Economic Reports 04/12/07
Summary: Later today, a $6 Billion reopening of January's 10 year TIPS Treasury Auction. ECB rates on hold with money supply exploding.
Treasury budget an all time high deficit... Initial claims, McJobs disappearing act continues...
And there isn't enough lipstick in the world to make this pig look pretty...
Import & Export Prices demonstrating: energy cost stagflation througout the supply chain and the housing sector collapse.
Bonus! Central bank currency debauchery and its attendant hyperliquidity at work.
ECB Rate Announcement Press Release
Inside the number: Rate unchanged at 3.75%; 2006 GDP +2.7%; advertised inflation +1.9%.
Europes two faced central bank head liar Trichet, talks out one side of his mouth saying vigilance vs inflation must be maintained.
Don't do as he does, do as he sez: Yet he keeps those printing presses cranked up while the leveraged lending runs wild, along with asset prices.
Annual M3 growth +10%; Private sector loans +10.3%. Any of this sound familiar??
Treasury Budget Mar -$96.3B vs prior -$85.3B
Inside the number: Speaking of two faced, our politicos can spend it faster than the Treasury can print it... deficit rising 13% to an all time record.
Good news?? Halfway through the fiscal year, the budget deficit $258.4 B, down about 15% from $302.9 B in the same period a year ago.
The "improvement" largely reflects lower spending on hurricane relief and higher tax collections.
Yoy: Receipts +1%; outlays +5%; defense +7%; medicare/caid +15.6%; social security +6%; interest on the public debt +4%.
Initial Claims 04/07 +19K to 342K Full Report
Inside the number: seasonally adjusted prior week revised +2K; 4 week MA +7K to 323.25K. Continuing claims +38K to 2.527M; 4 week MA -13.5K to 2.51M.
Import Prices ex-petroleum Mar +0.3% vs prior -0.1% Full Report
Inside the number: Import prices +1.7%, largest gain in 10 months on a surge in natural gas prices +4.7% and petroleum prices +9%.
Import prices +2.8% in the last year. Only because the price of goods being produced (many at a loss) in China has fallen 3%.
Stagflation in the global supply chain: Nonfuel industrial materials prices +0.8%, the biggest gain in six months. Nonagricultural and nonfuel industrial supplies +1.7%.
Unfinished metals prices +2.4%; related to durable goods Yoy +25.3%. Yoy: Food, feed & beverages +6.5%; Durable industrial supplies & materials +10.4%.
That vacumm like sucking sound?? The housing sector imploding: As new construction grinds to a halt, lumber demand has fallen off the map.
Prices of building materials -0.4%; Imported and domestic mill lumber prices are falling the fastest since 1974; Sept 04 to Mar 07 imported lumber and wood in the rough -53%.
Export Prices ex-ag. Mar +0.6% vs prior +0.6%. Ag prices +2.1%, with ag, export prices +0.7%.
You can lie about it, and you can try and hide it in manipulated CPI & PPI statistics.
However, export prices reveal the severity of the dollar debauchery in the last 5 years and its contribution to stagflation...
Export prices for all commodities Mar 2002 through Mar 2007 increased 45.5%; averaging 9.1% annual export price inflation.
Treasury budget an all time high deficit... Initial claims, McJobs disappearing act continues...
And there isn't enough lipstick in the world to make this pig look pretty...
Import & Export Prices demonstrating: energy cost stagflation througout the supply chain and the housing sector collapse.
Bonus! Central bank currency debauchery and its attendant hyperliquidity at work.
ECB Rate Announcement Press Release
Inside the number: Rate unchanged at 3.75%; 2006 GDP +2.7%; advertised inflation +1.9%.
Europes two faced central bank head liar Trichet, talks out one side of his mouth saying vigilance vs inflation must be maintained.
Don't do as he does, do as he sez: Yet he keeps those printing presses cranked up while the leveraged lending runs wild, along with asset prices.
Annual M3 growth +10%; Private sector loans +10.3%. Any of this sound familiar??
Treasury Budget Mar -$96.3B vs prior -$85.3B
Inside the number: Speaking of two faced, our politicos can spend it faster than the Treasury can print it... deficit rising 13% to an all time record.
Good news?? Halfway through the fiscal year, the budget deficit $258.4 B, down about 15% from $302.9 B in the same period a year ago.
The "improvement" largely reflects lower spending on hurricane relief and higher tax collections.
Yoy: Receipts +1%; outlays +5%; defense +7%; medicare/caid +15.6%; social security +6%; interest on the public debt +4%.
Initial Claims 04/07 +19K to 342K Full Report
Inside the number: seasonally adjusted prior week revised +2K; 4 week MA +7K to 323.25K. Continuing claims +38K to 2.527M; 4 week MA -13.5K to 2.51M.
Import Prices ex-petroleum Mar +0.3% vs prior -0.1% Full Report
Inside the number: Import prices +1.7%, largest gain in 10 months on a surge in natural gas prices +4.7% and petroleum prices +9%.
Import prices +2.8% in the last year. Only because the price of goods being produced (many at a loss) in China has fallen 3%.
Stagflation in the global supply chain: Nonfuel industrial materials prices +0.8%, the biggest gain in six months. Nonagricultural and nonfuel industrial supplies +1.7%.
Unfinished metals prices +2.4%; related to durable goods Yoy +25.3%. Yoy: Food, feed & beverages +6.5%; Durable industrial supplies & materials +10.4%.
That vacumm like sucking sound?? The housing sector imploding: As new construction grinds to a halt, lumber demand has fallen off the map.
Prices of building materials -0.4%; Imported and domestic mill lumber prices are falling the fastest since 1974; Sept 04 to Mar 07 imported lumber and wood in the rough -53%.
Export Prices ex-ag. Mar +0.6% vs prior +0.6%. Ag prices +2.1%, with ag, export prices +0.7%.
You can lie about it, and you can try and hide it in manipulated CPI & PPI statistics.
However, export prices reveal the severity of the dollar debauchery in the last 5 years and its contribution to stagflation...
Export prices for all commodities Mar 2002 through Mar 2007 increased 45.5%; averaging 9.1% annual export price inflation.
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