Italy trade surplus

The euro area trade surplus in general seems to be continuing, even as global trade weakens. Fundamentally this removes net euro financial assets from global markets that were sold by portfolio managers. Those managers include central bankers proactively selling their euro reserves over the last two years or so to buy US ...Read More

Wholesale sales, Household debt

unadjusted sales rate of growth decelerated 0.9 % month-over-month. unadjusted sales year-over-year growth is down 0.6 % year-over-year unadjusted sales (but inflation adjusted) down 1.2 % year-over-year the 3 month rolling average of unadjusted sales decelerated 0.4 % month-over-month, and down 1,9 % year-over-year. Very modest household credit expansion coincided with very ...Read More

China, Small business index, Productivity and Labor costs, Redbook retail sales

No sign of increased global demand here: China Exports Slide on Weak Demand By Mark Magnier Aug 9 (WSJ) — China’s General Administration of Customs said Monday that exports fell 4.4% in July year-over-year in dollar terms after a 4.8% decline in June. July imports fell by a greater-than-expected 12.5% from a ...Read More

Consumer credit

Less then expected, last month revised down. No sign of the acceleration in credit we need to support growth here. And the mix between revolving and non revolving not encouraging either: pmc ride tomorrow thanks for all the donations!!! ...Read More

Employment charts, Atlanta GDP forecast

Government hiring contributed 38,000 jobs last month and a total of almost 100,000 over the last three months: This is the jobs number before seasonal adjustments: The year over year number ‘takes out’ the seasonal factors: Note how many of the new employees were previously considered to be ‘outside the labor force’ ...Read More

Trade, Jobs, SNB buying US stocks, German Factory Orders

Larger trade deficit than expected for June, lowering Q2 GDP calculations as previously discussed: Much better than expected and prior month total payrolls were revised up some with private payrolls revised down. The headline unemployment rate was unchanged, while U6 unemployment, the broader measure, moved up a tenth to 9.7, indicating an ...Read More

Real final domestic demand, Layoffs, Fed tax receipts, Factory orders

This was the component of GDP that was touted as a sign of underlying consumer strength, as per the last quarter over quarter move up: However, the same data looked as year over year change- call it a 12 month moving average- shows that looking past the data’s ‘volatility’ there was a ...Read More

Auto sales, Mtg purchase applications, Secular stagnation, PMI services index ISM sesrvices

Lightweight cars and trucks better than expected, but heavy weight truck sales brought down the total: Highlights July proved to be a very strong month for vehicle sales, pointing to accelerating strength for consumer spending. Vehicles sold at a 17.9 million annualized rate in the month which is far above June’s 16.7 ...Read More

Italian banks, Campaign finance, NY ISM, July vehicle sales

Even this shows deceleration since the oil capex collapse: Early preview, not looking good: U.S. July auto sales miss estimates as pent-up demand slackens By Bernie Woodall August 2 (Reuters) — DETROIT: Four major automakers in the U.S. market on Tuesday reported July vehicle sales slightly below expectations as the pent-up demand ...Read More

Personal income and outlays, Redbook retail sales, Saudi price setting

Income a tenth lower than expected and remains depressed, spending was a tenth better than expected and up on higher energy prices. So looks to me like a mini ‘dip into savings’ that works against retail sales, etc. but just a guess. Prices a touch softer than expected and remain well below ...Read More