Dale Franks’ QandO posts
A plunge in aircraft orders sent December factory orders down -1.5%, but ex-transportation orders actually rose 0.2%.
Gallup’s Economic Confidence Index rose to -16 for January, up from -19 in December.
In weekly retail sales, ICSC Goldman reports a 0.3% weekly sales increase, but only a 0% year-on-year increase. Meanwhile, Redbook says sales rose a weak 2.7% on a year-ago basis.
Motor vehicle sales fell 3.1% overall in January, with just over a million vehicles sold, and only Chrysler and Nissan showing gains. GM: -12%, Ford -7%, Toyota: -7.2%, VW: -19%, Honda: -2.1% Fiat Chrysler: 8%, Nissan: 11.8%.
The Gallup US Consumer Spending Measure fell to $78 of daily spending in January, versus $96 in December.
Markit’s PMI Manufacturing Index fell -1.3 points to 53.7 in January.
The ISM manufacturing composite index is down sharply, by -5.7 points to 51.3 in January.
December Construction Spending rose a slight 0.1% in December, a 5.3% gain from the previous year.
Today’s downbeat economic numbers were no help to US stock markets, already under pressure from overnight slumps in world markets. The Dow Industrials ended the day down -326.05 to 15,372.80.
Today, we celebrated the life of my uncle, Rev. Raymond L. Franks Jr. There are few truly good men in this world–I certainly can’t claim to be one–but Uncle Ray was one of them. He was unfailingly loving, compassionate, and kind. In the 35 years he spent in the ministry in Albuquerque, NM, he touched and bettered an uncounted number of lives. The hundreds of people who came to pay their respects today are the merest tithe of the lives he touched.
Just being near him made you want to be a better person, to be able to live by the standards that he demonstrated in his own life every day. One of the great regrets of my life is that I was unable to be the person he thought I could be. Not once did he ever display anything but love and kindness to me, and occasionally regret that I was unable to spend more time with him in recent years. Now, he is gone, I can never spend time with him again.
Though he left an incredibly rich and lasting legacy, the remainder of my life will be a bit darker and bit more empty. Time, they say, heals all wounds, but for this one, sadly, I fear the healing will never truly be complete.
The world is a measurably poorer place for his passing.
Durable goods orders plummeted by a worse than expected -4.3% in December, and, ex-transportation orders fell 1.6%.
The S&P/Case-Shiller home price index rose 0.9% in November. On a year-over-year basis, prices are up 13.7%.
The Conference Board’s Consumer confidence index rose 3.2 points to a higher-than-expected 80.7 in January.
The Richmond Fed Manufacturing Index lost only a single point, to hold steady at 12 in January.
The State Street Investor Confidence Index jumped sharply from 95.9 to 114.4 in January.
ICSC-Goldman reports weekly retail sales rose only 0.2% last week, and only 2.2% from the prior year. Redbook reports a 3.2% year-over-year increase.
New home sales nose dived in December, to a much worse than expected 414,000 annual rate, while the median price rose 0.6% to $270,200.
The Dallas Fed Manufacturing Survey’s business activity index rose from 3.1 to 3.8 in January. The Production Index was unchanged at 7.1.
This week, Bruceand Dale just talk about Wendy Davis and other things.
The direct link to the podcast can be found here.
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