Free Markets, Free People

Economic Statistics for 29 Dec 11 (Updated)

Today’s economic statistical releases:

In a Dec 24 week clouded by the need for estimates, initial unemployment claims rose 15,000 to 381,000. Despite that, the 4-week moving average fell 5,750 to a 375,000, the eighth decline in 9 weeks.

The Chicago Purchasing Managers Index remains steady at 62.5 this month, but new orders are especially strong at 68.0.

The Bloomberg Consumer Comfort Index dropped to -47.5 last week, down from a reading of -45.0 last week.

Low prices and mortgage rates are boosting the housing sector, pushing the pending home sales index up 7.3% to 100.1.

The Kansas City Fed Manufacturing Index was supposed to be released this morning, but apparently, the Fed is delaying the release. Probably holiday-related issues.

UPDATE: The Kansas City Fed Manufacturing Index was much lower than expected, coming in at -4, vice analysts’ expectations of 6.

Dale Franks
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2 Responses to Economic Statistics for 29 Dec 11 (Updated)

  • The welfare/entitlement state continues to be a train wreck so do the press release for that on a Friday before a holiday. From the Washington Post:

    The dirty secret in Uncle Sam’s Friday trash dump
    In fiscal 2011, the cost of the promises grew from $30.9 trillion to $33.8 trillion. To put that in context, consider that the total value of companies traded on U.S. stock markets is $13.1 trillion, based on the Wilshire 5000 index, and the value of the equity in U.S. taxpayers’ homes, according to Freddie Mac, is $6.2 trillion. Said another way, there is not enough wealth in America to meet those promises.

    If the government followed corporate accounting rules, that $2.9 trillion increase would be added to the $1.3 trillion cash deficit for fiscal 2011 that has been widely reported. And a $4.2 trillion deficit is something that Americans need to know about.

    And that is the optimistic view. Here is the reality view:

    The panel and the GAO recommended including an alternate scenario in the year-end figures, in which the doc fix continues and the ACA cost reductions do not materialize. The result is a $12.4 trillion increase in the cost of the promises, to more than $46 trillion. Given Congress’s history with the doc fix, and the general paralysis in Washington, it’s hard to argue with the GAO’s lack of confidence in Congress’s ability to honor its own cost controls.