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Karim writes:

Data ‘mixed’, with durables and income weak, but claims strong.

  • New capital goods orders ex-aircraft and defense -2.9%; 3rd drop in 4mths
  • Personal income 0.2%, but wage and salary income flat and down 3.6% y/y
  • Core PCE deflator +0.2% m/m and 1.4% y/y
  • Initial claims down 35k to 466k (prior week revised down 4k)
  • Continuing claims down 190k; extended and emergency benefits down 18k
  • Some seasonals may be at play in the claims data from now thru year-end but still opens possibility of positive payrolls next week


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5 Responses to Data

  1. JKH says:

    This one is about as bad as it gets:

    One of the most widely read economists in the blogosphere who thinks that excess central bank reserves are a form of “insurance” against banks losses. Top notch accounting skills. And that’s just for starters.


    winterspeak Reply:

    Saw your post re: reserves on Naked Capitalism. That’s meant to be one of the smarter finance crowds online. Pity it went down like a lead balloon.


    JKH Reply:

    It’s worse. Now I need to go research George Orwell’s insights into excess reserves.


    winterspeak Reply:

    LOL! Btw. I just checked out the Thoma article. Egads.

    JKH Reply:

    I posted it on WCI as well. Scott F. had a similar reaction.

    Maybe I won’t need Orwell after all.

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