Free Markets, Free People

Economic Statistics for 7 Feb 13

Here are today’s statistics on the state of the economy:

Initial jobless claims fell 5,000 to 366,000, while the 4-week average fell 2,250 to 350,500. Continuing claims rose 8,000 to 3.224 million.

Monthly chain store sales are being reported today, with a generally positive trend, and some chains with very strong results. The signs are pointing to a 0.5% overall increase in ex-auto, ex-gas sales for the government’s retails sales report for January.

Non-farm business productivity fell a greater than expected -2.0% in the 4th quarter of 2012, while unit labor costs rose 4.5%. Business output declined to a 0.1% annualized rate from Q3’s 4.7%, while hours worked rose 2.2$. Unit labor costs were boosted by a 2.4% increase in compensation costs. Overall, this is a very disappointing report.

The Bloomberg Consumer Comfort Index rose almost a point to -36.3 in the latest week.

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Dale Franks
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3 Responses to Economic Statistics for 7 Feb 13

  • According to the government, Citigroup was defrauded by S&P credit ratings on subprime mortgage bonds that Citigroup itself created and sold. Bank of America, too, allegedly was defrauded by SP in the same way.

    Under the government’s theory, Citigroup and Bank of America paid SP for ratings that convinced the banks their own CDO offal was rock-solid. And because SP deceived them into thinking the best of their own rubbish, these banks and other lenders suffered more than $5 billion of investment losses, according to the suit.

    Apparently, Citigroup and Bank of America are guilty of using the “Jedi Mind Trick” .. using S&P as a mirror

  • January new aircraft orders collapsed from 183 in December to a meaningless 2 in January: a seasonally strong month, with some 150 orders a year ago