyes peeled to the sky, because it could be a name brand that pancakes us. Just my opinion, I could be wrong, this is The Nattering Naybob and your NOT!!!
July NAHB/Wells Fargo housing-market index DOWN @ 39 vs prior 42 Full Report
Inside the number: the lowest since December 1991. The index peaked at 72 in June 2005 and has fallen in 11 months since then.
It's the fastest decline in the 21 year history of the index. Housing starts -14% since the the beginning of the year. New home sales -9.7% YOY.
Construction has led, directly and indirectly, to about 40% of job growth since 2003, according to Joseph LaVorgna, an economist for Deutsche Bank. We estimate 40-60% since 2001 depending on locale.
May net net foreign purchases @ $69.6B vs prior $51.1B
Inside the number: Private investors scooped up large amounts of Treasury bonds and government agency bonds. Foreign central banks were net sellers of U.S. long term financial assets for the first time in more than a year. Chinese and Japanese money is still keeping rates artifically low.
June PPI +0.5% vs prior +0.2%; Core PPI +0.2% vs prior +0.3% Full Report
Inside the number: Energy prices+0.7% wholesale gasoline +6.3% & food +1.4% boosted the PPI. Passenger cars +0.9% and capital goods +0.3% jacked the core.
Q206 PPI +6.7% annual rate. More disturbing core intermediate goods +0.8%, and in the last year +7.3%, a definite sign of more stagflation to come.
Keep it tween da ditches, we take it day by day and keep our eyes peeled to the sky, because it could be a name brand that pancakes us. Just my opinion, I could be wrong, this is The Nattering Naybob and your NOT!!!
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