Economic Reports 07/10/07
Summary: John Q turns to his credit card... Bank of Canada raises...
Wholesale inventories grow, but the disturbing data shows stagflation raging at 13%.
Consumer Credit May +6.4% Full Report
A $12B jump; Revolving +9.8%; Non Revolving +4.4%.
Bank of Canada Rate Announcement
Raising 25 bps to 4.5%. "The main downside risks are related to the higher Canadian dollar and the ongoing adjustment in the U.S. housing sector."
Wholesale Inventories May +0.5% vs prior 0.3% Full Report
Inside the number: YOY Inventories +6.7%; Durable +5%; Non Durable +9.7%.
Sales +1.3% vs prior +1.5%; Durable goods -0.5% vs prior +0.6%; Non Durable +2.9% vs prior +2.4%.
Interesting codicil: The report is based on unadjusted prices, not accounting for inflation.
YOY Grocery sales +16.3%; Petroleum sales +16%. These increases reflect not growth, but price increases.
And in the real world, as oppossed to the mythical core, fuel and food are necessities for survival.
An excellent measure of REAL inflation would be the YOY % increase in overall non durable goods or consumable sales, which is +13.1%.
Once again, just add a 1 in front of the advertised CPI "guvmint lyin to screw SS recipient's" number.
Wholesale inventories grow, but the disturbing data shows stagflation raging at 13%.
Consumer Credit May +6.4% Full Report
A $12B jump; Revolving +9.8%; Non Revolving +4.4%.
Bank of Canada Rate Announcement
Raising 25 bps to 4.5%. "The main downside risks are related to the higher Canadian dollar and the ongoing adjustment in the U.S. housing sector."
Wholesale Inventories May +0.5% vs prior 0.3% Full Report
Inside the number: YOY Inventories +6.7%; Durable +5%; Non Durable +9.7%.
Sales +1.3% vs prior +1.5%; Durable goods -0.5% vs prior +0.6%; Non Durable +2.9% vs prior +2.4%.
Interesting codicil: The report is based on unadjusted prices, not accounting for inflation.
YOY Grocery sales +16.3%; Petroleum sales +16%. These increases reflect not growth, but price increases.
And in the real world, as oppossed to the mythical core, fuel and food are necessities for survival.
An excellent measure of REAL inflation would be the YOY % increase in overall non durable goods or consumable sales, which is +13.1%.
Once again, just add a 1 in front of the advertised CPI "guvmint lyin to screw SS recipient's" number.
Comments