Iraq is weathering its deadliest outburst of violence since 2008, with more than 2,000 people killed since the start of April. The bloodshed appears to be largely the work of resurgent Sunni militants such as al-Qaida, feeding off Sunni discontent with the Shiite-led government.
Violence increased sharply in April and May, with frequent bombings in civilian areas raising concerns that a widespread sectarian conflict might once again break out in Iraq. The bloodshed accelerated after a deadly April 23 crackdown by security forces on a Sunni protest in the northern town of Hawija against the Shiite-led government.

July IBD/TIPP economic optimism index falls from 47.1 after June’s 49 vs. est. 50. Economic outlook falls to 48.1 from 51.2 and personal finance falls to 56.1 from 58 last month. Any reading <50 indicates pessimism.

>   
>   (email exchange)
>   
>   On Thu, Jun 27, 2013 at 11:23 AM, wrote:
>   
>   From CS: Low interest rates and the interest income shortfall. Lower interest rates may
>   support the economy in the broad, but the interest income shortfall is a substantial
>   side-effect. Interest income is currently tracking $1.029 trillion at an annual rate
>   almost $400bn below the peak level of summer 2008. By comparison, wages and
>   salaries are up $539bn over the same period, and government transfer payments are
>   up $572bn.
>   

Thanks!

(and govt’s a net payer of interest)

Car sales so far leveled off this year, not the engine of growth yet.

US Auto Sales Total Annualized

Yes, a little bounce back from subdued Q4 due to cliff fears, and a tenth here and there on real vs nominal, etc., but if it was decelerating from tax hikes and sequesters isn’t this what it would look like?

Personal Income
Personal Spending
Core PCE

Today’s zig up in this volatile series doesn’t look like much on the longer term graph.

Chicago ISM