Economic statistics for 1 Nov 11
Today’s economic statistical releases:
Weekly retail sales: ICSC Goldman reports a 0.7% weekly rise in same-store sales and 3% year-on-year, while Redbook reports a year-on-year rate of 5.2%.
Despite some positive indicators, the ISM Manufacturing Index fell to a weaker than expected 50.8 from 51.6 last month. On the positive side, the key sub-index of new orders, which have been contracting for the last 3 months, show expansion in this report. The prices paid index also dropped substantially as prices for manufacturing inputs fell.
Construction spending in September gained 0.2% over the pervious month, which is still positive, but far slower than last month’s 1.4%. On a year over year basis, spending fell -1.3%.
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Two other big economic news stories.
Greece is going to have a referendum on the bailout package. If they don’t pass it, and they probably won’t, then the EU fit hits the shan.
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MF Global. It seems some $700 million in funds has gone missing. This is no small deal in that it brings into question the legitimacy of the stock market.
An explanation of what the MF Global missing funds means.
http://www.zerohedge.com/news/liquidity-scramble-begins-mf-commingling-aftermath
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