Economic Reports 11/16/07
Summary: Industrial Production shows the furtherance of a broadbased industrial slowdown... and evidence of the oil cartels price manipulation efforts.
Net Foreign Purchases tells us that our trading partners & private foreign investors are running fast from plunging dollar demoninated assets.
Net Foreign Purchases Sep $26.4B vs $-70.6B Full Report
Inside the number: All numbers in BILLIONS. Net long term purchases rebounded from $-86.7 to $5.8. However...
Net TIC flows were still negative $-14.7 vs $-150.7. Furthermore, short term holdings increased only $3.8 vs $33.9 due to an evacuation of US TREASURY BILLS...
$-10.3 vs $21 mainly on private investors dumping $-8.5 vs $17.2. Worse yet... all YTD: Central Banks buying US Treasuries $15.7 vs $61, a 75% decline.
Private Investors: buying Government Agency Debt (FNMA, FHLMC) $129 vs $207, a 37% decline. Buying other dollar denominated instruments $95 vs $144, a 34% decline.
Long Term Net Foreign Purchases $530 vs $792, a 33% decline. Change in Banks Net Dollar Liabilities -102 vs $260, a 139% decline.
Monthly Net TIC Inflows $568 vs $1176, a 52% decline. Thats a half a trillion less to finance our deficit spending habits.
Industrial Production Oct -0.5% vs prior +0.1% Full Report
Inside the number: Capacity Utilization falling to 81.7% vs prior 82.2%. Consumer goods 3rd straight decline: Oct -0.7%; Sept -0.2; Aug -0.1%; July +0.5%.
Ex Auto: Total Output -0.5% vs +0.4%; Manufacturing -0.3% vs +0.4%; Durable vs -0.1% vs +0.4%
Business equipment -0.1% vs +0.9%; Non industrial supplies -0.7% vs +0.2%; Construction -0.4% vs -0.6%; Materials -0.4% vs +0.3%.
Manufacturing -0.4% vs +0.2%; Durable -0.2% vs -0.1%; Non Durable -0.4% vs +0.4%
Industrial Production by stage of process: Finished -0.4% vs -0.1%; Semifinished -0.4% vs +0.1%; Primary -0.7% vs -0.6%; Crude -0.8% vs +1.4%.
Consumer goods: Durable -0.8% vs -1.6%; Non Durable -0.6% vs +0.3%. Wood products -2.6% vs -2.6%; YOY -6.4%.
With oil going from $52 to $100 a barrel, the seven sisters are on the back nine with OJ, looking for the real killers:
Higher prices mean its profitable to dig it up at home, right? Oil & gas well drilling declining 4 straight months, -3.8% vs -0.2%; YOY -4.6%.
Net Foreign Purchases tells us that our trading partners & private foreign investors are running fast from plunging dollar demoninated assets.
Net Foreign Purchases Sep $26.4B vs $-70.6B Full Report
Inside the number: All numbers in BILLIONS. Net long term purchases rebounded from $-86.7 to $5.8. However...
Net TIC flows were still negative $-14.7 vs $-150.7. Furthermore, short term holdings increased only $3.8 vs $33.9 due to an evacuation of US TREASURY BILLS...
$-10.3 vs $21 mainly on private investors dumping $-8.5 vs $17.2. Worse yet... all YTD: Central Banks buying US Treasuries $15.7 vs $61, a 75% decline.
Private Investors: buying Government Agency Debt (FNMA, FHLMC) $129 vs $207, a 37% decline. Buying other dollar denominated instruments $95 vs $144, a 34% decline.
Long Term Net Foreign Purchases $530 vs $792, a 33% decline. Change in Banks Net Dollar Liabilities -102 vs $260, a 139% decline.
Monthly Net TIC Inflows $568 vs $1176, a 52% decline. Thats a half a trillion less to finance our deficit spending habits.
Industrial Production Oct -0.5% vs prior +0.1% Full Report
Inside the number: Capacity Utilization falling to 81.7% vs prior 82.2%. Consumer goods 3rd straight decline: Oct -0.7%; Sept -0.2; Aug -0.1%; July +0.5%.
Ex Auto: Total Output -0.5% vs +0.4%; Manufacturing -0.3% vs +0.4%; Durable vs -0.1% vs +0.4%
Business equipment -0.1% vs +0.9%; Non industrial supplies -0.7% vs +0.2%; Construction -0.4% vs -0.6%; Materials -0.4% vs +0.3%.
Manufacturing -0.4% vs +0.2%; Durable -0.2% vs -0.1%; Non Durable -0.4% vs +0.4%
Industrial Production by stage of process: Finished -0.4% vs -0.1%; Semifinished -0.4% vs +0.1%; Primary -0.7% vs -0.6%; Crude -0.8% vs +1.4%.
Consumer goods: Durable -0.8% vs -1.6%; Non Durable -0.6% vs +0.3%. Wood products -2.6% vs -2.6%; YOY -6.4%.
With oil going from $52 to $100 a barrel, the seven sisters are on the back nine with OJ, looking for the real killers:
Higher prices mean its profitable to dig it up at home, right? Oil & gas well drilling declining 4 straight months, -3.8% vs -0.2%; YOY -4.6%.
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