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Economic Statistics for 18 Sep 14

Housing starts for August fell a disappointing 14.4% to an annualized 0.956 million units, but this comes off a very strong July reading.

Initial weekly jobless claims fell 36,000 to 280,000. The 4-week average fell 4,750 to 299,500. Continuing claims fell 63,000 to 2.429 million.

The Bloomberg Consumer Comfort Index rose 0.7 points to 37.2 in the latest week.

The general business conditions index of the Philadelphia Fed’s Business Outlook Survey fell -5.5 points to 22.5 in September.

The Fed’s balance sheet rose $28.2 billion last week, with total assets of 4.408 trillion. Reserve bank credit rose $29.9 billion.

The Fed reports that M2 money supply rose by $25.1 billion in the latest week.


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Economic Statistics for 17 Sep 14

The MBA reports that mortgage applications rose 7.9% last week, with purchases up 5.0% and refis up 10.0%.

Consumer prices fell -0.2% at the overall rate in August, while the core CPI, which excludes food and energy, was unchanged. On a year-over-year basis, both the headline and core CPI are up 1.7%.

The nation’s current account deficit narrowed to $-98.5 billion in the 2nd Quarter, down from the 1st Quarter’s revised $-102.1 billion.

The NAHB housing market index for August rose 4 points to 59 in September.

The Fed’s newest forecast for GDP growth:2014: 2.0 to 2.2 %; 2015: 2.6 to 3.0 %; 2016: 2.6 to 2.9 %; 2017: 2.3 to 2.5 %; longer run: 2.0 to 2.2 %. In other words, sub-par economic growth for as long as they can foresee. As a reminder, the trend rate of growth for mature economies should be in the 3.0-3.5% range.

The Federal Open Markets Committee announced that interest rates will remain unchanged, with a Fed Funds Rate target of 0-0.5%.


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Economic Statistics for 16 Sep 14

ICSC-Goldman reports weekly retail sales fell -2.6%, and rose 3.0% on a year-over-year basis. Redbook reports retail sales rose 3.6% on a year-ago basis.

Producer Prices for Final Demand were unchanged in August, and were up 0.1% less food and energy. On a year-over-year basis the PPI-FD is up 1.8% overall, and up 1.6% less food and energy. Other relevant numbers from this release:

PPI-FD less food, energy & trade services – M/M change: 0.2%
PPI-FD Goods – M/M change: -0.3%
PPI-FD Goods – Y/Y change:  1.7%
PPI-FD Services – M/M change: 0.3%
PPI-FD Services – Y/Y change: 1.9%

Foreign demand for long-term US securities fell $-18.6 billion in July.


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Economic Statistics for 12 Sep 14

Business inventories rose 0.4% in July, while a 0.8% rise in business sales that Kept the stock-to-sales ratio unchanged at 1.29.

August retail sales rose 0.6%, while sales less autos rose 0.3% and sales less autos and gas rose 0.5% 

August export prices fell -0.5%, while import prices fell -0.9%. On a year-over year bases, export prices rose 0.4% while import prices fell -0.4%. 

The Reuters/University of Michigan’s consumer sentiment index rose 2.1 points to 84.6 in August.


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You don’t want to go there, okay?

Eric Holder – “You don’t want to go there buddy”.

That covers it doesn’t it?    A nice summary of the attitude of this administration acting like ‘gentlemen’ from Chicago.   Covers 6 years really.   Budgets, Fast and Furious, Gun control (but, as Mr. Twain observed, I repeat myself, and so will they),  Benghazi, IRS Scandal, Obamacare and “If you like your health plan…”, Government spying, Immigration…

“You don’t want to go there buddy.  You don’t want to go there, okay?”

Oh man, how I wish we hadn’t already gone there.

“You don’t want to go there buddy”

Wow.

or what Eric?  You going to come across the table and bust him up?   Or are you going to do it administratively?  Use your agency to do some investigating?   A few phone call records you got from the NSA, maybe a little IRS investigation?  Have Harry Reid mention on the Senate floor that he he heard someone say something.  Check out his campaign finances, his personal finances, his dog’s rabies vaccination?

What does that even mean, “you don’t want to go there”….should we call you ‘General’ or ‘Mr. Thug’.

Don’t go there buddy?   That sounds, as they say here in Texas, like fighting words, certainly the prelude to fighting words.   So what was that other than the opening of a threat.   Why not complete the sentence Eric?   “Or…”.

Makes you wish you were writing Gohmert’s lines right?   “Or what?”   That would have been my preferred response at that point.    You must keep in mind my “esprit descalier” is awesome.

“Or what, Mr. Holder?   Don’t go there, orrrrrrrr?”

If I was scripting for Holder we wouldn’t have gotten to that point though.  Because I’d probably have started off his opening with a little thuggish honesty…

“This is a nice little Congress you got here Mr. Gohmert (looks around appreciatively), be a shame if something was to happen to it eh? (smiles and winks).

(Clears throat)

Which is why I’ve, uh, come to, uh, visit here today (straightens his suit), to let you know, that (bows head and raises hands in halting motion), we’re done with these…(locks eyes with Gohmert) investigations and questions.  Mr. Obama has had enough of this “reparte”, and he wants me to give you a message….”.

I just can’t decide if he should deliver it as if he was from Newark New Jersey, or Birmingham England.   A nice Brummie accent would work but only if  Jason Statham is playing Gohmert.    But then we’d require stunt men for at least one of the starring characters, certainly for Holder.

Yes, this was a long week for little Eric.

He and the boss are planning on another gun grab attempt while ‘protecting’ those 2nd Amendment rights by letting us have biometric/electronically linked weapons.   You can bet they’ll grandfather all of those non complying guns out of existence and transform their owners into felons for failing to yield them up.

Then he tells us he has discretion (which he admittedly does) on what he prosecutes.   It’s just going to remain remarkably focused on administration foes.

He sort of threatens a member of Congress while treating Congress with continued contempt over his contempt of Congress charge; and for flair manages some high dudgeon about it for publicity sake.

and plays the race card on anyone daring to question him or his performance as AG.

Did I miss anything?

Oh yes, I missed the huge guffaw he probably gave off when he heard that Congress has cited Lois Lerner for criminal behavior and is waiting for him to prosecute her.

Probably not much danger in you going there, eh buddy?

UPDATE – 4/12/2014 – AP –  this was recovered after I botched an attempt to make a correction to Jason Statham’s name and sent the whole shebang into temporary oblivion.  Tis is the net after all, and nothing is ever really ‘gone’ (except the President’s college transcripts of course).

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