UK Archive

Bankruptcy cuts, Wholesale trade, Turkey

Bankruptcy-related job losses invoke grim reminders of Great Recession In the first seven months of the year, U.S.-based companies announced 42,937 job cuts due to bankruptcy, up 40% from the same period last year and nearly 20% higher than all bankruptcy-related job losses last year, a report released Tuesday concluded. Despite record-low ...Read More

GDI, Productivity, China pmi, Dallas Fed

Gross domestic income was just revised higher. The blue bars are the previously reported levels and the red bars are the revised levels. This further meant that the savings rate unspent income) was higher as previously discussed. And an increasing savings rate generally reflects a deceleration in borrowing: Lack of aggregate demand- ...Read More

Existing home sales, Richmond Fed, UK factory orders, Chemical Activity Barometer

Worse than expected and in contraction year over year: Highlights The housing market firmed in the early Spring but has since flattened out. Existing home sales came in softer-than-expected at a 5.270 million annual rate in June which, however, is right in line with the 3-month average of 5.280 million. This average ...Read More

Employment, China, Trump speech

The annual rate of change continues to take a dive: Highlights There’s still time to cancel your rate-cut party. Nonfarm payrolls shot 224,000 higher in June and well beyond Econoday’s consensus range where the high forecast was 205,000. There are no flukes in this report underscored by a 17,000 jump for what ...Read More

China, UK, US, Euro zone

Global collapse continues, though you’d never know it watching the stock market: China Inflation Rate Slows to 6-Month Low The official Non-Manufacturing PMI in China unexpectedly inched lower to 54.2 in June, the lowest in six months, from 54.3 in the previous month and missing market consensus of China Factory Activity Shrinks ...Read More

Rail traffic, Business confidence, UK imports, Trade news

Deep in contraction: Looks to be below 2008 levels: So looks like the current tariffs remain. As previously suggested, the US President is narrowly focused on the money he’s collecting, as the tariffs remove $US net financial assets from the global economy and discourages transactions with the US. That is, it all ...Read More

Construction spending, ISM manufacturing, UK Manufacturing

Global contraction in progress… :( US construction spending ...Read More

Euro area PMI, Architecture billings index, Philly Fed, Retail sales, Inventories, Fed report, Equity prices and earnings forecasts

Not looking good: German Factory Activity Continues to Contract in April The IHS Markit Germany Manufacturing PMI rose to 44.5 in April 2019 from the previous month’s near seven-year low of 44.1, but below market expectations of 45, a preliminary estimate showed. Still, the latest reading pointed to a sharp contraction in ...Read More

Earnings, New issuance, UK services, Germany, MMT comments

Expect Pre-Earnings Frowns to Turn Upside Down (WSJ) Analysts polled by Refinitiv think earnings per share for companies in the S&P 500 will be down 2% from a year earlier. The number of companies that have had negative first-quarter earnings warnings so far has outpaced those with positive preannouncements by a 2.8-to-1 ...Read More

NFIB survey, China, UK, California home sales, Rig count

Trumped up expectations fading: Highlights Doubts about future economic growth diminished optimism among small business owners to the lowest level in 26 months, according to the NFIB’s Small Business Optimism Index, which fell 3.2 points in January to 101.2, below consensus expectations as well as the range of analysts’ forecasts. Though still ...Read More