Free Markets, Free People

Dale Franks

Dale Franks’ QandO posts

Economic Statistics for 31 Oct 12

The following US economic statistics were announced today:

The MBA mortgage applications report is delayed due to Hurricane Sandy.

The Chicago Purchasing Managers Index rose 0.2 points in October to 49.9, compared to September’s 49.7, which was the first negative index of the "recovery", as any score below 50 indicates economic contraction.

The employment cost index in the third quarter rose 0.4%, with the year-on-year rate up 2.0%.

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Dale Franks
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Economic Statistics for 30 Oct 12 (Updated)

The following US economic statistics were announced today:

The State Street Investor Confidence Index fell a steep 6.7 points to 80.6, as investors’ risk appetite plummeted.

The S&P/Case-Shiller 20-city home price index in July showed a 0.5% monthly gain On a year-over-year basis, the index rose 2.0%.

In weekly retail sales, Redbook is still delayed, but ICSC-Goldman reports a 0.5% weekly sales increase, but the year-on-year pace fell to 2.7%.

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Dale Franks
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Economic Statistics for 29 Oct 12

The following US economic statistics were announced today:

Personal Income rose 0.4% in September while personal spending rose 0.8%. The PCE price index jumped 0.4%, while the core rate was more modest with a 0.1% rise. On a year-over-year basis, the PCE price index rose 1.7% at the core and headline levels.

The Dallas Fed general business activity index in October rose 0.7 points to –0.9, indicating a slightly slower rate of contraction.

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Dale Franks
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Observations: The QandO Podcast for 28 Oct 12

This week, Bruce, Michael, and Dale talk about the upcoming election, Hurricane Sandy’s possible effect and the debacle in Benghazi.

The direct link to the podcast can be found here.

Observations

As a reminder, if you are an iTunes user, don’t forget to subscribe to the QandO podcast, Observations, through iTunes. For those of you who don’t have iTunes, you can subscribe at Podcast Alley. And, of course, for you newsreader subscriber types, our podcast RSS Feed is here. For podcasts from 2005 to 2010, they can be accessed through the RSS Archive Feed.

Economic Statistics for 26 Oct 12

The following US economic statistics were announced today:

The Commerce Department reports that the initial estimate for 3rd quarter GDP was that the economy grew at a  lackluster 2.0% annualized pace. The GDP price index rose more than expected, to 2.8%. Government spending was surprisingly positive for the report, as were personal consumption expenditures, led by durable goods. Still, growth is below normal, so the outlook for employment growth is not good.

The Reuter’s/University of Michigan’s consumer sentiment index posted an October reading of 82.6.

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Dale Franks
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Economic Statistics for 25 Oct 12

The following US economic statistics were announced today:

Last month’s huge 13.1% drop in durable goods orders rebounded with a 9.9% increase for September, and a 2.0% rise ex-transportation. On a year-over-year basis, orders are up 2.5%, but ex-transportation orders are down –1.6%.

Initial jobless claims for last week were down a sharp 23,000 to 369,000, while the 4-week average rose slightly to 368,000. Continuing claims  fell 2,000 to 3.254 million. Obviously, the weekly claims have been very volatile, and the seasonal adjustment factors haven’t been smoothing that out very well.

The Chicago Fed National Activity Index rose to 0 from –0.87 last month, indicating an economy that is neither expanding nor contracting, but balanced in a perfect equilibrium. Which is, of course, a practical impossibility.

The Bloomberg Consumer Comfort Index rose to -34.6 from -34.8 the prior week.

The pending home sales index rose a minimal 0.3% in September, following last month’s big –2.6% drop.

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Dale Franks
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Benghazi emails leaked

Reuters is reporting tonight that, "Officials at the White House and State Department were advised two hours after attackers assaulted the U.S. diplomatic mission in Benghazi, Libya, on September 11 that an Islamic militant group had claimed credit for the attack, official emails show."

These emails were sent from the State Department’s Operations Center to the White House, Director of National Intelligence, Pentagon, and FBI, and the first email was sent within 1/2 hour of the start of the attack. Two hours after the attack began, a third email was sent, bearing the subject line, "Update 2: Ansar al-Sharia Claims Responsibility for Benghazi Attack".

The president then nipped off to bed, as he had to fly to an important campaign fundraiser in Las Vegas the next day.

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Dale Franks
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Economic Statistics for 23 Oct 12

The following US economic statistics were announced today:

The Richmond Fed manufacturing index for September dropped sharply to a very contractionary –7 from 4 in September.

In retail sales, Redbook reports a weak 1.3% year-on-year sales increase, as the trend continues to decline. ICSC-Goldman reports a decrease of –0.7% over last week, and a flat 2.9% over last year.

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Dale Franks
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Observations: The QandO Podcast for 21 Oct 12

This week, Michael, and Dale talk about the vice presidential debate and game the electoral college.

The direct link to the podcast can be found here.

Observations

As a reminder, if you are an iTunes user, don’t forget to subscribe to the QandO podcast, Observations, through iTunes. For those of you who don’t have iTunes, you can subscribe at Podcast Alley. And, of course, for you newsreader subscriber types, our podcast RSS Feed is here. For podcasts from 2005 to 2010, they can be accessed through the RSS Archive Feed.