PMC Donation Information

I am now also emailing my posts directly to my PMC donors at the same time they are emailed for posting on this website. If you wish to be on the list, please make a donation here. ...Read More

Mtg prch apps, Durable goods, Personal income and outlays, New home sales, Consumer Sentiment, PMI services

Purchase apps have been flat to down for quite a while now, and the year over year comp will be reflecting that in a few months as well: United States : MBA Mortgage Applications Highlights After spiking sharply in the prior when rates jumped and triggered concern they would move even higher, ...Read More

Redbook retail sales, Corporate profits, Inflation adjusted real house prices

Sales = gross income, and profits are net income: Still down: Adjusted for inflation housing prices are about where they were 10 years ago: ...Read More

Discount rate, Profits, GDP commentary

Interesting, with no discount borrowings, the regional Federal Reserve Bank presidents want a discount rate hike? Nine Fed banks called for discount rate hike: minutes Nov 24 (Reuters) — The number of regional Federal Reserve banks pushing for a hike in what commercial banks are charged for emergency loans rose to nine ...Read More

GDP, Consumer confidence, Corporate profits, Richmond Fed, Trade

Output was revised up, but mainly due to growing unsold inventory, with other spending revised lower and showing more deceleration than the first release: GDP Highlights Third-quarter GDP is revised to an annualized plus 2.1 percent, up 6 tenths from the initial estimate but showing less strength by the consumer with final ...Read More

Copper, Japan, Corp tax policy

They must have found a way for their workers to live on fewer calories… Copper Miners’ Pain Doesn’t Stop Buildup Nov 23 (WSJ) —Global copper production is on track to hit an all-time high of 18.7 million metric tons this year, according to BMO Capital Markets. The cost of producing a pound ...Read More

Chicago index, PMI manufacturing index, Existing home sales, Saudi pricing

Still negative. This is just a composite of other indexes that have been released: Chicago Fed National Activity Index Highlights October was a soft month for the economy but solidly improved from September, based on the national activity index which is at minus 0.04 vs September’s revised minus 0.29. October’s improvement is ...Read More

Rail traffic, credit check

Rail Week Ending 14 November 2015: Contraction Grows Week 45 of 2015 shows same week total rail traffic (from same week one year ago) declined according to the Association of American Railroads (AAR) traffic data. Intermodal traffic contracted year-over-year, which accounts for approximately half of movements. and weekly railcar counts continued in ...Read More

Atlanta Fed, Investor poll, Fed surveys

The crowd is not always wrong, but it’s not always right, either: Fund managers polled at the start of November have significantly hiked their allocation to equities and cut cash holdings to levels not seen since July, according to research from Bank of America Merrill Lynch. Of the 200 investors managing $576 ...Read More

Housing starts, High end weakness

Falling off, as previously discussed, particularly multi family, which had been the driver: Housing Starts Highlights Pulled down by a big drop in multi-family homes, housing starts fell a steep 11.0 percent in October to a 1.060 million annualized rate that is far below Econoday’s low estimate. Starts for multi-family homes, which ...Read More

Brussels Presentation Announcement

Euro, the moment of Truth ...Read More