NYC Tourism

Dollar weak enough to support exports: NYC hits tourism record by Samantha Gross NEW YORK (AP) – With a falling dollar sweetening the deal for international travelers, a record-setting number of tourists visited the city last year, spending an estimated $28 billion, tourism officials said Sunday. With a final count still pending, ...Read More

Indexing French wages

A bit of structural inflation being introduced: Sarkozy Plans to Index Civil Servants’ Salaries to Inflation by Helene Fouquet and Francois de Beaupuy (Bloomberg) French President Nicolas Sarkozy said he’d index civil servants’ salaries to inflation and make good on unpaid overtime hours to improve their purchasing power. “It’s a fact that ...Read More

Budget telling data

Federal budget surplus for Dec. – but wait . . . By Martin Crutsinger Associated Press WASHINGTON – The federal budget showed a record surplus for December, but for the first three months of this budget year, the budget deficit was running significantly higher than in the same period the previous year. ...Read More

2008-01-11 US Economic Releases

Trade Balance (Nov) Survey -$59.5B Actual -$63.1B Prior -$57.8B Revised n/a Exports holding up. Oil price jump and vol in aircraft shipments. December exports are key for the quarter. Import Price Index MoM (Dec) Survey 0.1% Actual 0.0% Prior 2.7% Revised 3.3% Went down continuously for years, now going up. And with ...Read More

Trade numbers

U.S. Trade Deficit Hits 14-Month High on Oil Imports by Reed Saxon The U.S. trade deficit in November surged to the highest level in 14 months, reflecting record imports of foreign oil. The deficit with China declined slightly while the weak dollar boosted exports to another record high. The Commerce Department reported ...Read More

Re: Bernanke

(email) On 11 Jan 2008 11:17:34 +0000, Prof. P. Arestis wrote: >   Dear Warren, > >   Many thanks. Some good comments below. > >   The paragraph that I think is of some importance is this: > > >  The Committee will, of course, be carefully evaluating incoming > >  information bearing on ...Read More

Comments on Bernanke speech

Although economic growth slowed in the fourth quarter of last year from the third quarter’s rapid clip, it seems nonetheless, as best we can tell, to have continued at a moderate pace. Q4 GDP seen as ‘moderate’ – that is substantially better than initial expectations of several weeks ago. Recently, however, incoming ...Read More

2008-01-10 US Economic Releases

Initial Jobless Claims (Jan 5) Survey 340K Actual 322K Prior 336K Revised 337K Continuing Claims (Dec 29) Survey 2730K Actual 2702K Prior 2761K Revised 2754K Looks like employment for December was pretty good. Wholesale Inventories (Nov) Survey 0.4% Actual 0.6% Prior 0.0% Revised November sales look good, and October revised up. Inventory/sales ...Read More

ECB Mersch on inflation

ECB’s Mersch Says Oil Must Not Boost Other Prices by Simone Meier (Bloomberg) European Central Bank council member Yves Mersch said a surge in oil prices must not be allowed to lead to permanently faster inflation, Luxembourg’s Wort newspaper reported, citing an interview. Yes, that is the mainstream view – don’t turn ...Read More

3 mo libor down to 4.44%

3 mo libor is now for all practical purposes is ‘under control’ and down about 50 bp since the last Fed meeting. Market function risk seems to be behind us, and the talk has now shifted to weakness due to softer demand. The question is what level of demand is consistent with ...Read More