In weekly retail sales, Redbook reports a strong 3.8% increase in same-store sales from the last year. ICSC-Goldman’s chain-sample is much weaker, with a weekly sales decrease of -0.6%, and only a 1.9% increase on a year-over-year basis.
Gallup’s Economic Confidence Index fell a sharp 16 points to -35 in October, the sharpest monthly drop since 2008, when the index began.
The ISM Non-Manufacturing Index rose a point in October to 55.4.
Gallup reports that Americans’ self-reported daily spending averaged $88 in October, up from $84 in September.
Factory Orders fell -0.1% in August, but in September jumped 1.7% on larger aircraft orders. The August report was originally delayed by the government shutdown.
And it has all the ear-markings of the usual failure. New York mayoral race:
Since the days of Bill Clinton and the New Democrats, it has been a totem of faith in some liberal-progressive circles that the key to lifting up the lower ranks lies in downplaying social and economic conflicts, cozying up to business interests, and tackling inequality covertly, through largely invisible subsidies such as the Earned Income Tax Credit. De Blasio, in pledging to raise taxes on the rich to finance his education programs, has challenged this formula, and turned himself into the standard-bearer for what some see as a new era of urban populism.
Yes indeed, a “new era of urban populism”, or as those who view the idea just a little differently, a new era of class warfare in which the demonized class gets robbed and the proceeds of the theft are supposedly redistributed for the benefit of the “proletariat”. It’s not like we don’t spend enough on education now. You’d think a smart mayoral candidate would consider the possibility that money isn’t the problem. But that’s too difficult and besides, when you’re supported by teachers unions, well, it’s easier to go after the rich.
And, of course, the author of this article is quite excited about it. It’s like this has never happened recently in, oh, I don’t know, France? You know … where they decided those filthy rich should pay for everything. It certainly wasn’t a matter of “urban” populism per se, but it was a matter of socialist populism – same thing. Result? The rich started moving elsewhere. Imagine that.
Of course De Blasio would have to get this past the state legislature – not likely anytime soon. And, as the author mentions, it’s not a huge tax raise so it’s likely not to get much coverage even if it is passed. But the point of course is the left never learns. Ever. They’re committed to the same failed policies and same failed solutions as they always have been.
Most remarkable is the apparent surprise they register when the predictable happens. It is like they’re geese and they wake up in a new world every day? Unfortunately we have to share the world with them and they’re making it progressively unlivable.
The ISM manufacturing composite index remained steady, with just a 0.2 point rise to 56.4 in October.
Markit’s PMI Manufacturing Index fell a point to 51.8 in October.
Vehicle sales were strong in October, coming in at a 15.2 million annual unit rate. Some of the sales increases reported: Chrysler 11%, GM 15.7%, Ford 14%, Toyota 8.8%.
Initial jobless claims fell 10,000 last week, to 340,000. The 4-week moving average rose 8,000 to 356,250. Continuing claims rose 31,000 to 2.881 million.
The Chicago PMI accelerated sharply in October to 65.9 from the previous month’s 55.7.
The Bloomberg Consumer Comfort Index fell -1.5 points to -37.6.
Farm prices rose 0.5% in October, but on a year-over-year basis were down -11%.
The Fed’s balance sheet rose $4.4 billion last week, with total assets of $3.843 trillion. Reserve Bank credit increased $12.9 billion.
The Fed reports that M2 Money Supply increased by $55.9 billion last week.
The MBA reports that a dip in rates caused mortgage applications to rise 6.4% last week, with purchases up 2.0% and re-fis 9.0%.
ADP reports a smaller-than-expected rise in private payroll growth, at 130,000 in October, a disappointing number.
The Treasury reported a big $75.1 billion surplus in the month of September. This points to a substantially lower 2013 deficit.
The CPI rose 0.2% in September, with the core rate up 0.1%. On a year-over-year basis, consumer prices are up 1.2% overall, and up 1.7% ex-food and -energy.
In weekly retail sales, Redbook reports a 3.6% increase from the previous year. ICSC-Goldman reports a weekly sales drop of -0.4%, and a 2.2% increase on a year-over-year basis.
Producer prices fell -0.1% in September, but were up 0.1% at the core level. On a year-over-year basis, the PPI rose 0.3% overall, but up 1.2% at the core.
September retail sales fell -0.1% overall. Sales ex-autos were up 0.4%, and ex-auto and -gas sales were up 0.4% as well.
The S&P/Case-Shiller home price index rose 0.9% in August, the first monthly increase since April.
Business inventories rose 0.3% in August, while a 0.4% rise in sales kept the stock-to-sales ratio unchanged at 2.90 for the third consecutive month.
The Conference Board’s consumer confidence index slumped to 71.2 in October from last month’s 79.9.
The State Street Investor Confidence Index fell to 95.7 in October from 101.4 in September.
The Dallas Fed Mfg Survey fell –9 points in October to a still-positive 3.6. The production index rose 2 points to 13.3.
Industrial production rose 0.6% in September, while capacity utilization rose 0.5% to 78.3%.
The Pending Home Sales Index for September fell 6 points to 101.6.
Durable goods order rose 3.7% in September—all of it on aircraft orders. Ex-transportation orders fell -0.1%. On a year-over-year basis, orders are up 7.4% overall, and up 5.6% ex-transportation.
The Reuter’s/University of Michigan’s consumer sentiment index slipped -2 points in the final October reading to 73.2.
Wholesale inventories rose 0.5% in August, while sales rose 0.6%. The wholesale stock-to-sales ratio was unchanged at 1.17.
The US trade deficit widened a bit from an unexpectedly low July deficit to $-38.8 billion in August.
The PMI Manufacturing Index Flash fell -1.7 points to 51.1 in October.
Initial jobless claims fell 8,000 last week, to 350,000. The 4-week moving average rose 11,750 to 348,250, Continuing claims rose 35,000 to 2.847 million.
The Bloomberg Consumer Comfort Index fell -2 points to -36.1 last week.
The Fed’s balance sheet rose $25.4 billion last week, with total assets of $3.839 trillion. Reserve Bank credit increased $20.4 billion.
The Fed reports that M2 Money Supply increased by $28.8 billion last week.