Housing starts, Industrial production, Bank loans, Euro business loan demand, Momentum

Yes, housing starts were up for the month, and somewhat higher than expected, but looking at the chart it sure looks to me like they’ve gone nearly flat with things like changes in the interest rate outlook causing some of the volatility. And on a population adjusted basis housing starts remain at ...Read More

Business sales, Retail sales

Today’s trade agreement will do nothing to reverse the tariff induced deceleration well underway in the economy: This is through Q3: ...Read More

Euro area IP, India IP, Japan, Mexico, US claims, Sea containers

The global slow motion train wreck continues: Japan: Core machinery orders in Japan, which exclude those of ships and electrical equipment, declined 6.0 percent from a month earlier in October 2019, following a 2.9 percent fall in September and compared with market expectations of a 0.9 percent increase. It marked the longest ...Read More

Small business optimism, China autos, Household asset ratio

Still elevated vs before the election, but working its way down from the highs: China Auto Sales Fall for 17th Straight Month Vehicles sales in China dropped 3.6 percent from a year ago to 2.46 million units in November 2019, marking the 17th consecutive month of decline, as local governments accelerated changes ...Read More

Germany, Japan, rails

Deeper into contraction: German Industrial Output Falls Unexpectedly Industrial production in Germany dropped by 1.7% mom in October 2019, missing market expectations of a 0.1% growth and following a 0.6% fall in September. This marked the steepest monthly decrease in industrial output since April, as production fell for capital goods (-4.4%), including ...Read More

Employment, Wholesale inventories and sales

Still in a down draft with additional tariffs scheduled to kick in Dec 15. Decelerating employment growth translates into decelerating personal income growth, etc. etc. etc. Similar pattern for wages- up some with tax cuts, down with tariffs: Meanwhile seems the crowd is making a big deal over the larger than expected ...Read More

Small business hiring, S&P earnings, Trump

A Growing Share of S&P 500 Companies’ Earnings Are Contracting 350 health professionals sign letter to Congress claiming Trump’s mental health is deteriorating dangerously amid impeachment proceedings ...Read More

Trade, Vehicle sales, Air cargo

The details show a weakening US consumer: The US trade deficit narrowed to USD 47.2 billion in October of 2019 from a downwardly revised USD 51.1 billion in the previous month, and below market expectations of a USD 48.7 billion. It is the lowest trade gap since May of 2018. Imports slumped ...Read More

ADP, ISM services, Bank lending, Euro area earnings forecasts, ISM NY

US Companies Add the Least Jobs in 6 Months: ADP Private businesses in the US hired 67K workers in November, well below market expectations of 140K and compared with a downwardly revised 121K in October. The service-providing sector added 85K jobs, driven mostly by education & health; professional & business; leisure & ...Read More

EEI Index, New tariffs, South Korea, US capex

Makes matters worse: US vows 100% tariffs on French Champagne, cheese, handbags over digital tax US capital expenditures collapsing: ...Read More