Posted by WARREN MOSLER on November 25th, 2009
Data â€˜mixedâ€™, 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