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Browsing Category
Economy
Do the personal income data demonstrate unbalanced reflation?
The Department of Commerce released the Personal Income and Outlays data for June 2009. What the data showed was a very unbalanced month in which personal income and savings dropped but personal consumption expenditures rose. In…
ISM shows manufacturing sector close to recovery
Today the July 2009 Manufacturing ISM Report On Business was released and the widely followed PMI Index came in ahead of expectations at 48.9. Any number below 50 represents contraction, so this figure shows that the manufacturing sector…
SEC charges BofA of lying to investors over Merrill but settles
Bank of America’s story in the BofA-Merrill saga has always sounded dubious at best. Ken Lewis has always claimed he was doing what was right by shareholders and America, that Gentle Ben and Hammering Hank coerced him into the Merrill…
What does a double dip recession look like?
On Friday, in reporting on second quarter GDP statistics, I wrote with some skepticism about the underlying consumer demand which would underpin a sustainable recovery. I do feel that the stage is set for recovery; Alan Greenspan…
A conversation with Robert Shiller on Charlie Rose
Economist Robert Shiller of Yale University provides Charlie Rose an update on the economic crisis, focusing on the housing market and the data from his recent reports.
Five banks seized in FDIC Friday night special
Here are the latest FDIC seizures: First State Bank of Altus, Altus, Oklahoma Total assets of $103.4 million and deposits of approximately $98.2 million Estimated cost to the Deposit Insurance Fund (DIF): $25.2 million. Integrity…
US GDP comes in at minus 1%
Down 1.5% was the consensus expectation. But Q1 was revised down to minus 6.4% from 5.5%. The GDP Deflator for Q2 came in at 0.2%, which shows that disinflation risks tipping into deflation still. The dollar is weaker and the short…
Marc Faber: China’s numbers are fake
Late last year, I anticipated that the global slowdown would bring China’s GDP growth down to 2%, a level that would make most nations envious but which would have been catastrophic for China. In the end, robust government stimulus…
Jobless claims up another 25,000 in US
The US Department of Labor released data showing that 584,000 people filed initial claims for unemployment insurance this past week. This is up sharply from the upwardly revised 559,000 last week and 524,000 two weeks ago. The…
GDP benchmark revisions coming on Friday
On Friday, when the BEA reports the initial 2nd quarter GDP numbers, it will do so based on completely revised historical data. Expect some surprises. What is coming on July 31st is what is known as benchmark revisions of the…