Greece Archive

LA Port Traffic, Greek Banks, Recession Without Financial Crisis

Another weak export report. No mention of the drop in oil prices reduced foreign incomes. LA area Port Traffic: Weakness in June by Bill McBride on 7/20/2015 09:57:00 AM Note: There were some large swings in LA area port traffic earlier this year due to labor issues that were settled on February ...Read More

WRKO The Voice of Boston Radio Interview

Click here to listen to my interview on WRKO The Voice of Boston on July 17th ...Read More

Nice Mentions in Bloomberg

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did By Julie Verhage and Alex Balogh (Bloomberg) Saw it all coming in 1995 and held a conference on it in 1996 in Bretton Woods. ;) ...Read More

Existing home sales, Chicago Fed, Greece

Up some but still at depressed levels, and not enough to indicate a general bounce in spending. Personally I sold come small condos in Chicago I’d owned since working there in the early 1980’s. I got tired of fooling with them, net rental income was low, and prices weren’t going anywhere, And ...Read More

macro update

At the beginning of 2013 the US let the FICA tax reduction and some of the Bush tax cuts expire and then in April the sequesters kicked totally some $250 billion of proactive deficit reduction. This cut 2013 growth from what might have been 4% to just over half that, peaking in ...Read More

new home sales, median household income, greek fin min comments, rail data, kc fed

Another weak number but no surprise as last month’s was suspect on the high side. Highlights One day up, one day down is a fit description for recent housing data. Last week’s declines in housing starts & permits were a surprising blow to the outlook, reversed in part by yesterday’s very strong ...Read More

Redbook retail sales, Greece comment

Hopefully it bounces back: Redbook Highlights This year’s Easter shift, from late in April last year to early in April this year, is greatly distorting store sale comparisons. Redbook’s same-store year-on-year tally is up only 0.8 percent in the April 18 week following the prior week’s 1.1 percent rate which was also ...Read More

mtg purchase apps down again, Earnings, Greece chart, gasoline demand

Not good. Purchase apps back down to depressed levels after a dip in front of govt mortgage fee cuts followed by a small blip up after the cuts, and up only 1% from last year’s cold winter depressed levels: MBA Purchase Applications Highlights The purchase index fell 7.0 percent in the February ...Read More

Wholesale trade, BOE on Greece, Redbook sales, Jolts

Inventories looking excessive: Wholesale Trade Highlights The economy may be solid right now but inventories at the wholesale level look heavy, rising 0.1 percent in December vs a noticeable 0.4 percent decline in sales at the wholesale level. The mismatch drives up the stock-to-sales ratio by 1 tenth to 1.22 which is ...Read More

Jobs, Currency wars, etc.

Heaps stronger than expected: Employment Situation Highlights Today’s employment situation was heavily positive even though the unemployment rate edged up. Payroll jobs gained 257,000 in January after strong increases of 329,000 in December and 423,000 in November. December and November were revised up a net 86,000. With the revision, November is the ...Read More