Economic Reports 06/22/09
TIC Foreign Inflows April
Net $11.2B vs $55.8B; long term investment inflow slowed. Foreign purchases of Treasuries were very solid at a net $41.9B...
but foreigners turned sellers of U.S. corporate bonds, at a net -$9.7B.
NAHB/WF Housing Market Index June
Declining to 15 vs 16 as rising mortgage rates and foreclosures are strong headwinds that are holding back recovery in the housing market.
The NAHB says credit remains tight and buyers who want to move are having a hard time selling their existing homes.
Housing Starts & Permits May
Headline reads starts +17.2% at 532K & SFR starts +7.5%. However, YOY -45.2% with SFR -40.9%; YTD -50% with SFR – 47.7%.
Permits +4% at 518K & SFR +7.9%. However, YOY -47% with SFR -35.1%; YTD -47.8% with SFR -42.5%.
PPI May
+0.2% vs +0.3%; despite energy +2.9%?? Absolute fraud as necessities such as perfume, cologne & household laundry equipment led the decline.
Bottom line marking a stagflated recession, the overall PPI yoy showed a 6th straight decline at -4.7% with the core rate +3%.
The truckload PPI contracted 8.7% yoy, which was the 6th consecutive drop and the largest yoy reduction since the data series began a few years ago.
CPI May
Despite gasoline approaching $3 and food costs booming again, +0.1% with Core +0.1%; gasoline +3.1%.
The perpetration of this double digit fraud on the public continues.
Empire State Mfg June
-9.4 vs -4.6 the rate of destocking picking up a bit to -25.29 vs. -21.59. Contraction in employment is deep at -21.84.
Until current new orders pick up and destocking comes to an end, there will be no improvement.
Industrial Production May
The 3rd straight decline with no improvement since Oct 08; -1.1% vs -0.7%.
Accelerating to the downside with manufacturing -1%; motor vehicles -7.9%; ex auto manufacturing -0.9%.
Yoy total production -15.2% with capacity utilization hitting a new all time low at 68.3%, meaning that 31.7% of capacity is idle.
The ATA manufacturing index plummeted 15.9% Yoy, which marked its 18th consecutive yoy decrease...
and tied April 2009 for the largest contraction in the history of the index (dating back to 1986).
(ATA re-weights manufacturing output based on its importance to truck tonnage, as opposed to value.)
Philly Fed June
-2.2 vs -22.6; Month-to-month contraction in new orders slowed substantially, to -4.8 vs. -25.9. Contraction in factory employment remains severe, at -21.8 vs. -26.8.
Destocking is continuing with prices received contracting at a slower rate.
Initial Jobless Claims 06/13
+3K at 608K; 4 week MA -7K at 615.75K. Continuing claims -148K at 6.687M; 4 week MA +2.25K at 6.757M.
On the surface an improving report, however a glance at the long list of states with increases gives pause.
Net $11.2B vs $55.8B; long term investment inflow slowed. Foreign purchases of Treasuries were very solid at a net $41.9B...
but foreigners turned sellers of U.S. corporate bonds, at a net -$9.7B.
NAHB/WF Housing Market Index June
Declining to 15 vs 16 as rising mortgage rates and foreclosures are strong headwinds that are holding back recovery in the housing market.
The NAHB says credit remains tight and buyers who want to move are having a hard time selling their existing homes.
Housing Starts & Permits May
Headline reads starts +17.2% at 532K & SFR starts +7.5%. However, YOY -45.2% with SFR -40.9%; YTD -50% with SFR – 47.7%.
Permits +4% at 518K & SFR +7.9%. However, YOY -47% with SFR -35.1%; YTD -47.8% with SFR -42.5%.
PPI May
+0.2% vs +0.3%; despite energy +2.9%?? Absolute fraud as necessities such as perfume, cologne & household laundry equipment led the decline.
Bottom line marking a stagflated recession, the overall PPI yoy showed a 6th straight decline at -4.7% with the core rate +3%.
The truckload PPI contracted 8.7% yoy, which was the 6th consecutive drop and the largest yoy reduction since the data series began a few years ago.
CPI May
Despite gasoline approaching $3 and food costs booming again, +0.1% with Core +0.1%; gasoline +3.1%.
The perpetration of this double digit fraud on the public continues.
Empire State Mfg June
-9.4 vs -4.6 the rate of destocking picking up a bit to -25.29 vs. -21.59. Contraction in employment is deep at -21.84.
Until current new orders pick up and destocking comes to an end, there will be no improvement.
Industrial Production May
The 3rd straight decline with no improvement since Oct 08; -1.1% vs -0.7%.
Accelerating to the downside with manufacturing -1%; motor vehicles -7.9%; ex auto manufacturing -0.9%.
Yoy total production -15.2% with capacity utilization hitting a new all time low at 68.3%, meaning that 31.7% of capacity is idle.
The ATA manufacturing index plummeted 15.9% Yoy, which marked its 18th consecutive yoy decrease...
and tied April 2009 for the largest contraction in the history of the index (dating back to 1986).
(ATA re-weights manufacturing output based on its importance to truck tonnage, as opposed to value.)
Philly Fed June
-2.2 vs -22.6; Month-to-month contraction in new orders slowed substantially, to -4.8 vs. -25.9. Contraction in factory employment remains severe, at -21.8 vs. -26.8.
Destocking is continuing with prices received contracting at a slower rate.
Initial Jobless Claims 06/13
+3K at 608K; 4 week MA -7K at 615.75K. Continuing claims -148K at 6.687M; 4 week MA +2.25K at 6.757M.
On the surface an improving report, however a glance at the long list of states with increases gives pause.
Comments