Free Markets, Free People

Dale Franks

Dale Franks’ QandO posts

Economic Statistics for 9 Apr 15

Chain stores are reporting generally good sales for March today, as an early Easter pulled sales from April.

Wholesale inventories rose 0.3% in February, while a -0.2% drop in sales left the stock-to-sales ratio at a boated 1.29.

Initial weekly jobless claims rose 14,000 to 281,000. The 4-week average fell 3,000 to 282,250. Continuing claims fell 23,000 to 2.304 million.

The Bloomberg Consumer Comfort Index rose 1.7 points to 47.9 in the latest week.

The Fed’s balance sheet rose $1.6 billion last week, with total assets of $4.483 trillion. Reserve bank credit rose $0.7 billion.

The Fed reports that M2 money supply rose by $10.5 billion in the latest week.

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Economic Statistics for 8 Apr 15

The MBA reports that mortgage applications rose o.4% last week. Purchases rose 7.0%, but re-fis fell -3.0%.

The minutes of the Fed’s last FOMC meeting shows some concern about when–and how–to raise rates and unwind Quantitative Easing. The minutes show that making monetary policy changes very gradually is going to be the policy. Policy changes may begin as early as the summer, though this, of course, will be data-driven.

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Economic Statistics for 7 Apr 15

The Labor Department JOLTS report shows 5.133 million job openings on the last business day of February, versus 4.965 million in January.

Consumer credit rose a $15.5 billion in February, mainly on autos and government acquisition of student loans. Revolving credit fell $-3.7 billion, which seems to be bad news for consumer spending, especially as revolving credit has fallen in four of the last five months.

Redbook reports that last week’s retail sales rose to 3.4% on a year-ago basis, from the previous week’s 3.0%.

Gallup’s U.S. Economic Confidence Index fell -3 points to -2 in March.

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A Coupl’a Things

So, a few things have caught my attention over the last couple of days. None of them are related. They’re all just sort or random things I noticed in passing.

In response to the SJW freak-out over the owner of Memories Pizza in Indiana, Dana Loesch started a GoFundMe for the pizza shop that got over $800,000 in pledges. This made one SJW named John Furr unhappy.


So, Mr. Furr tweeted how upset he was that GoFundMe allowed this project to be accepted and completed. He’s so upset that, even though he’s used the site for his prog-lefty fundraising, he’s going to boycott them from now on. Sure, he found the site useful to dredge up what money he could from his SJW sympathizers, but now that someone with an opposing political view has used the site, it’s become too corrupted to have anything to do with.

Apparently, it’s not enough for GoFundMe to be neutral in this political issue, and go about their business of allowing anyone to needs funding within their TOS to obtain it. Neutrality, is, in his view, just as evil as opposition in his quest for transcendental justice, I guess.

Think about what that implies. Either you give full-blown support to the appropriate Lefty causes or you’re simply an enemy. That’s the totalitarian face of the progressive Left. They aren’t interested in “tolerance”. They require approval. If you don’t want to weigh in and stand on the sidelines…well, that’s not good enough. You’re either all-in or you’re a class traitor. So, don’t kid yourself that they won’t come for you if they obtain the power to do so. You won’t get to be left alone.

These SJWs are totalitarians who demand a rigid conformity, and demonize anyone who won’t mouth the appropriate political line.

The Left could not be more effective at fomenting civil war in this country if they were trying to do so.

Bill O’Reilly’s book, Killing Jesus, has been made into a movie, and they showed it on FOXNews over the Easter weekend. It was weird.

In the movie, Jesus kind of announces himself to the world by having Peter haul in a butt-load of fish in a single cast. Nobody had seen anything like it. Anyway, the Sanhedrin convinces Pilate to crucify Jesus, and he’s put in the tomb, with the High Priest asking for Roman soldiers to guard the tomb to ensure the disciples don’t steal the body and claim he came back from the dead.

A couple of days later, some folks go to the tomb, where the stone has been rolled away, and the corpse is gone, with an empty shroud just laying there. The very next scene, Peter is back in Galilee, fishing, and looking all sad and puppy-like. Then, a whole bunch of fish swim into his net. He hauls in his record catch, and yells over to one of the other disciples, “He has returned!” Except that he, you know, hadn’t. So, basically, the whole Resurrection deal was just…disappeared from the movie.

Now, look, the Resurrection is kind of a Big Deal in Christianity. One might almost say that Christianity without the Resurrection is pointless. I mean, if you’re gonna do a Jesus movie, and play it on Easter Frickin’ Sunday, you might think that some mention would be made of the couple of hundred people or so whom the Bible asserts actually saw and spoke with Jesus for about a month after the crucifixion, or watched him fly up into heaven. But, you’d be wrong. The body just disappeared—with hints that the disciples took it—and the whole resurrection deal was symbolic thing, rather than Resurrected Jesus walking up to people and saying, “Yeah, It’s me. No really, poke my spear-holes of you don’t believe me!”

I found it odd that this Killing Jesus deal was hyped as some sort of authoritative look at Jesus life, and they just elided the whole Resurrection thing away. On Easter Sunday.

The Federal Reserve Bank of Philadelphia made a strange statement. They are suspending their report on state-level leading and coincident indicators. Why?

The recent benchmark data revisions from the Bureau of Labor Statistics produced greater changes to the Philadelphia Fed’s estimating methodology than are typical. While estimates for most states do appear to be reasonable, those for some states are not.

In other words, the BLS has “adjusted” the data so badly that they don’t make any sense, and the Fed can’t use them to produce the state leading and coincident indicators index. They are, in short, worthless. The BLS, of course, says they give us the real scoop, without any of that nasty political data massaging.

Apparently, the Philly Fed disagrees.

Sally Kohn is an NYU law school graduate. But, I’m going to assume it was the NYU School of Legal Things and Stuff for Kids That Don’t Think Too Good, because today she wrote this:

You could also argue that the government is forcing you to drive below the speed limit or wear a seatbelt in your car. But it’s not. There isn’t a police officer holding a gun to your head literally forcing you to buckle up. In fact, you are 100 percent free to speed and not wear your seatbelt—and simply deal with the consequences if you’re pulled over. Is the threat of the fine for breaking the law amount to “forcing” you to follow the law? No.

This definition of “force” contravenes literally everything we know about how law—and language—works. The whole point of having laws is to engage you with whatever force is necessary to stop you from, or punishing you for, disobeying them. You can’t even spell “law enforcement” without “force”.

So, the key takeaway: Progressives aren’t just raging totalitarians…they are dumber than wet stumps.

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Economic Statistics for 6 Apr 15

The composite index from the ISM non-manufacturing survey for March fell -0.4 points to 56.5.

The Markit PMI services index rose 2.1 point to 59.2 in March.

Gallup’s self-reported Consumer Spending measure shows Americans’ spending averaged $86 In March, versus $82 in February.

The Federal Reserve’s Labor Market Conditions Index fell sharply from a revised 2.0 in February to -0.3 in March.

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Economic Statistics for 3 Mar 15

The only statistical release on the Calendar today is the Employment Situation, which, for March, was pretty bad. Only 126,000 net new jobs were created, while the departure of 96,000 people from the labor force helped keep the unemployment rate unchanged at 5.5%. The labor force participation rate fell a tick to 62.7%, the lowest since February, 1978. Average hourly earnings rose 0.3%, but the average work week fell by -0.1 hours to 34.5 hours. Net new jobs in January and February were revised down a net 69,000. Market expectations for March were for a 247,000 increase in net new jobs. Despite recent claims of a strengthening labor market, there’s little evidence of it in today’s report.

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Economic Statistics for 2 Apr 15

Challenger’s layoff count eased to 36,594 in March, well down from the 50,000+ reading of the last two months.

Lower oil prices sent the US trade deficit sharply lower in February, to $-35.4 billion, versus January’s revised $-42.7 billion.

After six straight months of decline, US Factory orders rose 0.2% overall, but the durables components was still down -1.4%.

Gallup’s U.S. Payroll to Population employment rate was 44.1% in March, up 0.2% from February.

Initial weekly jobless claims fell 20,000 to 268,000. The 4-week average fell 14,750 to 285,000 . Continuing claims 88,000 to 2.325 million. This is lowest weekly jobless claims number since April, 2000.

The Bloomberg Consumer Comfort Index rose 0.7 points to 46.2 in the latest week.

The Fed’s balance sheet rose $1.2 billion last week, with total assets of $4.482 trillion. Reserve bank credit fell $-9.4 billion.

The Fed reports that M2 money supply rose by $3.1 billion in the latest week.

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