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MOSLER'S LAW: There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.

Archive for August 13th, 2009

Lodging Operators Continue to Report Declines in RevPAR

Posted by WARREN MOSLER on 13th August 2009


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Will sleep better tonight!

>   
>   (email exchange)
>   
>   On Thu, Aug 13, 2009 at 3:14 PM, Brian wrote:
>   
>   Don’t worry Warren. Harry Reid is riding to the rescue to save the boondoggle,
>   for govt employees at least.
>   

Don’t “discriminate” plan your boondoggle today!

Finally, some help, perhaps, for Resort Cities. On July 29, Sen. Harry Reid, D-Nev., introduced a bill into Congress, The Protecting Resort Cities from Discrimination Act of 2009 (S. 1530), which will, if passed, “prohibit an agency or department of the United States from establishing or implementing an internal policy that discourages or prohibits the selection of a resort or vacation destination as the location for a conference or event.”


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Retail Sales/Claims/Import Prices/Walmart

Posted by WARREN MOSLER on 13th August 2009


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Karim writes:
Data supportive of the ‘low for long’ camp:

Retail Sales

  • One of biggest misses in awhile; -0.1% vs expex of +0.8%
  • Ex-autos -0.6%
  • Control group -0.2%
  • Look for early markdowns of Q3 GDP estimates

Claims

  • Initial claims up 4k to 558k
  • Continuing down 141k (prior week revised up 33k); net of extended and emergency claims -11k

Import Prices

  • -0.7% m/m and -19.3% y/y (record drop)
  • Ex-petroleum -0.2% m/m and -7.3% y/y

Walmart- Beats earnings estimates but misses on revenue

  • “We are acclerating our focus on reducing our expenses”-CEO
  • WAL-MART CEO SAYS THERE IS A `NEW NORMAL’ IN CONSUMPTION
  • WAL-MART CEO SAYS PEOPLE ARE SAVING MORE, CONSUMING LESS
  • WAL-MART U.S. COMP SALES IN 2Q BELOW PLAN
  • WALMART REDUCED U.S. INVENTORIES FASTER THAN SALES DECLINE


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