Economic Reports 10/13/09

Wholesale Trade August

Inventories -1.3%; Yoy -14.7%; sales +1%; Yoy -17.7%; Wholesalers continued to burn through inventory despite sharp improvement in sales.

International Trade August

-30.7B vs -32B exports improved by 0.2% while imports declined 0.6 percent. However, Goods exports actually declined 1.6%.

Year-on-year, overall exports -20.7%; imports -28.6%.

The U.S. international trade deficit shrank in August on both lower oil and consumer goods imports, reflecting a still sluggish economy.

ISM Services September

50.9 vs 48.4; new orders +4 to 54.2; backlogs +10.5 to 51.5; output +4 at 55.1; destocking slowed with inventory +4.5 to 47.5.

All nice and fine & dandy, except employment flat at 44.3 which means contraction of the employment base.

Initial Jobless Claims 10/03/09

-33K at 521K; 4 week MA -9K at 539K; Continuing claims -72K at 6.040M; 4 week MA -15.75K at 6.144M

Slight improvement these last few weeks, but still 2 million additional unemployed Yoy with claims 3.8% at 4.994M vs last year 2.3% at 3M.