Economic Statistics for 22 Sep 11
Today’s economic statistical releases:
Well, this really isn’t a statistic, as such, but the Dow slipped -300+ at the open, on a pessimistic economic outlook for the US and EU, weak data for the euro zone, and a negative outlook on the US economy from the Federal Reserve. Why the markets are reacting as if any of this is a surprise is beyond me.
Initial claims for unemployment fell -9,000, to a still-unpleasantly-high 423,000. Meanwhile, last weeks claims were revised upward by another 4,000.
The Bloomberg Consumer Comfort Index dropped to –52.1, the worst since the recession "ended" in June, 2009. Note the scare quotes around the word "ended".
The Index of Leading Indicators rose 0.3% last month, though mainly on money supply gains as investors bailed out and went to cash. Which actually isn’t a good sign.
The FHFA home price index in July rose 0.8%. That’s the fourth month in a row the index has risen, so not everything is a complete disaster. We take our good news where we can find it, I guess.
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Dale Franks
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Why the markets are reacting as if any of this is a surprise is beyond me.
I’ll wager that Wall Street was betting on something bigger than a $400 billion re-arrangement of their balance sheet. When the free money didn’t show they set their hair on fire and ran out of the room.
Oops. Let me try that again… I’ll wager that Wall Street was betting on something bigger than a $400 billion re-arrangement of the Fed’s balance sheet.