Redbook retail sales, Help wanted index, Job openings, Port traffic

Still nothing happening here: More imports, fewer exports: ...Read More

Housing starts, Beijing bans iPhone 6

Not good. Note from the chart how growth has stalled, and housing is not likely to add as much to GDP this year as it did last year: Highlights Housing starts are solid but not permits. Starts did slip 0.3 percent to a 1.164 million annualized rate in May but the trend ...Read More

CPI, US current account, Philly Fed, Housing market index, Wage data

Continues well below the Fed’s target: Highlights Whatever pressure may be building in import & export prices or even producer prices, it has yet to give much of a boost to consumer prices which rose only 0.2 percent in May. Core prices, that is prices excluding food and energy, also came in ...Read More

Mtg apps, Empire State survey, Industrial Production, Euro area trade surplus

Purchase applications backed off but have been moving higher for several months, though still very depressed: A nice move up but as per the chart it’s hovering around 0: Worse than expected, and continues at recession levels, and note the decline in autos: Highlights A steep drop in vehicle production pulled industrial ...Read More

Saudi output, Fed Atlanta, NY Fed GDP forecast, Credit card company sell off

Saudi output hasn’t materially changed. The previous strategy was to set the price low enough for output to increase. So seems the new oil minister has changed course is now setting price as high as he thinks he can set it without triggering development of higher priced oil. Let me suggest this ...Read More

NFIB Small Business Optimism Index, Retail sales, Redbook retail sales, Business inventories

The charts of all the components look just as bad. And note the collapse after oil capex collapsed: Highlights The small business optimism index rose 0.2 points in May to 93.8, slightly extending April’s 1 point bounce back from 2-year lows but remaining well below the 42-year average of 98. Four of ...Read More

Rail traffic, Employment agency chart, Growth vs cost cutting chart

Rail Week Ending 04 June 2016: Rail Contraction Accelerates By Steven Hansen June 10 (Econintersect) — Week 22 of 2016 shows same week total rail traffic (from same week one year ago) contracted according to the Association of American Railroads (AAR) traffic data. The improvement seen last week evaporated, and was likely ...Read More

JOLTS, Unemployment claims, Wholesale inventories and Sales

The deceleration in jobs openings released yesterday leads the deceleration in employment. Downward job revisions also mean lower income estimates, so watch for personal income and savings to be revised down as well. And it all started decelerating after oil capex collapsed at the end of 2014. Job Openings Hit Record High, ...Read More

Tax receipts

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Mtg purchase apps, Productivity, Unemployment survey, Article submitted

From the MBA: The Refinance Index increased 7 percent from the previous week. The seasonally adjusted Purchase Index increased 12 percent from one week earlier. The unadjusted Purchase Index decreased 12 percent compared with the previous week and was 6 percent lower than the same week one year ago. Highlights Purchase applications ...Read More