Data
Posted by WARREN MOSLER on November 25th, 2009
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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November 25th, 2009 at 7:30 pm
This one is about as bad as it gets:
http://moneywatch.bnet.com/economic-news/blog/maximum-utility/worries-about-budget-deficits-and-inflation-lets-avoid-repeating-our-mistakes/262/
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.
Reply
winterspeak Reply:
November 25th, 2009 at 8:50 pm
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.
Reply
JKH Reply:
November 25th, 2009 at 9:08 pm
It’s worse. Now I need to go research George Orwell’s insights into excess reserves.
Reply
winterspeak Reply:
November 25th, 2009 at 9:18 pm
LOL! Btw. I just checked out the Thoma article. Egads.
JKH Reply:
November 25th, 2009 at 9:28 pm
I posted it on WCI as well. Scott F. had a similar reaction.
Maybe I won’t need Orwell after all.