Industrial Production Jun; NAHB; TIC; CPI May
Summary: Headline reads, Industrial Production jumps +0.5%,
under the sheets... ex auto industrial production declined for the 5th straight month.
Headline reads, NAHB declines as expected, under the sheets... 3rd straight decline to an all time low.
Headline reads, weak TIC data shows calm before storm, under the sheets... last 12 months, a half trillion dollar exodus shunning the dollar.
Headline reads, CPI up 1%, but core +0.3% as expected, under the sheets... Yoy +5.6% the biggest surge in 17 years as double digit stagflation rages on.
Industrial Production Jun +0.5% vs -0.2% Full Report
Inside the number: Q208 -3.1% vs Q1. Manufacturing +0.2% on a +5.4% increase in motor vehicles & parts as activity resumed after a strike.
Ex auto production factory output declined -0.1%. Construction -0.9% vs +0.5%; Yoy -6.3%. Capacity Utilization Jun 79.9% vs 79.6%.
NAHB/WF Housing Market Index July 16 vs 18 Full Report
Inside the number: A 3rd straight decline to a new all time low.
Traffic of propective buyers hit all time low of 12, showing that buyers are waiting on the sidelines for further price declines.
TIC Net Foreign Purchases May $67B vs $111.9B Full Report
Inside the number: Private investors stepped up 75.7 vs 60.3 to purchase goverment agency & corporate bonds
while shunning Treasury bonds but loading up on T bills 10.2 vs -4.4. Foreign central banks stepped back from the plate 16.7 vs 41.3.
This is deceiving as in the last 12 months through May 08 vs May 07 net:
Official 271B vs 214B; Private 587B vs 1044B; for a half trillion dollar deficit in financial flows.
CPI Jun +1.1% vs + 0.6% Full Report
Inside the number: Core CPI Jun +0.3% vs +0.2%. Yoy CPI-W +5.6% largest increase since 1991.
Monthly: Energy +6.6%; Transportation +3.8%; Food at home +1%.
Annual rate for Q2: Energy +53.6%; Transport +22.3%; Food +8.5%; all items +7.9%
Table 4 Since May 07: non durables +10.7%; non durables less food & beverage & apparel +20.2%; Computers -11.6%
We gently repeat two of our mantras: ANYONE claiming that stagflation in less than double digits is a paid liar; a fool; or both.
Do not go out, stay at home, do not eat, surf the web, watch reality TV, the war on terror is being won, all is well.
under the sheets... ex auto industrial production declined for the 5th straight month.
Headline reads, NAHB declines as expected, under the sheets... 3rd straight decline to an all time low.
Headline reads, weak TIC data shows calm before storm, under the sheets... last 12 months, a half trillion dollar exodus shunning the dollar.
Headline reads, CPI up 1%, but core +0.3% as expected, under the sheets... Yoy +5.6% the biggest surge in 17 years as double digit stagflation rages on.
Industrial Production Jun +0.5% vs -0.2% Full Report
Inside the number: Q208 -3.1% vs Q1. Manufacturing +0.2% on a +5.4% increase in motor vehicles & parts as activity resumed after a strike.
Ex auto production factory output declined -0.1%. Construction -0.9% vs +0.5%; Yoy -6.3%. Capacity Utilization Jun 79.9% vs 79.6%.
NAHB/WF Housing Market Index July 16 vs 18 Full Report
Inside the number: A 3rd straight decline to a new all time low.
Traffic of propective buyers hit all time low of 12, showing that buyers are waiting on the sidelines for further price declines.
TIC Net Foreign Purchases May $67B vs $111.9B Full Report
Inside the number: Private investors stepped up 75.7 vs 60.3 to purchase goverment agency & corporate bonds
while shunning Treasury bonds but loading up on T bills 10.2 vs -4.4. Foreign central banks stepped back from the plate 16.7 vs 41.3.
This is deceiving as in the last 12 months through May 08 vs May 07 net:
Official 271B vs 214B; Private 587B vs 1044B; for a half trillion dollar deficit in financial flows.
CPI Jun +1.1% vs + 0.6% Full Report
Inside the number: Core CPI Jun +0.3% vs +0.2%. Yoy CPI-W +5.6% largest increase since 1991.
Monthly: Energy +6.6%; Transportation +3.8%; Food at home +1%.
Annual rate for Q2: Energy +53.6%; Transport +22.3%; Food +8.5%; all items +7.9%
Table 4 Since May 07: non durables +10.7%; non durables less food & beverage & apparel +20.2%; Computers -11.6%
We gently repeat two of our mantras: ANYONE claiming that stagflation in less than double digits is a paid liar; a fool; or both.
Do not go out, stay at home, do not eat, surf the web, watch reality TV, the war on terror is being won, all is well.
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