Economic Statistics for 3 Jul 12
The following statistics were released today on the state of the US economy:
Auto sales will be released throughout the day today. First reports are from Chrysler, whose sales rose 20% to 144,811 vehicles. Nissan posted a 28% sales gain, to 92,237 new vehicles. More figures will be released later today.
In retail sales, ICSC-Goldman reports bad weather reduced same-store retail sales to a year-on-year 1.4% increase, though sales rose 0.2% on a weekly basis. Redbook reports weak 2.2% sales growth both on a weekly basis, as well as in the 4-week moving average. Both Redbook and ICSC-Goldman sales results are the worst in a year.
US factory orders rose a better-than-expected 0.7% in May. Ex-transportation, orders were up by 0.4%, reversing 2 months of decline.
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Dale Franks
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The lie needs to be put to the very idea that President Obama might be outspent during the 2012 election. Nobody knows how much the candidates and campaign will raise in the weeks ahead, but, so far, the numbers are pretty clear. To date, the Democratic National Committee, the Obama campaign and Obama super PACs have raised $471,400,000. This does not include at least $400 million that the labor unions have pledged to spend on Obama’s behalf. The Romney campaign, Republican National Committee and Romney super PACs have raised $264,223,126 — and much of that was spent during the Republican primary contest.
Anyway, there is a myth in American politics today that Obama will be outspent by Mitt Romney. Maybe that myth exists because Democrats, including Carter Eskew and President Obama, say it is so. It must be a fundraising tactic to scare contributors into giving, because the numbers suggest something completely different.