Economic Reports 02/05/07
Odds & Ends: Fleck reminding us that a decline in housing could be fatal for the economy.
"Real GDP growth, excluding mortgage equity withdrawals, averaged less than 1% over the past six years.
During the thick of it, the real estate industry was responsible, directly or indirectly, for 40% of all jobs created.
That 40% contribution to job creation has, in the past 18 months or so, declined to about 13% of new jobs. It will soon be responsible for the bulk of job losses..."
Wal-Mart (WMT) reported a same store sales gain of 2.2% for January, beating its own conservatively low projection.
Wendy's (WEN) said Q4 earnings fell 90% after the September spinoff of Tim Hortons (THI), a Canadian coffee-shop chain.
Last week SP500 +1.8%, its best week since August... look for the SP500 to hover between 1440-1445 before attempting to head up again... a drop below 1435 would be a prudent demarcation to the short side.
ISM Services Jan 59 vs prior 56.7 Full Report
Inside the number: Employment dropping from 53.2 to 51.7, yet production rising from 56.7 to 59. Is a contraction under way?
Perhaps, vis-a-vis new export orders down to 55 vs 61.5 and imports down to 52 vs 62.
"Real GDP growth, excluding mortgage equity withdrawals, averaged less than 1% over the past six years.
During the thick of it, the real estate industry was responsible, directly or indirectly, for 40% of all jobs created.
That 40% contribution to job creation has, in the past 18 months or so, declined to about 13% of new jobs. It will soon be responsible for the bulk of job losses..."
Wal-Mart (WMT) reported a same store sales gain of 2.2% for January, beating its own conservatively low projection.
Wendy's (WEN) said Q4 earnings fell 90% after the September spinoff of Tim Hortons (THI), a Canadian coffee-shop chain.
Last week SP500 +1.8%, its best week since August... look for the SP500 to hover between 1440-1445 before attempting to head up again... a drop below 1435 would be a prudent demarcation to the short side.
ISM Services Jan 59 vs prior 56.7 Full Report
Inside the number: Employment dropping from 53.2 to 51.7, yet production rising from 56.7 to 59. Is a contraction under way?
Perhaps, vis-a-vis new export orders down to 55 vs 61.5 and imports down to 52 vs 62.
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