Economic Reports Week Ending 01/10/09
Construction Spending... pancaked... on the surface -0.6%...
under the sheets... -4.2% private residential; SFR -6.6%; digging deep Yoy private -23%; Yoy SFR -41.9%.
Auto Sales... over a cliff... on the surface auto sales inched up to 7.7 million annual rate vs 7.6 million in November.
Under the sheets... US Auto Sales December YOY -36%; Toyota -37%; Honda -35%; Ford -32%; Nissan -31%; GM -31%; Chrysler -53%.
GM's worst 12 months in 50 years -23%. Total US sales -18% on the year;13.2 million vs 16.1 million; 2009 estimates are at 10 million; another 23% decline.
Factory Orders... down 4 consecutive months; -4.6% vs revised 6%; ex transport -4.2%.
Shipments -5.3% the largest decline since data began in 1992. Price related collapse in new orders for non durable goods -7.4%.
ISM Services.. still contracting 3rd straight month 40.6 vs 37.3; prices index -0.6 to 36; the lowest level since data began in 1997.
"Difficulties with consumer and equity loans resulting from economic slowing." (Finance & Insurance)
"Credit from suppliers is becoming an issue even with a perfect payment history. Everyone is scared. Prices for most materials declining rapidly." (Agriculture, Forestry, Fishing & Hunting)
"State budgets being reduced, corporate clients cancelling training, and clients not acting swiftly on proposals have brought down the backlog and lowered expectations." (Professional, Scientific & Technical Services)
"Efforts continue to ramp up to control/reduce spending." (Management of Companies & Support Services)
"There has been an overall decline in business. There have been some price decreases as well. Overall capital spend is significantly lower." (Accommodation & Food Services)
Pending Home Sales... a truly meaningless stat, and despite record low mortgage rates -4%; Yoy -5.3%.
John Q pulls back further... despite 1.50 gasoline...
Same store sales dropped 2.2 percent in the last two month months of 2008, the biggest holiday-season decline since records started being kept in 1970.
Macy’s said December revenue slipped 4 percent and announced it would close 11 stores in 10 states.
Anarchy in the UK... GDP declined the most in 30 years as GDP fell 1.5% in the three months through December, compared with a drop of 0.6% in the third quarter.
Jobless Claims... -24K at 467K; 4 week MA -27K at 525K. Now the bad news...
continuing unemployment swelling +101K at 4.6M the worst since 1982; 4 week MA +45K at 4.470 M the highest since 1982
Non Farms Payrolls... Hemorrhaging... The 12th consecutive decline in payrolls;
the average work week shrank to a record low 33.3 hours as the unemployment rate climbed from 6.7 to 7.2%.
The nation lost -524K jobs in December, bringing the total drop for the last year to 2.5 million. Of the 2.5 million, 1.9 million were lost in the last four months.
Factory payrolls -149K, the biggest drop since August 2001. Manufacturing, which makes up 12% of the economy, shrank in December at the fastest pace in 28 years.
Goods producing -251K; Service industries -273K; Retail -66K.; Construction -101K.
The non farms job report showed the most rapid deterioration in the labor market over a six-month period since 1975. The 12 month total is the worst since 1945.
The Bush Legacy... Shrub Jr inherited a 4.2% unemployment rate and will leave us with a 7.2% rate accelerating towards 10%.
A net total of 3 million Mc Jobs were created during Shrubs 8 years. This compares to 23 million created during Clinton's 8 year tenure.
Thanks for the memories Herbert, er, George, and don't let the door hit you on the way out. 01/20/09 THE END OF AN ERROR.
We maintain this chump pump ends around Jan 16th or 18th as Q4 reporting kicks off Jan 12th with disastrous results.
under the sheets... -4.2% private residential; SFR -6.6%; digging deep Yoy private -23%; Yoy SFR -41.9%.
Auto Sales... over a cliff... on the surface auto sales inched up to 7.7 million annual rate vs 7.6 million in November.
Under the sheets... US Auto Sales December YOY -36%; Toyota -37%; Honda -35%; Ford -32%; Nissan -31%; GM -31%; Chrysler -53%.
GM's worst 12 months in 50 years -23%. Total US sales -18% on the year;13.2 million vs 16.1 million; 2009 estimates are at 10 million; another 23% decline.
Factory Orders... down 4 consecutive months; -4.6% vs revised 6%; ex transport -4.2%.
Shipments -5.3% the largest decline since data began in 1992. Price related collapse in new orders for non durable goods -7.4%.
ISM Services.. still contracting 3rd straight month 40.6 vs 37.3; prices index -0.6 to 36; the lowest level since data began in 1997.
"Difficulties with consumer and equity loans resulting from economic slowing." (Finance & Insurance)
"Credit from suppliers is becoming an issue even with a perfect payment history. Everyone is scared. Prices for most materials declining rapidly." (Agriculture, Forestry, Fishing & Hunting)
"State budgets being reduced, corporate clients cancelling training, and clients not acting swiftly on proposals have brought down the backlog and lowered expectations." (Professional, Scientific & Technical Services)
"Efforts continue to ramp up to control/reduce spending." (Management of Companies & Support Services)
"There has been an overall decline in business. There have been some price decreases as well. Overall capital spend is significantly lower." (Accommodation & Food Services)
Pending Home Sales... a truly meaningless stat, and despite record low mortgage rates -4%; Yoy -5.3%.
John Q pulls back further... despite 1.50 gasoline...
Same store sales dropped 2.2 percent in the last two month months of 2008, the biggest holiday-season decline since records started being kept in 1970.
Macy’s said December revenue slipped 4 percent and announced it would close 11 stores in 10 states.
Anarchy in the UK... GDP declined the most in 30 years as GDP fell 1.5% in the three months through December, compared with a drop of 0.6% in the third quarter.
Jobless Claims... -24K at 467K; 4 week MA -27K at 525K. Now the bad news...
continuing unemployment swelling +101K at 4.6M the worst since 1982; 4 week MA +45K at 4.470 M the highest since 1982
Non Farms Payrolls... Hemorrhaging... The 12th consecutive decline in payrolls;
the average work week shrank to a record low 33.3 hours as the unemployment rate climbed from 6.7 to 7.2%.
The nation lost -524K jobs in December, bringing the total drop for the last year to 2.5 million. Of the 2.5 million, 1.9 million were lost in the last four months.
Factory payrolls -149K, the biggest drop since August 2001. Manufacturing, which makes up 12% of the economy, shrank in December at the fastest pace in 28 years.
Goods producing -251K; Service industries -273K; Retail -66K.; Construction -101K.
The non farms job report showed the most rapid deterioration in the labor market over a six-month period since 1975. The 12 month total is the worst since 1945.
The Bush Legacy... Shrub Jr inherited a 4.2% unemployment rate and will leave us with a 7.2% rate accelerating towards 10%.
A net total of 3 million Mc Jobs were created during Shrubs 8 years. This compares to 23 million created during Clinton's 8 year tenure.
Thanks for the memories Herbert, er, George, and don't let the door hit you on the way out. 01/20/09 THE END OF AN ERROR.
We maintain this chump pump ends around Jan 16th or 18th as Q4 reporting kicks off Jan 12th with disastrous results.
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