Free Markets, Free People

Economic Statistics for 1 Jul 16

June motor vehicle sales fell a very sharp -4.6% to a 16.7 million annual rate. North American-made vehicle sales fell -3.7% to a 13.2 million annual rate.

The June PMI Manufacturing Index rose 0.6 points to 51.3, while the ISM Manufacturing Index rose a stronger 1.9 points to 53.2.

Construction spending fell unexpectedly in May, down -0.8%. Year-on-year spending is up 4.5%. April’s Construction spending was revised sharply downward to -2.0%.

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One Response to Economic Statistics for 1 Jul 16

  • Kyle Bass, founder and CIO of Hayman Capital Management:

    Look, I had a fascinating out of body experience meeting with one of the world’s top central bankers in a private meeting about three years ago. And he said, “You know Kyle, quantitative easing only works when you’re the only country doing it.” He would never say that publicly. And I’ll protect his name, because it was a private meeting. But it was one of those moments where I…it was one of those epiphanies almost, where it’s something you and I knew, but hearing him say it, call it one of the four top central bankers in the world, it was a jarring experience for me, because when I look around the world today, everyone’s in the same boat. So we’re all trying…we’re attempting through our treasury and our Fed to get the rest of the world to not devalue against us, while we quietly attempt to devalue ourselves against them, and it’s all this…it is the race to the bottom, it is the beggar thy neighbor policies that we all talk about. And I believe that there is no way out.