Economic Statistics for 20 Sep 12
The following US economic statistics were announced today:
The general business conditions index of the Philadelphia Fed’s Business Outlook Survey improved to –1.9 for its September reading versus minus –7.1 in August. The improvement comes mainly from a big jump in new orders.
Initial jobless claims for last week were down 3,000 to 382,000, though this "drop" is mainly an artifact of last week’s number being revised upwards by 3,000. The 4-week average rose 2,000 to 377,750. Continuing claims fell 32,000 to 3.272 million.
The Markit PMI manufacturing flash index for September fell very slightly, down –0.4 points to 51.5, as factory activity continues to grow modestly.
The Bloomberg Consumer Comfort Index rose to –40.8 from last week’s –42.2, continuing a long, slow, less negative trend.
The Conference Board’s index of leading indicators in July fell –0.1%, following last month’s rise of 0.4%, but still the third decline in the past five months.
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Dale Franks
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That was just laughable.
Let’s say I promise to give you $20 but then revise that and only give you $15. Let me report that as making $5 off of you.
I think its more like accounting identity instead.
Through the summer almost all of the ‘revisions’ were 2,000 per week (always upward of course). In the last month the revisions have been 3,000 more often. When you start seeing revisions of 4,000 you will know they have received marching orders to pretty up the numbers even more.
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