Free Markets, Free People

Daily Archives: July 3, 2013

Economic Statistics for 3 Jul 13

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

The MBA reports that mortgage applications plunged -11.7% last week, with purchases down -3.0% and re-fis down -16.0%.

Challenger reports job layoff announcements totaled 39,372 in June, up from 36,398 in May.

The ADP Employment Report estimates that 188,000 private payroll jobs were created in June.

The U.S. trade deficit in May jumped to $45.0 billion from $40.1 billion in April.

Initial jobless claims fell 5,000 to 343,000. The 4-week average fell 250 to 345,500, while continuing claims fell 54,000 to 2.933 million.

The Gallup U.S. Job Creation Index was unchanged at 22 for June.

The Bloomberg Consumer Comfort Index rose 0.8 points to -27.5 in the latest week, a fresh five and a half year high.

The ISM Non-Manufacturing Index fell 1.5 points to 52.2 in June.

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So here we go: Egypt at the abyss – military said to have Morsi under arrest

The old means of changing government is back.  The Egyptian military is reportedly staging a coup.

Egyptian President Mohammed Morsi is reportedly under house arrest after the military ultimatum expired Wednesday, reports Al Hayat TV.

Morsi’s spokesman denied the report, according to ABC News, but word of the house arrest provoked cheers in Tahrir Square.

This comes as Egypt’s military moved to tighten its control on key institutions before their afternoon ultimatum expired.

The military stationed officers in the newsroom of state television on the banks of the Nile River in central Cairo. Troops were deployed in news-production areas.

Officers from the army’s media department moved inside the newsroom and were monitoring output, though not yet interfering, staffers said, speaking on condition of anonymity because they were not authorized to talk about the arrangements.

Apparently, this is the plan:

Under a plan leaked to state media, the military would install a new interim leadership, the Islamist-backed constitution suspended and the Islamist-dominated parliament dissolved.

And our position, as reported by ABC?

Meanwhile, President Barack Obama is urging Morsi to address the people’s grievances and the White House is also warning Egypt’s military that a coup could jeopardize relations with the United States.


Oh, and where in the world is John Kerry?