United States Standard & Poor 500

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United States Standard & Poor 500 Index (weekly), 20 week exponential average in green, 5 week exponential average in red, MACD (moving average convergence divergence) in green.

S&P 500 monthly chart the red line is a 24 month exaverage, the yellow line is a 6 month exaverage This chart is no longer updated but will remain for reference.

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(Bloomberg) Equities appreciated an average 12.91 percent a year from 1900 to 1999, while bonds returned 4.69 percent annually, according to the data from the London Business School and Credit Suisse. Since the start of the new century, bonds gained 6.36 percent, compared with a loss of 2.27 percent for shares. Flaws in the major stock indices: The average dividend yield over the whole period was 4.87 percent. Ignoring this return leads to enormous understatements of the long run payoff to owning stocks. It would not be difficult to publicize a total return index rather than a stock price index. On a daily basis, the difference would be barely noticeable. However, over time horizons longer than three months, the difference becomes noticeable. Over decades, the difference becomes enormous. A value-weighted index of the Dow-components including dividend payments (VW-DOWD) would have closed at 233,060 points at the end of December 1998 had it started off in October 1928 at 239.43 points. 2/10/2012 In the US, since 1900, the longest anyone has had to wait for a positive return from a position in stocks (Index) is 17 years. In Italy its 74 years --so says the FT Economist: The average time that people hold a stock on the NYSE has tumbled from eight years in 1960 to four month in 2010. (in 2020 is it down to zero days ? - probably) ===================================================
8/5/2021 Goldma boosts S&P 2021 target 8/1/2021 Apple, Alphabet and Microsoft had quarterly after-tax profits 8/3/12 U.S. employers hired the most workers (163,000) in five months in July, but an increase in the jobless rate to 8.3% kept prospects of further monetary stimulus from the Federal Reserve on the table. 4 years of private sector job creation under Obama has exceeded private sector job creation under 8 years of Bush. The problem remains Fed/State/Muni layoffs and RE/construction. U.S. Consumer spending, which makes up about 70% of economic activity, fell 0.1% when adjusted for rising prices, the Commerce Department said. The July Chicago PMI rose a stronger-than-forecast 53.7% The SP/Case Shiller composite index of 20 metropolitan areas gained 0.9% in May, topping economists' expectations for a 0.5% gain. As concerns rise about the state of America’s cities, the SEC says that the 3.7 trillion “illiquid and opaque” Municipal Bond market need reforms. Investors complained about being unable to get the information they needed. Ratings were often years out of date, and they are unable to find out how serious a given city’s problems are. 7/27/12 Midwest drought brings fourth smallest Gulf of Mexico ‘Dead Zone’ since 1985 - http://1.usa.gov/MKB38i Sandy Weill suggested that banks should be broken up, because they are too big, and proposed a return to Glass-Steagall. U.S. GDP grew at a tepid annual rate of 1.5 %. U.S. investors withdrew $11.5 billion from domestic stock funds. The largest weekly outflow in over two years. 7/13/12 The U.S. added a meager 80,000 jobs in June. The unemployment rate was unchanged at 8.2%. 6/10/12 The Commerce Department said that the U.S. trade deficit narrowed 4.9% in April to $50.1 billion. Goldman lowered US GDP forecast for 2012 to 1.8% from 2%. AIG’s Robert Benmosche: The Europe debt crisis shows that governments worldwide must accept that people will have to work up to ages 70 or 80. (FT) Luxury market set to hit $1.5tn: The market for luxury, such as yachts, frocks and safaris, is set to hit $1.5tn this year, roughly matching the entire economic output of Spain or Australia, as the income inequality gap widens across the globe. 6/3/12 U,S. nonfarm employment # rose just 69,000 in May, the least in a year. The Unemployment # rose to 8.2. U.S. pending home resale’s fell 5.5% following a revised 3.8% gain the prior month. YoY the index rose 14.7 %. U.S. economic growth slowed to an annualized rate of 1.9% in Q1 of the year. U.S. personal income rose 0.2% in April, after a 0. 4% in March U.S. personal consumption expenditures rose 0.3% in April, following a revised increase of 0.2% in March. The U.S. savings rate, or personal saving as a percentage of disposable personal income, edged down to 3.4 percent in April, slightly lower than 3.5 percent in March but still well above the 2.1-percent average rate for all of 2007 before the financial crisis. 5/12/12 The U.S. consumer sentiment index rose to a new post-recession high of 77.8 The U.S. producer price index fell 0.2% in April 5/12/12 Modern Banker JPMorgan, celebrated for its “controls”, said it lost $2 Billion “in six weeks” because of poor controls – quite the feat - more to disclose? Mr. Dimon recently responded to a question about too big to fail as “infantile” and “nonfactual.” (If only Glass-Steagall were still around!) The U.S. has made "considerable progress" in restoring its banking system since the financial crisis, said Bernanke. (If only Glass-Steagall were still around!) S&P cuts outlook on J.P. Morgan Chase to negative, citing risk management (If only Glass-Steagall were still around!) 4/27/12 U.S. economic expansion eased to 2.2% in Q1 U.S. consumer sentiment levels off; it only rose to 76.4 from 76.2 in March U.S. first time claims for unemployment benefits decreased 1,000 to 388,000. 24.4 % of 4/20/12 The Federal Reserve says banks will have two years to comply with a rule that would ban them from trading for their own profit. The so-called Volcker rule is expected to take effect this summer. But the Fed clarified that it won’t enforce it until July 2014. 4/15/12 The Obama administration welcomes China’s move to expand the Yuan’s trading band against the dollar, saying it could help to shrink global trade imbalances. Geithner on Sunday urges lawmakers to approve the “Buffett Rule” to tax millionaires, framing the proposal as an issue of tax fairness this election year. 3/27/12U.S. consumer confidence fell to 70.2, down from 71.6 in February. 3/23/12 Commercial beekeepers and environmental organizations filed a petition, asking federal regulators to suspend use of a pesticide they say harms honeybees. The group is urging the U.S. Environmental Protection Agency to ban the insecticide clothianidin, one of a class of chemicals that act on the central nervous system of insects. U.S. Existing home sales fell 0.9% from February. The Biotechnology Industry Organization applauded the Faster Access to Specialized Treatments (FAST) Act. According to BIO the legislation will modernize the Accelerated Approval pathway to expedite the development of modern, targeted, and personalized therapies for patients suffering from serious and life-threatening diseases. The Biotechnology Industry Organization applauded the Faster Access to Specialized Treatments (FAST) Act. According to BIO the legislation will modernize the Accelerated Approval pathway to expedite the development of modern, targeted, and personalized therapies for patients suffering from serious and life-threatening diseases. 3/16/12 The University of Michigan and Thomson Reuters said U.S. consumer sentiment fell to 74.3 for March from 75.3 in February. Higher gas prices (Iran war talk) are probably to blame. U.S. CPI rose 2.9% YoY as of February; unchanged from January; Core rate up 2.2% YoY, down from 2.3% in January. In a major embarrassment for Goldman Sachs, a senior executive has resigned from the bank and attacked its 'toxic greed' and 'destructive' culture. Department of Labor reporting that first time claims for unemployment benefits dropped 14,000 to 351,000 in the week ending March 10. It also reported that wholesale prices rose 0.4% in February YoY Sales at full-service restaurants rose 8.7%, the fastest growth since the late 1990’s The U.S. government ran a $231.7 billion budget deficit in February, up from $222.5 YoY. J.P. Morgan announced a share buyback and raised dividends. Most U.S banks passed the latest Fed stress test. 2/10/12 The U.S. federal government reported a budget deficit of 27.4 billion U.S. dollars in January, the figure is sharply lower than the reading of 50 billion a year earlier. 1/24/12 U.S. Corporate profitability is at an all time high. Nearly 60% of S&P listed companies have so far beaten earnings estimates for the last quarter. However P/E ratios are at 1990 lows. The US Supreme Court overturned a California law that set strict standards for slaughtering and selling the meat of sick and injured animals. U.S.A. Today: Newt Gingrich claims that "more people have been put on food stamps by Barack Obama than any president in American history." He's wrong. More were added under Bush than under Obama, according to the most recent figures. Unemployment dropped in 37 U.S. states in December, indicating the improvement in the job market is broad based as the economy picks up. Apple reported record quarterly net profits of $13.06bn, or $13.87 per share, well ahead of analyst expectations of $10.07 per share Romney, and his wife Ann paid an effective tax rate of 13.9 % in 2010 on an adjusted gross income of $21.6 million. The Richmond Fed said manufacturing activity in its six-state region increased in January, mirroring improvements seen in similar regional indexes. The bank said its current-activity index rose to 12 from 3. Verizon (VZ) reported adjusted earnings of 52 cents a share -- a penny below the consensus forecast. 1/20/12 Microsoft (MSFT) posted Q4 income of $6.62 billion, or 78 cents a share - beating the 76-cent average estimate. The National Association of Realtors said December RE sales rose 5% to 4.61 million. For all of 2011, sales rose 1.7% to 4.26 million - compared to the 2005 peak of 7.08 million. YoY The Median sales prices in December fell 2.5% to $164,500. Inventories fell 9.2% to 2.38 million, which represents 6.2 months of supply. 1/12/12 U.S. Retail sales increased a less-than-expected 0.1%, despite continued strength in autos. Obama asked Congress Thursday to raise the debt ceiling to $16.4 trillion. California has slipped behind Brazil to become the ninth-largest economy in the world. 1/6/12 The U.S. economy created 200,000 non-farm payroll jobs last month -- unemployment fell to 8.5%. Central bankers and regulators in the EU, U.S and Japan have agreed to face 'detailed' peer reviews over how well they are implementing new international bank capital rules. 12/15/11 U.S. current account trade deficit fell to 110.3 billion U.S. dollars in Q3, 11.5 percent lower than the previous quarter. U.S. Industrial production declined 0.2% in November The number of U.S. people applying for jobless benefits fell last week to 366000, the fewest since May 2008. The US seems determined to punish Bradley Manning -- the military proceedings against him, which begin Friday, are likely to end in a guilty verdict. Amazon said that it has sold more than 1 million units of its Kindle e-reader and Fire tablet each week for the last three weeks. 12/9/11 GE hikes quarterly dividend by 2c to 17c a share. U.S. consumer sentiment rose to a six month high 0f 67.7 vs 64.1 in November. Nevada’s Gambling revenue rose 8.1% in October. The Las Vegas Strip, which accounts for more than half the total, led the growth, with a gain of 13.3%. The U.S. trade deficit narrowed by 1.6% in October to $43.5 billion Waste Management said it would increase its quarterly dividend by 4.4% to 35.5 cents 12/8/11 U.S. wholesale inventories roe 1.6% in October. U.S. initial jobless claims in the week ending Dec. 3 fell 23,000 to 381,000. Jon Corzine, the former chief of bankrupt MF Global - the eighth largest bankruptcy filing in U.S. history -- has no idea where the missing money is. JPMorgan’s CEO doesn’t know what tax rate he pays 12/6/11 WTF is the definition of “SEGREGATED” Accounts??........The CFTC is aiming to find the missing account money from MF Global "very shortly,"……………….Bill Clinton was allegedly collecting $50,000 per month from Corzine’s MF Global via his Teneo advisory firm in the months before the brokerage careened towards its Halloween filing for Chapter 11 bankruptcy, reports Human Events…….. Corzine earned some $14 million in total compensation in 2010. 12/5/11 U.S. factory orders fell by 0.4% in October after falling a downwardly revised 0.1% in September (Reuters) - The U.S. Postal Service moved forward with plans to end next-day delivery of letters. Also, in a notice filed with its regulator, it sought approval to close more than half of its 461 processing facilities that have been critical for next-day delivery service. The agency expects to eliminate about 28,000 jobs as part of the processing facilities plan. Cargill is firing 2,000 people due to “continued weak global economy”. The Institute for Supply Management said its non-manufacturing index slowed from 52.9% in October to a reading of 52.0% in November, its lowest level since Jan. 2010. 12/2/11 The U.S. unemployment rate fell to 8.6% in November, the lowest level in more than two and a half years. 12/02/11 US jobless claims back above 400,000 again. U.S. construction spending rose 0.8% in October US faces pension bill for AMR restructure: State body warns taxpayers could pay higher premiums. The ISM said its manufacturing index in November rose to 52.7% from 50.8% in October -- the 28th month of expansion Fed's Beige Book: Economy moving forward at snail’s pace. The November reading of the Chicago PMI rose to 62.6% from 58.4% in October, which is a seven-month high. General Motors reports a 6.9% jump in November U.S. sales, led by bigger trucks and smaller gas sippers. 11/29/11 U.S. consumer confidence rose 15 points to 56 in November – the largest gain since 2003. Standard & Poor's lower ratings on 37 banks and their subsidiaries. Among U.S. banks, Wells Fargo & Co. had its rating lowered to A+ from AA, J.P. Morgan Chase & Co. and Goldman Sachs Group Inc. both had their A+ ratings cut to A, and Citigroup Inc. and Bank of America Corp. both had their A ratings cut to A-. According to S&P/Case-Shiller U.S. home prices fell 0.6% in September. YoY the home price slide was 3.6%. No recovery in sight for U.S. housing, says Yale's economist Shiller. 11/22/2011 Poll: Fox News Viewers Are Less Informed Than Those Watching No News. The National Association of Realtors on Monday said sales rose 1.4% to a seasonally adjusted annual rate of 4.97 million from 4.9 million in September. Why has no one at MF Global nor Corzine been charged by powers that be with any crime? More than $1.2 billion of customers' funds have so far gone missing from “supposedly” segregated accounts. And this about the CME’s position transfer: They didn't seem to understand what short/long option value means and how you net them out. We couldn't believe it," said one senior executive with a major futures commission merchant. "Criticism is starting to surface of the CME leaders. It's really hurting the credibility of the exchange." Reuters: JP Morgan to buy $MF Global stake in LME (Where is Glass Steagall?) U.S. Q3 GDP growth cut to 2.0% from 2.5% In October, U.S. employers took 1,353 mass layoff actions involving 118,689 workers. Mass layoff events decreased by 142 from September, and associated initial claims decreased by 34,540 The supercommittee appears ready to throw in the towel on getting debt-deal done. 11/18/11 U.S. leading indicators rose 0.9%, the most since February U.S. consumer price index fell by 0.1% in October. 11/11/2011 California’s unfunded pension liabilities have been estimated at between $240 billion and $500 billion. 11/3/2011 New census data shows nearly one in 15 Americans—more than 20 million people—are now so poor they live at least 50 percent below the official poverty level. The figure is the highest ever recorded. Forty states and the District of Columbia have had increases in the poorest of the poor since 2007. The District of Columbia ranked highest, followed by Mississippi and New Mexico. 10/20/11 Senate GOP kills Obama plan for hiring 400,000 teachers and first responders. 18,000 of U.S. busiest bridges are structurally deficient. 10/18/11 U.S. wholesale prices rose 6.9% YoY. The National Association of Home Builders/Wells Fargo housing market index rose by four points to 18, the biggest one-month gain since April 2010 Total foreign holdings of U.S. long-term debt in August reached 4.57 trillion U.S. dollars, up from 4.48 trillion in July. Boston, San Francisco Bay Area, Paris, New York, Vienna, Amsterdam, Munich, Lyon, Copenhagen, Toronto are the top 10 innovative cities listed in the annual index for 2011. 10/17/11 OWS Sign: "I'll believe corporations are people when Texas executes one" The U.S. federal government registered a 1.299 trillion U.S. dollars budget deficit for the 2011 fiscal year ending September. 9/27/11 U.S. consumer confidence rose to 45.4 in September from 45.2 in August The staff of the Securities and Exchange Commission is considering recommending civil legal action against the Standard & Poor's debt ratings agency over its rating of a 2007 collateralized debt offering U.S. home prices rose for the fourth month in a row in July, according to the S&P/Case-Shiller 20-city composite. Prices rose 0.9% MoM, narrowing the YoY loss to 4.1%. New U.S. homes sales fell 2.3% in August to an annual rate of 295,000,-- the fourth decline in a row. The average selling price fell 8.7% to $246,000, the lowest level since early 2009. At current sales rates, unsold new homes on the market represented a 6.6 month supply. 9/16/11 U.S. consumer sentiment rose to 57.8 in the preliminary reading for September after tumbling to a nearly three-year low 55.7 in August 9/9/2011 HuffPost: Each civilian sent to Afghanistan costs U.S. taxpayers up to $570,000 a year The Cass Freight Index for U.S. shipments grew 4.4 percent in August over the same month a year ago, the smallest gain in a year-and-a-half and a sign of fragile demand in the American economy. Bulk freight shipments on major North American railroads rose 1.4 percent last week to the highest level since April 2, with gains across a wide range of cargoes. U.S. Fixed mortgage rates fell this week to the lowest levels in six decades. U.S. weekly applications for unemployment benefits rose 2,000 to 414,000 U.S. Trade deficit fell to $44.8 billion in July, down 13.1 % from June P&G says sales will rise by 5 to 9% in the coming year, with double-digit emerging market growth mitigating continued slow growth in the U.S., Europe and Japan 9/8/11 (Bloomberg)The Conference Board’s Employment Trends Index decreased 0.3 percent to 100.8 from the prior month’s revised reading of 101.0, the New York-based private research group said today. The measure was up 4.1 percent from August 2010. The U.S. Institute for Supply Management’s index of non- manufacturing businesses increased to 53.3 last month from 52.7 in July. 8/23/11 YoY U.S. Truck tonnage rose 3.9% in July American Trucking Associations said. U.S. new home sales fell 0.7% in July -- near expectations. 8/23/11 China passed the US as the largest market for personal computers in Q2 8/20/11 Germany now has more renewable energy installed than the USA July U.S. single-family housing starts fell 4.9%; Building permits fell 3.2% in July. July U.S. industrial output rose 0.9%, in line with expectations and the biggest gain this year. 8/19/11 The Conference Board reported that the index of leading economic indicators increased by 0.5% in July, suggesting modest growth ahead. The Department of Labor reported that first time claims for unemployment benefits rose by 9,000 to 408,000 in the week ending August 13. The Philadelphia Fed region reported this morning that industrial activity weakened sharply this month. The bank's index is reported at a negative 30.7, down from 3.2 in July and the lowest since March 2009. The U.S. CPI rose 0.5% in July, increasing inflation concerns once again. 8/5/2011 S&P downgrades US debt to AA+ The U.S. unemployment rate edged down to 9.1 percent in July from 9.2% in June. The total number of unemployed stood at 13.9 million. The number of long-term unemployed who have been jobless for at least 27 weeks stood at 6.2 million, accounting for 44.4% of the total unemployed. U.S. Consumer credit grew 7.7% in June. 8/4/2011 The Fox, Tea, Republican generated sell-off in Wall Street accelerated on Thursday, with the blue-chip Dow plunging more than 500 points, as investors rushed out of equities. IT's Dow Theory prediction is now bearish The number of U.S. people initially applying for unemployment aid last week declined to 400,000 in the week ending July 30, a decrease of 1,000 from the previous week's. THE BIG Employment NUMBER IN THE MORNING. 8/2/22 U.S. personal income rose 0.1% in June, while spending fell 0.2% -- on no confidence. The U.S. ISM’s factory index fell to 50.9 last month from 55.3 in June. U.S. first time claims for unemployment benefits dropped below 400,000. Claims fell 24,000 during the week to 398,000. U.S. home sales rose 2.4% in June. 7/26/11 It beggars belief that the zombies from the GOP_tea are willing to risk national default for the sake of antitax bs! Eric Cantor, Paul Ryan Mitch McConnell all voted for the chief drivers of the debt during the past decade: Wars in Afghanistan and Iraq, the 2001 and 2003 Bush tax cuts and Medicare prescription drug benefits. They also voted for TARP!! etc.etc…………………………………………………………………………… The CME is raising collateral required to trade its Treasury futures as the U.S. debt stupidity promised to intensify market volatility! (Reuters) - The United States will lose its top-notch AAA credit rating from at least one major rating agency, according to a Reuters poll that also found wrangling over the debt ceiling has already damaged the economy. Sales of U.S. new single-family homes fell 1.0% in June to an annual rate of 312,000. The median sales price rose 5.8% to $235,000 last month from $222,400 in May. At the current sales pace, there was a 6.3 months supply of new homes. The S&P/Case-Shiller index of property values in 20 U.S. cities fell 4.5 % YoY U.S Consumer confidence rose to 59.5 in July from a downwardly revised 57.6 in June. (AP) -- The U.S wealth gaps between whites and minorities have grown to their widest levels in a quarter-century. The recession and uneven recovery have erased decades of minority gains, leaving whites on average with 20 times the net worth of blacks and 18 times that of Hispanics, according to an analysis of new Census data. 7/15/11 U.S. consumer sentiment fell to 63.8 in early July, reaching the lowest level since March of 2009, from 71.5 in June. U.S. wholesale prices fall 0.4% in June 7/15/11 S&P warns of downgrade if no debt deal reached U.S. PPI shows wholesale prices down 0.4% in June Google profits rose 36% The Labor Department said that the advance figure for seasonally adjusted initial claims for jobless benefits was 405,000 in the week ending July 9, a decrease of 22,000 from the prior week. Ben Bernanke rejected the possibility of immediate action by the central bank to revive the economy. (MarketWatch) -- The U.S. dollar got a slight boost on Thursday after Federal Reserve Chairman Ben Bernanke rejected the possibility of immediate action by the central bank to revive the economy. Paul Volcker dismissed the possibility of a return to the gold standard, saying that, among other things, "I don't think there's enough gold in the world." 7/7/11 US private sector jobs rose by 157,000. 6/18/11 U.S. housing starts rose 3.5% in May. However, starts still remained 5.6% below levels seen in March and well below levels needed to turn the industry around. A unit of Goldman Sachs took the biggest, $15 billion, single loan from a Federal Reserve lending program whose details have been secret until now. (Bloomberg) Lehman Brothers Holdings Inc. (LEHMQ)’s brokerage borrowed as much as $18 billion in four separate loans from a previously secret program of the U.S. Federal Reserve in June 2008, three months before its parent filed the biggest bankruptcy in U.S. history. The U.S. has hit the $14.29 trillion $ legal ceiling on borrowings and the U.S. Treasury is taking extraordinary measures to buy some time prior to Aug. 2 for Democrats and Republicans to reach a deal and ward off the default risk. Bank chiefs’ average pay in the US and Europe leapt 36 % last year to $9.7m, according to data compiled for the Financial Times, despite variable performance across the sector. 6/9/11 (FT) BP statistical review of world energy shows China accounted for 20.3%t of consumption, surpassing the US on 19%. 5/26/11 The US Department of Commerce reported that Q1 GDP rose by 1.8%, below expectations of 2.2%. QoQ U.S. house price fell 2.5 % in Q1 5/17/11 U.S. Housing starts have dropped 10.6% to an annual rate of 523,000 in April 5/4/11 ISM service index dropped to 52.8% for April, down from 57.3% in March Intel redesigned the chip -- now in 3D! 4/28/11 Buffett says not raising debt ceiling would be ‘Most Asinine’ Obama says oil companies are profiting from rising pump prices and he wants Congress to end $4 billion in annual tax breaks. 4/20/11 (Bloomberg) -- Sales of U.S. previously owned homes rose in March as a mounting supply of properties in or near foreclosure lured investors. Purchases increased 3.7 percent to a 5.1 million annual rate, exceeding the 5 million median forecast of economists. 4/18/11 S&P put a “negative” outlook on the U.S. AAA credit rating, citing rising budget deficits and debt. The Dow Jones industrial futures sank 200 points within half an hour of the news. 4/11/11 Procter & Gamble (PG) raised the quarterly dividend by 9% to 52.5 cents Two of the Fed's most powerful officials said the U.S. central bank should stick to its super-easy monetary policy, arguing inflation is not a threat and unemployment remains too high. The Fed needs to keep an easy monetary policy in place while the government comes to grip with its debts, the IMF said. PIMCO, the world's largest bond fund, has shifted to a short position in U.S. bonds 4/5/11 The ISM index decreased to 57.3 from 59.7 in February The Supreme Court opened the door to a new form of state support for religious schools, upholding special tax credits in Arizona for those who give money to church schools. The Fed's Bernanke is watching inflation “extremely closely” for evidence that rising commodity costs are having more than a temporary impact on consumer prices. The U.S. is going to reach the current debt limit of 14.3 trillion U.S. dollars no later than May 16, 2011. A failure to raise the debt limit would bring “severe hardship” for Americans -- Geithner said. The White House has ordered top officials at multiple federal agencies to ensure contingency plans are ready for the partial federal shutdown that could take place if lawmakers don't reach a deal on spending levels by midnight Friday. 3/31/11 The Chicago PMI fell to 70.6% in March from 71.2% in February First-time U.S. jobless claims drop 6,000 prior week's total revised up to 394,000 3/29/11 U.S. monetary tightening will return as the key issue in 2011 and policy cannot stay loose indefinitely, St. Louis Federal Reserve President James Bullard said 3/28/11 U.S personal income rose 0.3% in February U.S personal consumption expenditures rose by 0.7% The average American family's household net worth declined 23% between 2007 and 2009, the Federal Reserve said. The National Association of Realtors reported that its pending home sales index rose 2.1% in February, but down 8.2 YoY. 3/23/11 Global merchandise trade grew 17% in Q4 of 2010 compared to the same period in 2009 reaching US$4.1 trillion, slightly up on previous quarter, reflected in air freight and sea freight volume increases. Brazil, Russia, India and China (BRIC) led the way. U.S. sales of new homes fell 17% in February to a seasonally adjusted annual rate of 250,000, a record low. (The housing numbers are notoriously unreliable on a MoM basis) The median sales price was $202,100, while the average sales price was $246,000 Inventories are at an 8.9 month supply. (Bloomberg) Meltzer, who has written a two-volume history of the central bank, said “inflation is coming.” Although price increases are currently “buried,” Meltzer said inflation “will come out as soon as housing prices stop falling.” 3/18/11 The U.S PPI rose 1.6% MoM, the most since June 2009. The core measure, which excludes food and energy costs rose 0.2% New U.S. housing construction fell 22.5% in February to 479,000 units, just above the record low set in April 2009. Building permits fell 8.2% to a record low. March 16 (Bloomberg) -- Federal Reserve officials signaled they’re unlikely to expand a $600-billion bond purchase plan as the recovery picks up steam and the threat that inflation will fall too low begins to wane. The U.S. current account trade deficit fell 9.7 percent to 113.3 billion U.S. dollars in the last quarter of 2010, the smallest imbalance since the end of 2009 2/28/11 The ISM index rose to 71.2 from 68.8 last month, the highest level since July 1988. U.S. Pending home resales fell 2.8 % after a revised 3.2 % decrease the prior month. U.S personal income rose 1.0% in Jan. -- marking the biggest increase in a year and a half. U.S. consumer spending rose 0.2%. 2/27/10 Warren Buffett: "We are not natively smarter than we were when our country was founded nor do we work harder. But look around you and see a world beyond the dreams of any colonial citizen. Now, as in 1776, 1861, 1932 and 1941, America's best days lie ahead." Existing home sales rose for the third month in a row in January and they now exceed year ago levels. Sales rose by 2.7% last month to a seasonally adjusted annual rate of 5.36 million homes, which is also up 5.3% from year-ago levels. US durable goods orders rose 2.7% in January US first time claims for unemployment benefits fell 22,000 to 391,000 in the week ending February 19 (FT) The Republican plan to slash government spending by $61bn in 2011 could reduce US economic growth by 1.5 to 2 percentage points in the second and third quarters of the year, a Goldman Sachs economist has warned. Faced with stiff opposition from Republicans in Congress the EPA will trim costs to control toxic air pollution by 50%. Some half-dozen bills have been introduced this year to block agency regulation. A new Reuters report that looked at maternity leave in 190 countries show 178 guarantee paid leave for new mothers, nine have undefined policies and only three - just three - offer "no legal guarantee of paid maternity leave," -- One of those three is the United States. 2/20/11 Soros tells CNN Obama has lost control of the domestic political agenda, Republicans are in charge of domestic agenda and will push to cut services in blow to economy. Texas is preparing to give college students and professors the right to carry guns on campus. Geithner warns that the Republicans pact to slash the budget by $61bn will hit the economy's fragile recovery. 2/20/11 Farmland values in U.S. Midwest rose 12% in 2010 2/13/11 U.S. consumer sentiment rose to 75.1 from 74.2 in Jan. The U.S. trade deficit rose to 40.6 billion dollars in December. 2/9/11 Coke said it earned $5.77 billion, or $2.46 a share, up from $1.54 billion, or 66 cents a share, in the same quarter of 2009. Corporate insiders continue to sell more of their companies' shares than they purchase. Disney said it earned $1.33 billion, or 68 cents a share, in the period ended Dec. 31, compared with a profit of $844 million, or 44 cents, in the same quarter a year earlier. (Bloomberg) -- Deutsche Boerse AG is in advanced talks to buy NYSE Euronext (Blomberg) -- At least two members of the Federal Open Market Committee may vote against extending a stimulus program if the pace of U.S. economic growth climbs, according to Pacific Investment Management Co.’s Anthony Crescenzi. 2/8/11 The Federal Reserve should seriously consider pulling back on its $600 billion stimulus program given stronger growth and a brighter jobs picture, Richmond Fed President Jeffrey Lacker said on Tuesday. 2/7/11 U.S. consumer borrowing rose in December by $6.1 billion to $2.41 trillion. U.S. Unemployment declined to 9% in January from December’s 9.4% 2/1/11 The ISM factory index rose to 60.8 exceeding the most optimistic forecasts. GM January U.S. sales rose 21.8% Ford sales rose 13.3% rise in January. Chrysler U.S. sales rose 23% in January U.S construction spending fell 2.5% in December. 1/31/11 U.S. consumer spending up 0.7% in December The ISM said Monday its gauge of business activity rose to 68.8 in January from 66.8 in December Exxon Mobil reported a 53% increase in its fourth-quarter profit on Monday. 1/26/11 New budget CBO estimates released Wednesday predict the U.S. government's deficit will hit almost $1.5 trillion this year, a new record. 1/25/11 The Conference Board’s index of U.S. sentiment increased to 60.6 from a revised 53.3. (Bloomberg) -- Parts of the Dodd-Frank financial services overhaul face a “potential undoing” by Republican proposals to cut spending, senior House Democrats said. 1/5/11 U.S. payrolls expanded by 297,000 in December as companies boosted payrolls by the most since records began in 2001. U.S. crude oil inventories fell 4.16 million barrels to 335.3 million last week. the ISM index rose to 57.1% in December 1/4/10 1/4/10 U.S. factory orders rose 0.7% in November, ahead of forecasts for a 0.1% increase. GM on Tuesday reported a 7.5% increase in December U.S. sales -- Ford reported a 6.7% increase. 12/28/10 U.S. consumer confidence fell to 52.5 in December from an upwardly revised 54.3 in November. U.S. retailers 2010 holiday sales rose 5.5 % for the best performance in five years. 12/28/10 The S&P/Case-Shiller 20-city composite home-price index fell 1.3% MoM and 0.8% YoY. Including homes that are in or close to foreclosure, there’s inventory of 7.2 million homes, or roughly 21 months of supply Sales of new single-family houses in the United States increased 5.5 percent in November. U.S. existing-home sales rose 5.6% MoM in November. The Chicago purchasing manager’s index rose from 62.5 to 68.6, the highest level since the late 1980s and above expectations. 12/17/10 Bank of America has halted all transactions for WikiLeaks, joining other institutions that refuse to process payments for the website that has exposed a trove of US government cables. 12/16/10 The Philadelphia Fed's manufacturing survey rose to 24.3 from 22.5 in November. U.S. housing starts rose 3.9% in November. Permits for new construction fell 4%. U.S. Jobless claims fell by 3,000 to a total of 420,000 in the latest week, the third decline in the past four weeks. TheU.S. current-account deficit widened to $127.2 billion in Q3 from $123.2 billion in Q2. 12/11/10 GE raised its quarterly dividend to 14 cents a share from 12 cents a share, the second increase this year. The United States recorded a larger-than-expected $150 billion budget gap last month. 12/7/10 The American shipping community - and its customers - praised the US and South Korean governments for reaching consensus on a new free trade deal, and said they look forward to enjoying its benefits once ratified. 12/7/10 US stocks lost gains late in the session after rallying for most of the day on the back of the extension of the Bush tax cuts. 11/26/10 (Economist)... the Fed has only succeeded in raising America’s broad money supply (as measured by seasonally-adjusted M2) to about $8.8 trillion. China’s central bankers, on the other hand, have increased China’s M2 to almost 70 trillion Yuan, or $10.5 trillion. As Mr. Kroeber points out, China has a greater quantity of money circulating in an economy a third of the size. Who is calling whom easy? Weekly U.S. jobless claims drop to 407,000, the lowest level since July 2008. The Reuters/University of Michigan consumer sentiment index rose to 71.6 in November from 67.7 in October, its highest reading since June. U.S. sales of new single-family homes fell 8.1% in October. There was an 8.6-month supply of homes at the current sales rate. The median sales price fell 14% to $194,900. Sales fell 23.9% in the West, 20.4% in the Midwest and 12.1% in the Northeast. In the South sales gained 3.1%. 11/8/10 (Market Watch) -- Shares of Ambac Financial Group Inc. dropped late Monday after Bloomberg News reported the troubled bond insurer may file for bankruptcy as early as this week. 11/5/10 U.S. pending sales of homes fall 1.8% in September U.S. nonfarm payrolls rose by 151,000 for October -- jobless rate steady at 9.6%. 11/2/2010 The Institute for Supply Management’s factory index increased to 56.9 from 54.4 11/1/2010 U.S. Durable goods rose by 3.3% in September to $199.2 billion. U.S. Initial jobless claims decreased by 21,000 to 434,000 in the week ended Oct. 23, the lowest since early July. 10/25/10 The Treasury Department sold $10 billion in 5-year Treasury Inflation Protected Securities on Monday at a yield of negative -0.55%, the first time the yield on the maturity has come in below zero. The National Association of Realtors said US existing home sales rose 10% to a seasonally adjusted annual rate of 4.53 million, from a downwardly revised 4.12 million in August. U.S. scientists said Monday that large amounts of oil have accumulated on the Gulf of Mexico seafloor, contradicting earlier statements by federal officials that the oil leaking from BP's damaged underwater well had largely gone. 10/22/10 U.S. Initial jobless claims fell by 23,000 to 452,000 in the week ended Oct. 15 10/17/10 (FT) Charles Evans, president of the Chicago Fed, said that “in my opinion, much more policy accommodation is appropriate today” because “the US economy is best described as being in a bona fide liquidity trap”, a point where ultra-low interest rates and high savings rates conspire to make monetary policy ineffective. 10/12/10 (Bloomberg) -- As many as 9 million U.S. mortgages in the foreclosure pipeline or already through the process may face legal challenges because of questions about the validity of documents, according to Morgan Stanley. Minutes from the latest Fed meeting kept hopes alive that the central bank would take more action to stimulate the economy. 10/8/10 The U.S. posted a $1.29 trillion budget deficit for the fiscal year that ended September 30 The Fed faces a difficult decision at next month's policy meeting on whether to offer further stimulus to a U.S. economy that is still growing but only slowly, St. Louis Fed President James Bullard said. (Bloomberg) Las Vegas Strip gambling revenue jumped 21% in August, showing the biggest U.S. casino city is emerging from a record slump. The U.S. economy lost 95,000 nonfarm jobs in September. 10/5/10 The Institute of Supply Management’s non-manufacturing index rose to 53.8 per cent from 51.5 per cent in August. 10/4/10 U.S. factory orders fell by 0.5% in August National Association of Realtors said its pending U.S. home sales index rose to 82.3 from 78.9 in July. UPS Freight, the less-than-truckload unit of UPS, said it will institute an average 5.9% general rate increase later this month. 9/30/10 U.S. claims for unemployment benefits fell by 16,000 in the week ending September 25 to 453,000. US GDP rose 3.7% in Q2. 9/29/10 MoM The U.S. Conference Board’s confidence index fell to 48.5, lower than forecast, from 53.2 The S&P/Case Shiller composite index of 20 metropolitan areas fell 0.1 % MoM but rose 3.2% YoY -- the smallest year-over-year gain since March, the group said. The index remains 27.9 % below the peak set in mid-2006. The US Treasury sold $35 bln five-year notes at a record low yield of 1.26%. 9/17/10 U.S. Congress moved a step closer to punishing China for allegedly manipulating its currency. A bill in the U.S. Congress would allow US companies to petition for higher duties on imports from China to compensate for an under-valued Chinese Yuan. The SEC denied a bid by China's largest credit rating firm to become an officially recognized statistical rating organization in the United States. 9/26/10 U.S. Durable goods for August fell 1.3%, the largest decline in a year, but excluding transportation orders, new orders rose 2%. 9/10/10 Inventories at U.S. wholesalers rose 1.3% in July 9/9/10 New claims for U.S. unemployment insurance dropped by 27,000 to 451,000 -- more than expected, to their lowest level in two months The U.S. trade deficit shrank by 14 %, more than forecast in July as exports shot to their highest level since August 2008, painting a rosier picture for economic growth. 9/3/10 Private U.S. payrolls that exclude government jobs increased 67,000, after a revised 107,000 increase in July, Labor Department figures showed today. The unemployment rate edged up to 9.6% last month. The rise in the jobless rate reflected an increase in the labor force as some discouraged workers resumed the hunt for jobs. 9/2/10 Pending U.S. home resale’s rose 5.2% after a revised 2.8% drop the previous month. U.S. first-time claims for unemployment benefits fell by 6,000 to 472,000 in the week ended Aug. 28. 9/1/10 The Institute for Supply Management’s factory index rose to 56.3 from 55.5 in July 8/31/10 U.S. Consumer confidence rose to 53.5 in August from a revised 51.0 in July The Standard & Poor's/Case-Shiller Home Price Indices, show the U.S. national home price index rose 4.4 % in Q2 , after having fallen 2.8% in Q1. Nationally, home prices are up 3.6% YoY. The Chicago purchasing managers' index fell to 56.7% from 62.3% in July 8/27/10 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank “will do all that it can” to ensure a continuation of the economic recovery and that more securities purchases may be warranted if growth slows. U.S. GDP growth was revised downward to an annual rate of 1.6% in Q2, compared to an initial estimate of 2.4%, the Commerce Department reported Friday. 8/26/10 Initial claims for U.S. unemployment benefits fell 31,000 to 473,000 last week, below market expectations for a drop to 490,000. But the four-week average of new claims -- considered a better measure of underlying labor market trends -- rose 3,250 to 486,750, the highest since late November. (CNBC) Changes to the US bankruptcy code, enacted in 2005, are coming back to haunt banks, according to Yra Harris, a veteran trader at Praxis Trading. Harris told CNBC that banks lobbied hard for changes to the bankruptcy code, but the legislation is now having the effect of encouraging consumers to do all they can to pay down their credit cards, while leaving their mortgage payments on the backburner. U.S. Durable goods orders overall for July gained 0.3%, but stripping out transportation the number actually fell 3.8%. Forecasts called for a 2.8 percent increase. 8/25/10 Truck tonnage continued its string of YoY gains, rising 7.4% in July from last year, the eighth straight increase, American Trucking Associations said. (Reuters) - U.S. food prices are forecast to rise at their lowest rate since 1992, the Agriculture Department said. 8/23/10 (Bloomberg) -- The amount of money flowing into bond funds is poised to exceed the cash that went into stock funds during the Internet bubble, stoking concern fixed-income markets are headed for a fall. Investors poured $480.2 billion into mutual funds that focus on debt in the two years ending June, compared with the $496.9 billion received by equity funds from 1999 to 2000, according to data compiled by Bloomberg and the Washington-based Investment Company Institute 8/20/10 MoM U.S. home foreclosures rose nearly 4% in July to a total of 325,229, marking the 17th consecutive month with a foreclosure activity total exceeding 300,000, according to RealtyTrac. Daily consumption of oil in the U.S. declined 5% to 18.7 million barrels over a 10–year period ending in 2009, according to the U.S. Energy Information Administration. By contrast, China's daily oil consumption increased 73% to 8.2 million barrels over the same period. The U.S. federal budget deficit will surpass $1.3 trillion in 2010 and is expected to be the second largest shortfall in the past 65 years, the Congressional Budget Office estimated Thursday. 8/17/10U.S. wholesale prices rose 0.2% in July -- the first time in four months. U.S. housing starts rose 1.7% for July as building permits drop 3.1%. Fed hasn't lost confidence in recovery - says the Minneapolis Fed president. 8/6/10 The U.S. jobless rate held steady at 9.5%. Non-farm payrolls fell 131,000, while private employment rose 71,000 after increasing 31,000 in June. 8/2/10 The Institute for Supply Management (ISM) index fell to 55.5% in July from 56.2% in June. The decline was not as sharp as expected. (Reuters) - The U.S. economy is improving but has yet to recover fully, with high unemployment and a weak housing market weighing on consumers, Federal Reserve Chairman Ben Bernanke said on Monday. 7/29/10 U.S. initial jobless claims dropped by 11,000 in the week ended July 24 from a revised 468,000 7/28/10 U.S. durable goods orders fell 1% in June after a revised 0.8 % fall in May, making the decline the largest since last August. Analysts had forecast orders rising. 7/25/10 (Mcclatchy Newspapers) The nation's farmers could face severe restrictions on the use of pesticides as environmentalists, spurred by a favorable ruling from a judge in Washington state , want the courts to force federal regulators to protect endangered species from the ill effects of agricultural chemicals. The U.S. economy is not likely to slip back into recession but letting tax cuts for the wealthiest Americans expire is necessary to show commitment to cutting budget deficits, Treasury Secretary Timothy Geithner said on Sunday. 7/16/10 MoM The University of Michigan’s consumer confidence index fell to 66.5 from 76 Ex Fed chief Greenspan thinks Congress should let the tax cuts enacted by Bush expire for all Americans in order to address the widening deficit. MoM the US CPI fell 0.1% -- the third straight monthly decline. However, the annualized rate came in better than expected at 1.1%. Citigroup fell 4% to $3.99 after reporting second-quarter profits dropped 38%. GE reported a 16% increase in quarterly profit -- ending a streak of nine down quarters. U.S. Lawmakers are considering lowering a tax credit for ethanol blenders from 45¢/gall to 36¢. Google reported second-quarter profits that missed analysts’ estimates. 7/15/10 US producer prices fell 0.5% in June, signaling a slow economy. Manufacturing in the Philadelphia region cooled to 5.1 this month as orders fell for the first time in a year, signaling the expansion is slowing. U.S. industrial output rose 0.1% in June. (RealtyTrac) US Banks took control of 269,962 properties in the second quarter, up 5 % from the prior quarter and a 38 % spike from the second quarter of last year -- Repossessions will likely top 1 million this year. From January through June one out of every 17 households in Nevada received a foreclosure notice. The number of people submitting unemployment insurance benefits fell to 429,000 last week, the lowest level since August 2008 J.P. Morgan (JPM )said its second-quarter net profit rose 76% 7/14/10 U.S. retail sales fell 0.5% last month, with consumers cutting back for a second straight month. U.S. business inventories rose 0.1%, the highest since June, following a 0.4% increase in April. Demand for home purchase loans fell to a 13-year low last week, and refinancing demand also slid despite near record-low mortgage rates, the Mortgage Bankers Association said on Wednesday. 7/13/10 U.S. trade gap unexpectedly widens to $42.3 billion in May, up from $40.3 billion in April 7/12/10 China has replaced the United States as Brazil's top trading partner after Chinese imports rose 57.7% in the first half of the year. 7/8/10 U.S. jobless claims fell 21,000 last week to 454,000 7/2/10 The U.S. lost 125,000 jobs in June as temporary census workers exited the labor force. The private sector added 83,000 jobs. The unemployment rate fell to 9.5%. U.S. Factory orders fell 1.4% in May 7/1/10 U.S. jobless claims rose 13,000 last week to 472,000, more than expected U.S. Pending home sales fell 30% MoM and down 16% YoY U.S. Manufacturing fell from 59.7 to 56.2 in June U.S. construction spending fell 0.2% MoM and down 8.0% YoY 6/30/10 The Chicago Purchasing Managers' index fell from 59.7 to 59.1 in June U.S. mortgage applications rose 12.6% last week 6/10/10 U.S. jobless claims fell 3,000 to 456,000 The U.S. trade deficit rose to the highest level in more than a year, according to Commerce Department. Exports fell $1.0 billion to $148.8 billion in April while imports fell $0.8 billion to $189.1 billion. 6/9/10 U.S. wholesale sales rose 0.7% in April U.S. inventories rose 0.4%. US mortgage applications fell 5.7% -- the lowest level in three years. 6/7/10 Coastal factories are raising salaries, local governments are hiking minimum wage standards -- the cost of doing business in China is going up, and that could drive up consumer prices in the United States and Europe. 6/3/10 U.S. jobless claims were down 10,000 last week to 453,000 The Institute of Supply Management's index of services stayed at 55.4 ADP Employer Services said that the private sector added 55,000 jobs in May U.S factory orders rose 1.2% in April. 6/2/10 The National Association of Realtors index of pending home sales rose 6% in April and up 22% YoY The Mortgage Bankers Association's index of mortgage applications rose 0.9% last week. 6/1/10 The Institute of Supply Management's index of manufacturing fell from 60.4 to 59.7 in May 5/28/10 U.S. personal incomes rose 0.4% in April. U.S. Consumer spending was unchanged in April, weaker than expected. The Chicago Purchasing Managers' index fell from 63.8 to 59.7 in May The University of Michigan's index of consumer confidence rose from 72.2 to 73.6 in May 5/5/10 U.S. factory orders rose 1.3% in March U.S. pending home sales rose 5.3% in March and up 21.1% YoY 4/29/10 U.S. jobless claims fell 11,000 last week to 448,000. 4/27/10 The S&P/Case-Shiller index of home prices in twenty U.S. cities fell 0.9% MoM, but rose 0.6% YoY IBM is increasing its dividend payout by 18% U,S. consumer confidence irose from 52.3 to 57.9 in April, The Fed Richmond's regional index of manufacturing increased from +6 to +9 in April 4/23/10 The U.S. Commerce Department said that durable goods orders fell 1.3% in March. Excluding transportation, orders rose 2.8% 4/22/10 U.S. jobless claims fell 24,000 last week to 456,000 U.S. Producer price index rose 0.7% MoM and up 6.0% YoY U.S. Existing home sales rose 6.8%. 4/14/10 U.S. foreclosure filings jumped 7% in Q1 of 2010 from the previous quarter, market researcher RealtyTrac said. U.S. Retail sales jumped 1.6% -- the largest increase since November as consumers stepped up purchases of vehicles and wide range of goods. January sales were revised up to a 0.5% rise from 0.3%. U.S. consumer price index was up 0.1% in March and up 2.3% YoY. U.S. business sales were up 0.3% in February U.S. Inventories rose 0 .5% The Mortgage Bankers Association said that its index of mortgage applications fell 9.6% last week 4/9/10 U.S. wholesale sales rose 0.8% MoM and 9.8% YoY U.S. Inventories rose 0.6% MoM but fell 7.4% YoY 4/1/10 U.S. jobless claims fell 6,000 last week to 439,000. The ISM index of manufacturing rose from 56.5 to 59.6 in March -- stronger than expected. (Reuters) - A Manhattan federal judge threw out a class-action lawsuit accusing Moody's Investors Service and Standard & Poor's of defrauding investors about the safety of $63.4 billion of mortgage debt. U.S. Construction spending fell 1.3% MoM and down 12.8% YoY 3/30/10 The Standard and Poors/Case-Shiller index of home prices in twenty cities fell 0.4% in January and down 0.7% YoY. The Conference Board's index of consumer confidence rose from 46.4 to 52.5 in March, better than expected. 3/29/10 U.S. personal incomes were unchanged in February U.S. Consumer spending rose 0.3%. 3/24/10 U.S. durable goods orders rose 0.5% in February January's # were revised up from 2.6% to 3.9% U.S. new home sales fell 2.2% MoM and down 13.0% YoY The Mortgage Bankers Association said that its index of mortgage applications fell 4.2% last week. 3/17/10 U.S. producer prices fell 0.6% MoM and rose 4.4% YoY U.S. Mortgage applications fell 1.9% last week. 3/3/10 The Institute of Supply Managements' index of U.S. services increased from 50.5 to 53.0 in February --the highest since December of 2007. The Mortgage Bankers Association said U.S. Mortgage applications rose 14.6% last week. 3/1/10 U.S. personal incomes rose 0.1% in January U.S. consumer spending rose 0.5%. The Institute of Supply Management said its index of U.S. manufacturing fell from 58.4 to 56.5 MoM U.S. construction spending fell 0.6%. 2/22/10 Saudi Arabia’s oil exports to the US last year sank below 1m barrels a day for the first time in two decades just as China’s purchases climbed above that level, highlighting a shift in the geopolitics of oil from west to east 2/17/10 U.S. housing starts rose 2.8% MoM U.S. Industrial production rose 0.9% in January U.S. mortgage applications fell 2.1% last week Several Federal Reserve policy makers want to begin selling securities relatively soon to cut back the U.S. central bank's massive help to the financial system as the economy finds a footing, the Fed said on Wednesday. 2/16/10 (FT) Foreign demand for US Treasury securities recorded a record drop in December as China purged some of its holdings of government debt, the US Treasury department said The New York Federal Reserve's regional index of manufacturing rose from 15.92 to 24.91 in February 2/12/10 U.S. retail sales rose 0.5% in January and 4.7% YoY The University of Michigan's index of consumer sentiment fell from 74.4 to 73.7 U.S. business sales rose 0.9% in December U.S. Inventories fell 0.2%. U.S. unemployment peaked in October and will retreat through 2011 as the economy strengthens, according to economists surveyed by Bloomberg. 2/9/10 U.S. wholesale sales rose 0.8% MoM and 5.7% YoY 2/3/10 ADP Employer Services said that the US lost 22,000 jobs in January U.S. services rose from 49.8 to 50.5 in January. 2/2/10 The National Association of Realtors index of pending home sales rose 1.0% in December and 10.9% YoY 2/1/10 U.S. personal incomes rose 0.3% in December. YoY personal incomes fell 1.4%, the biggest decline since 1938. U.S. Consumer spending rose 0.2%. The Institute of Supply Management's manufacturing index rose from 54.9 to 58.4 U.S. Construction spending fell 1.2% MoM. YoY construction spending fell 12.4% 1/25/10 U.S. existing home sales fell 16.7% MoM The Dallas Fed regional index of manufacturing rose from 3.2 to 8.3 1/20/10 U.S. housing starts fell 4.0% MoM. U.S. producer prices rose 0.2% MoM and 4.4% YoY. 1/19/10 Citigroup posted a loss of $7.6 billion in Q4. Cadbury accepted a sweetened 11.5 billion pound ($19.5 billion) takeover from Kraft Foods Inc. 1/13/10 The Fed’s Beige Book said ten Districts reported some increased activity and improvement in conditions. The Mortgage Bankers Association said its index of mortgage applications rose 14%. 1/12/10 A White House plan to slap a fee on U.S. banks to cover the cost of the $700 billion bailout was met with the expected skepticism by bank lobbyists. U.S. exports rose 0.9% in November while imports rose 2.6% 1/6/10 The Institute of Supply Managements' index of services rose from 48.7 to 50.1 in December. 1/5/10 U.S. factory orders rose 1.1% in November, better than expected The National Association of Realtors said pending home sales fell 16% in November, but up 15.5% YoY 1/4/2010 The Institute of Supply Management index of U.S. manufacturing rose from 53.6 to 55.9 in December -- better than expected, and the highest level in more than three years. (FT)The US public pension system faces a higher-than-expected shortfall of more than $2,000bn U.S. Construction spending fell 0.6% from October's pace. In the first eleven months of 2009, construction spending is down 12.7% YoY. 1/3/10 (Bloomberg) -- Joseph Stiglitz, the Nobel Prize- winning economist and Columbia University professor, said economists are among those at fault for the financial crisis, which exposed “major flaws” in prevailing ideas. The now-flawed premises include the ideas that economic participants behave rationally and that financial markets are competitive and efficient, Stiglitz said. (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said the central bank’s low interest rates didn’t cause the past decade’s housing bubble and that better regulation would have been more effective in limiting the boom. The S&P rose 23.5% in 09, the biggest yearly gain since 2003. Since the March lows, the S&P rose about 65%. 12/17/09 US attempts to break the deadlock at the UN conference in Copenhagen by backing an offer from developed countries to provide poorer nations with $100bn per year by 2020 to fight climate change U.S. jobless claims rose 7,000 last week to 480,000. 12/16/09 MoM U.S. housing starts rose 8.9%. YoY November housing starts were down 7.3%. MoM the U.S. consumer price index rose 0.4% in November, 1.8% YoY 12/15/09 YoY U.S. producer prices rose 2.4% in November The Federal Reserve Bank of New York’s general economic index fell to 2.6 from 23.5 in November 12/10/09 U.S. Jobless claims rose 17,000 to 474,000. 12/9/09 The U.S. Mortgage Bankers Association said that its index of mortgage applications rose 8.5% last week U.S. wholesales rose 1.2% in October U.S. Inventories rose 0.3%. 12/3/09 U.S. 30-year mortgages fell to new all-time low of 4.71% U.S. jobless claims were down 5,000 last week at 457,000 The Institute of Supply Management's index of services fell from 50.6 to 48.7 in November U.S. non-farm productivity rose 4.0% U.S. labor costs fell 1.4%. 12/1/09 The Institute of Supply Management's index of manufacturing fell from 55.7 to 53.6 in November The default rate for commercial mortgages in the US climbed to a fresh 16-year high of 3.4% The National Association of Realtors said its index of pending home sales rose 3.7% MoM. YoY the index is up 32%. U.S. construction output rose 1.6% YoY. MoM U.S. retail sales rose 5.2%. YoY retail sales rose 2.6%. 11/29/09 The rush by retail investors into gold has forced the US government to suspend sales of the world’s most popular bullion coin, the American Eagle, after running out of inventories for the second time since August of 08. 11/24/09 U.S. GDP rose 0.7% in Q3, YoY GDP fell 2.5%. The Standard and Poor Case-Shiller index of home prices rose 0.3% in September. U.S. consumer confidence rose from 48.7 to 49.5 11/19/09 U.S. jobless claims were unchanged last week at 505,000. U.S. delinquency rate on mortgage loans rose from 9.24% to a record high 9.64% Q3. The foreclosure rate rose from 4.30% to 4.47% in Q3. That makes one in seven homeowners either late on their payments or already in foreclosure. The Conference Board's index of leading indicators rose 0.3% in October. The U.S. dollar will remain the world's primary reserve currency for many years or decades, an International Monetary Fund official said on Thursday. The Philadelphia Federal Reserve's regional index of manufacturing rose from 11.5 to 16.7 in November, 11/18/09 U.S. consumer price index rose 0.3% MoM and fell 0.2% YoY U.S. housing starts fell 10.6% MoM. 11/16/09 The Fed is monitoring currency markets “closely” and will conduct policy in a way that will “help ensure that the dollar is strong”, Ben Bernanke said in rare comments on the US currency. U.S. retail sales rose 1.4% in October. Excluding autos sales rose 0.2%. The New York Federal Reserve's regional index of manufacturing fell from 34.57 to 23.51 in November. 11/12/09 U.S. jobless claims fell 12,000 last week to 502,000, less than expected. The Treasury secretary, in Singapore at the APEC meeting, offered fresh reassurances that the administration was committed to bolster the dollar. The U.S. Treasury sold $16 billion of 30-year T-bonds at a median yield of 4.39%. The bid to cover ratio was 2.26, the lowest since May. The U.S. ran a record federal budget deficit of $176.4 billion in October up from $155.5 billion deficit a year ago. 11/6/09 US jobs data out worse than expected, with nonfarm payrolls up by 190,000 against expectations of 175,000 and unemployment rising from 9.8% last month to 10.2% now U.S. wholesale sales rose 0.7% MoM while inventories fell 0.9%. 11/4/09 The Federal Reserve took small steps in the direction of a more hawkish stance on rates, tweaking its guidance on future policy for the first time since March. The ADP employment report showed that 203,000 private sector jobs were lost in October. Although this was more than the 190,000 forecast, investors welcomed the fact it represented the smallest number since July 2008. The Institute of Supply Management's index of services fell from 50.9 to 50.6 in October The Mortgage Bankers Association said its index of mortgage applications rose 8% 11/3/09 U.S. Factory orders rose 0.9% in September, better than expected. 10/28/09 U.S. durable goods orders rose 1.0% MoM, but fell 24.1% YoY. U.S. new home sales fell 3.6% MoM and 27% YoY. 10/27/09 U.S. consumer confidence fell from 53.4 to 47.4 in October The Richmond Federal Reserve's regional index of manufacturing fell from +14 to +7 in October The Standard and Poor's/Case-Shiller index of U.S. home prices in 20 cities rose 1.2% MoM, but fell 11.3% YoY. This is the fourth consecutive monthly increase. 10/23/09 The National Association of Realtors said U.S. existing home sales rose 9.4% in September 10/22/09 U.S. jobless claims rose 11,000 last week to 531,000, more than expected. U.S. Index of leading indicators rose 1.0% in September U.S. home prices fell 0.3% MoM and down 3.6% YoY. U.S. steel exports rose 13.1% MoM 10/20/09 U.S. Housing starts were at an annual rate of 590,000 -- up 0.5% MoM. Less than had been expected U.S. producer price index fell 0.6% in December and 4.8% YoY 10/16/09 U.S. Industrial production rose 0.7% in September and was revised up 1.2% for August. The University of Michigan's consumer sentiment index fell from 73.5 to 69.4 10/15/09 U.S. jobless claims fell 10,000 to 514,000 -- the lowest in nine months. U.S. Consumer prices rose 0.2% MoM, but fell 1.3% YoY The New York Federal Reserve's regional index of manufacturing rose from 18.9 to 34.6 in October The Philadelphia Federal Reserve's regional index of manufacturing fell from 14.1 to 11.5 in October U.S. Foreclosure filings fell 4% MoM, but rose 29% YoY. 10/9/09 The U.S. trade gap narrowed in August to $30.7 billion, down 3.6 percent from a revised estimate of $31.9 billion for July 10/7/09 U.S mortgage applications rose 16%. 10/5/09 The Institute for Supply Management’s index of non- manufacturing businesses, rose to 50.9 from 48.4 in August -- higher than forecast. 9/30/09 U.S. GDP fell 0.2% QoQ and down 3.8% YoY. The Chicago Purchasing Managers' index fell from 50.0 to 46.1 ADP said the U.S. lost 254,000 private-sector jobs in September 9/29/09 The S&P & Case-Shiller index of U.S. home prices rose 1.6% in July and fell 13.3% YoY U.S. consumer confidence fell from 54.5 to 53.1 in September 9/28/09 The White House is close to committing up to $35 billion to help housing agencies provide mortgages to low- and moderate-income families. 9/25/09 (WSJ) The G-20 is near an agreement that would require members to submit economic policies to a type of "peer review." The group also will announce that the G-20 will eclipse the G-8. U.S. durable goods orders fell 2.4% in August. U.S. home sales were at an annual rate of 429,000 in August, up 0.7% from July's pace. The University of Michigan's consumer sentiment index rose from 65.7 to 73.5 in September . 9/24/09 U.S. jobless claims fell 21,000 last week to 530,000 U.S. existing home sales (5.10 million units) fell 2.7% MoM. U.S. inventory of homes represents an 8.5 month supply at the current sales pace. 9/22/09 The Richmond Federal Reserve's regional index of manufacturing was unchanged in September at +14 U.S. single family home prices rose 0.3% in July, but fell 4.2% YoY. 9/21/09 U.S. index of leading indicators rose 0.6% in August 9/17/09 U.S. housing starts rose 1.5% from July's pace U.S. jobless claims fell 12,000 last week to 545,000 The Philadelphia Federal Reserve's regional index of manufacturing rose from 4.2 to 14.1 9/16/09 U.S. consumer price index rose 0.4% MoM and fell 1.5% YoY U.S . Industrial production rose 0.8% in August -- better than expected. U.S. Capacity utilization was at 69.6% -- down from 77.6% YoY. U.S. Mortgage applications fell 8.6% last week 9/15/09 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said the worst U.S. recession since the 1930s has probably ended, while warning that growth may not be strong enough to quickly reduce the unemployment rate. US retail sales rose 2.7% in August better than expected and helped by the car rebate program. U.S. producer prices rose 1.7% MoM, but fell 4.3% YoY The New York Federal Reserve’s regional index of manufacturing rose from 12.08 to 18.88 in September 9/14/09 China called for talks over its trade quarrel with the U.S. in a sign the dispute may be containable. 9/10/09 U.S. jobless claims fell 26,000 last week to 550,000 -- less than expected. U.S. exports rose $2.7 billion in July while imports rose $7.2 billion. 9/4/09 U.S. unemployment rate rose from 9.4% to 9.7% -- the number was a little less than expected. 9/3/09 The U.S. Institute of Supply Management's index of services rose from 46.4 to 48.4 in August U.S. jobless claims fell 4,000 last week to 570,000 9/2/09 U.S. factory orders rose 1.3%. YoY U.S. non-farm productivity rose 1.9% in Q2. The number of hours worked fell 7.2% and unit labor costs fell 1.2%. U.S. mortgage applications fell 2.2% last week. 9/1/09 The Institute of Supply Management's manufacturing index rose from 48.9 to 52.9 in August The National Association of Realtor's index of pending home sales rose 3.2% in July and 12% YoY U.S. construction spending fell 0.2% MoM and 10.5% YoY. 8/28/09 U.S. personal incomes were unchanged in July U.S. consumer spending rose 0.2%. The University of Michigan's consumer sentiment index fell from 66.0 to 65.7 in August 8/27/09 U.S. GDP fell 0.25% in Q2 and 3.9% YoY -- better than expected. U.S. jobless claims fell 10,000 last week to 570,000 -- better than expected. (WSJ) The FDIC's insurance fund fell to just $10.4 billion at the end of June, the lowest since the savings and loan crisis, as the banking industry continues to struggle with souring loans. 8/26/09 U.S. durable goods orders rose 4.9% in July -- best gain in two years. U.S. new home sales rose 9.6% MoM and fell 13.4% YoY. Builders had 271,000 houses on the market last month, down 35 percent from July 2008 and the fewest since March 1993. It would take 7.5 months to sell all homes at the current sales pace, the shortest time since April 2007. 8/25/09 U.S. consumer confidence rose from 47.4 to 54.1 in August, better than expected. U.S. June S&P/CaseShiller Composite-20 Home Price Index rose 1.4% MoM 8/23/09 U.S. existing home sales rose 7.2% MoM -- the most since August of 2007 (WSJ) One in eight U.S. households with mortgages was in foreclosure or late on its mortgage payments in the second quarter. Bernanke said that while prospects for a near-term return to growth "appear good," he isn't expecting a rapid economic recovery. 8/20/09 U.S. jobless rose 15,000 to 576,000 The Philadelphia Fed regional index of manufacturing rose from -7.5 to +4.2 -- the best reading since November of 2007. U.S. leading indicators rose 0.6% in July 8/19/09 U.S. mortgage applications rose 5.6% last week. (Bloomberg) -- Commercial real estate values in the U.S. fell 27 percent in the year through June 8/18/09 U.S. housing starts fell -1.0% MoM and -46% YoY. But single-family building permits rose 5.8%. U.S. producer prices fell -0.9% in July and -6.8% YoY 8/17/09 U.S. August Empire Manufacturing rose to 12.08 from -0.55 in July (3.00 expected) 8/12/09 The Fed kept funds rate unchanged at 0.125% The median price of an existing U.S. single-family home fell to $174,100, the National Association of Realtors said today. Total sales rose 3.8% QoQ and fell 2.9% YoY. U.S. Exports rose $2.4 billion in June while imports rose $3.5 billion. Resulting in a trade deficit of $27.0 billion. 8/11/09 YoY U.S. non-farm productivity rose 1.8% in Q2, more than expected. U.S. business sales rose 0.4% in June U.S. inventories fell 1.7%. 8/7/09 U.S. unemployment rate fell from 9.5% to 9.4% in July The European Central Bank and 18 other banks agreed to limit their sales of gold to no more than 400 tons per year until 2014. 7/31/09 U.S. GDP fell 0.2% in Q2 and 2.4% YoY YoY the U.S. employment cost index rose 1.8% in June. Chicago Purchasing Managers' index rose from 39.9 to 43.4 in July 7/30/09 U.S. jobless claims rose 25,000 last week to 584,000. 7/29/09 U.S. durable goods orders fell 2.5% in June. Excluding transportation orders rose 1.1% U.S. mortgage applications fell 6% last week 7/28/09 The Standard & Poor's/Case-Shiller's index of U.S. home prices rose 0.5% in May, but fell 17.1% YoY (17.9% expected) -- The first monthly increase in nearly three years GE said the finance arm was on track to earn about $2 billion to $2.5 billion this year. 7/27/09 MoM U.S. New-home sales rose 11% in June, the third increase in a row and more than expected. September lumber is steady to higher. 7/23/09 U.S. jobless claims rose 30,000 last week to 554,000. U.S. existing home sales rose 3.6% in June. There is currently a 9.4 month supply of homes for sale in the U.S. 7/22/09 US Weekly Consumer Confidence out at -50 as expected US exports are forecast to fall 13.6% this year, but expected to rise 1.7% next year according to a Manufacturers Alliance/MAPI report. 7/21/09 Bernanke shed light on the Fed's exit strategy, but made clear to lawmakers that the economy remains too weak to start tightening monetary policy. 7/20/09 U.S. leading indicators rose 0.7% in June, better than expected. (MarketWatch) -- A package of government bailout packages could cost $23.7 trillion, according to testimony prepared by a special inspector general expected to appear on Capitol Hill this week. 7/17/09 MoM U.S. Home construction unexpectedly rose 3.6% in June but fell 52% YoY 7/16/09 U.S. jobless claims fell 47,000 last week to 522,000. The Philadelphia Federal Reserve's regional index of manufacturing fell from -2.2 to -7.5 in July. 7/15/09 U.S. consumer prices rose 0.7% in June and fell 1.4% YoY. U.S. industrial production fell 0.4% in June. US June Capacity Utilization fell to 68.0% vs. 67.9% expected and 68.2% in May The N.Y. Feds regional index of manufacturing rose from -9.4 to -.6 in July 7/14/09 U.S. retail sales rose 0.6% in June. Excluding autos, sales rose 0.3% U.S. producer prices rose 1.8% in June, but fell 4.6% YoY 7/10/09 The U.S. trade deficit narrowed to $25.96 billion in May, its lowest level since November 1999 US June Import Price Index rose 3.2% MoM The University of Michigan's index of consumer sentiment fell from 70.8 to 64.6 in July 7/9/09 U.S. jobless claims fell 52,000 last week to 565,000. 7/8/09 The IMF expects U.S. GDP to fall 2.6% in 09 and go up 0.8% in 2010. 7/7/09 A record 3.23% of U.S. consumer loans were late by 30 days or more, the most since records began in 1974. (Bloomberg) -- The Commodity Futures Trading Commission will announce today plans to introduce curbs on speculation of commodities including energy Is California printing (quantitative easing) its own currency (IOU’s)? More states to follow? 7/6/09 The U.S. Institute of Supply Management’s index of services rose from 44.0 to 47.0 in June Moody's Investors Service has downgraded American ports from "stable" to "negative" as the downturn reduces consumer demand and cargo volumes. 7/2/09 The U.S. unemployment rate rose from 9.4% to 9.5% in June U.S. jobless claims were down 16,000 last week to 614,000. U.S. factory orders rose 1.2%. 7/1/09 U.S. index of pending home sales rose 0.1% in May China wants to debate a new reserve currency at next week's G8 meeting U.S. ISM index of manufacturing rose from 42.8 to 44.8 U.S. construction spending fell 0.9% MoM and 11.6% YoY. 6/30/09 Standard & Poor's/Case Shiller index of U.S. home prices fell 0.6% MoM and 18.1% YoY 6/26/09 (FT) The People's Bank of China repeated its call for the world to cut its reliance on the dollar, saying it saw serious defects in one currency dominating the global monetary system U.S. personal incomes rose 1.4% in May U.S. consumer spending rose 0.3%. U.S. savings rate rose 6.9%, the highest in 15 years. University of Michigan consumer sentiment index rose from 68.7 to 70.8 6/25/09 .S. GDP fell 1.4% in Q1 and 2.5% YoY U.S. jobless claims rose 15,000 last week to 627,000. US Q1 Personal Consumption rose 1.4% vs. 1.5% expected 6/24/09 U.S. durable goods orders rose 1.8% in May. Excluding transportation orders rose 1.1%. U.S. new home sales fell 0.6%. YoY new home sales are down 38%. 6/23/09 U.S. existing home sales rose 2.4% to 4.77 million units in May -- less than expected. U.S. home prices fell 6.8% YoY and 0.1% MoM. (Reuters) - U.S. chief executives took a slightly less grim view of the economy in the second quarter, but still plan to cut jobs and capital spending, according to a Business Roundtable survey released on Tuesday. 6/22/09 The World Bank expects world GDP to fall 2.9% in 2009, worse than the 1.7% predicted in March. They expect U.S. GDP to fall 3% and 4.5% in Europe. 6/20/09 The U.S. and Switzerland agreed to share information on potential tax evaders. 6/20/09 California's unemployment rate climbed to 11.5% in May Moody's issued a downgrade warning to California. 6/18/09 U.S. jobless claims rose 3,000 last week to 608,000. The Philadelphia Federal Reserve's regional index of manufacturing rose from -22.6 to -2.2. U.S. index of leading indicators rose 1.2% in May. 6/17/09 U.S. Labor Department said that consumer prices rose 0.1% in May, but fell 1.3% YoY 6/16/09 U.S. producer prices rose 0.2% in May but fell 5.0YoY U.S. housing starts rose 17.2% MoM. U.S. industrial production fell1.1% in May 6/15/09 The New York Federal Reserve's regional index of manufacturing fell from -4.4 to -9.4 in June. (Reuters) - Goldman Sachs senior investment strategist Abby Joseph Cohen said on Monday that risk aversion has eased, while inventory rebuilding and new business spending bode well for an economic recovery that could provide a dramatic surge in corporate profits by year end. The American recession will be less deep and shorter than initially predicted according to the IMF. 6/12/09 The University of Michigan's consumer confidence index rose from 68.7 to 69.0 6/11/09 U.S. retail sales rose 0.5% in May, the first gain in three months -- much of the gain was due to higher gas prices. U.S. jobless claims fell 24,000 last week to 601,000. 6/10/09 The U.S. trade deficit widened to $29.16 billion in April. Exports fell $2.8 billion to $121.1 billion while imports fell $2.2 billion to $150.3 billion. (Bloomberg) -- Russia may switch some of its reserves from U.S. Treasuries to International Monetary Fund bonds, the central bank said today. 6/9/09 (FT) Defaults on US commercial mortgages could hit 4.1 per cent by the end of the second quarter, their highest level since the 1992 recession, according to Real Estate Econometrics, a property research firm. 6/4/09 U.S. jobless claims fell 4,000 last week to 621,000 U.S. non-farm productivity increased 1.6% QoQ and 1.9% YoY 6/2/09 Pending sales of existing homes in the U.S. rose 6.7% in April -- the biggest monthly gain in over seven years 6/1/09 (Bloomberg) -- General Motors Corp. and Citigroup Inc. were removed from the Dow Jones Industrial Average, replaced by Cisco Systems Inc. and Travelers Cos., after the first global recession in 70 years crippled their earnings and sent their shares down more than 90 percent. U.S. personal incomes rose 0.5% in April U.S. Consumer spending fell 0.1%. The Institute for Supply Management’s factory index rose to 42.8 from 40.1 in April. U.S. construction spending rose 0.8% 5/29/09 The U.S. GDP shrank at a 5.7% annual pace in the first quarter. The University of Michigan's consumer sentiment index rose from 65.1 to 68.7 The Institute for Supply Management’s business barometer decreased to 34.9 from 40.1 in April 5/28/09 U.S. durable goods orders rose 1.9% in April -- stronger than expected. U.S. jobless claims fell 13,000 last week to 623,000. The U.S. mortgage delinquency rate rose to 9.12% and the share of loans entering foreclosure rose to 1.37%. According to the U.S. Census Bureau MoM U.S. new home sales rose 0.3%, but fell 34% YoY 5/27/09 The National Association of Realtors said existing home sales rose 2.9% MoM 5/26/09 U.S. consumer confidence rose from 40.8 to 54.9 in May -- the highest since September. YoY the Standard & Poor's/Case-Shiller index of home prices in 20 U.S. cities fell 18.7% in March. 5/21/09 U.S. leading indicators rose 1%, more than forecast. U.S. jobless claims fell 12,000 last week to 631,000. 5/19/09 U.S. housing starts fell 13% MoM 54% YoY -- weaker than expected. 5/18/09 The U.S. Home Builders/Wells Fargo index of homebuilder sentiment rose from 14 to 16 in April. (Reuters) - Treasury Secretary Timothy Geithner said on Monday that borrowing costs were falling as credit markets gradually thaw, but warned a painful period lies ahead for American consumers. 5/15/09 U.S. consumer prices were unchanged in April and down 0.7% YoY U.S. industrial production fell 0.5% in April The University of Michigan's consumer sentiment index rose from 65.1 to 67.9 The N.Y. Federal Reserve regional index of manufacturing rose from -14.65 to -4.55. (Reuters) - General Motors Corp said Friday it will drop about 1,600 U.S. dealers as it struggles to slash billions of dollars in operating costs and debt ahead of an anticipated bankruptcy filing by the end of the month. 5/14/09 U.S. producer prices rose 0.3% in April, but fell 3.7% YoY -- the biggest YoY decline in 59 years. U.S. jobless claims rose by 32,000 to 637,000 last week. 5/12/2009 The U.S. trade deficit widened in March, the gap expanded 5.5% to $27.6 billion, up from $26.1 billion in February. 5/9/2009 The U.S. unemployment rate rose from 8.5% to 8.9% in April U.S. employers cut 539,000 jobs in April, after a 699,000 loss in March, the Labor Department said. U.S. Wholesale sales fell 2.4% MoM and down 18.1% YoY 5/7/09 (Bloomberg) -- The Federal Reserve determined that 10 U.S. banks need to raise a total of $74.6 billion in capital, concluding its unprecedented probe of the health of the nation’s 19 largest lenders. U.S. jobless claims fell 34,000 last week to 601,000. Obama aims to cut $17bn from next year's budget, saying he had found examples of "stunning" waste. U.S. non-farm productivity rose 0.8% QoQ and 1.8% YoY. U.S. Unit labor costs rose 2.4%. The # of hours worked in the first quarter fell 9%. 5/5/09 he U.S. Institute of Supply Management's index of services rose from 40.8 to 43.7 in April, 5/4/2009 The National Association of Realtors said U.S. pending home sales rose 3.2% U.S. construction spending rose 0.3% MoM and fell 11.1YoY 5/1/09 The Institute of Supply Management's manufacturing index rose from 36.3 to 40.1 in April The University of Michigan's index of consumer sentiment rose from 57.3 to 65.1 in April U.S. factory orders fell 0.9% in March 4/29/09 (Bloomberg) -- The Federal Reserve refrained from increasing purchases of Treasuries and mortgage securities, saying that the economy is showing some signs of stability. U.S. Gross domestic product dropped at a 6.1% annual pace, weaker than forecast. Bloomberg reported the government's stress tests show that six of 19 financial institutions checked will need more capital. 4/28/09 The Standard & Poor’s/Case-Shiller index of home prices dropped 18.6% from February 2008. For the first time in 16 months, the decline was not a record. The Conference Board's index of U.S. consumer confidence rose more than forecast to a five-month high of 39 from 26.9. 4/27/09 The Chicago Federal Reserve's index of national activity fell from -2.82 to -2.96 in March 4/24/09 U.S. durable goods orders fell 0.8% in March MoM U.S. new home sales fell 0.6%.The inventory of new homes is at a 10.7 month supply. 4/23/09 (Reuters) - The pace of sales of existing homes in the United States fell 3.0 percent in March to a much lower-than-expected annual rate of 4.57 million units, the National Association of Realtors said on Thursday. U.S. jobless claims rose 27,000 last week to 640,000. 4/22/09 The Federal Housing Finance Agency said U.S. home prices rose 0.7% MoM, but fell 6.5% YoY. 4/20/09 Americans need to sharpen their financial know-how to help them best use their money, especially during the current economic crisis, Federal Reserve Chairman Ben Bernanke said Monday. U.S. leading indicators fell 0.3% in March, the ninth consecutive month of decline. 4/17/09 General Electric earned $2.74 billion in Q1, down from $4.3 billion YoY -- better than expected. The Environmental Protection Agency is considering increasing the ethanol blend in gasoline from 10% to 15%. 4/16/09 U.S. jobless claims fell 53,000 last week to 610,000 U.S. housing starts were at an annual rate of 510,000 in March, down 10.8% MoM and down 48.4% YoY The Philadelphia Federal Reserve's regional index of manufacturing rose from -35.0 to -24.4 in February. 4/15/09 U.S. CPI fell 0.1% in March and 0.4% YoY. Excluding food and energy, prices rose 0.2% MoM and 1.8% YoY. The New York Fed's regional index of manufacturing rose from -38.2 to - 14.7 U.S. industrial production fell 1.5% in March. Coal stocks at U.S. power plants rose 1% WoW and 17.1 YoY. Electric companies had 164.3 million short tons of coal stockpiled, compared with 162.7 million tons reported last Tuesday and 140.2 million tons the same week last year. 4/14/09 U.S. producer prices fell 1.2% in March and 3.5% YoY. U.S. retail sales fell 1.1% in March vs. expected 0.2% rise Bernanke sees signs economic decline leveling out. 4/11/09 MoM US air freight fell 21% in February, the lowest industry level in eight years. 4/9/2009 U.S. jobless claims fell 20,000 last week to 654,000. The Commerce Department reported the U.S. trade deficit fell to $26 billion from a revised $36 billion in January. 4/8/09 The Mortgage Bankers Association said mortgage applications rose 4.7%. U.S. wholesale sales rose 0.6% MoM, but fell14.3%YoY U.S. wholesale inventories fell 1.5% in February and down 1.7% YoY (Bloomberg) -- The Financial Accounting Standards Board, pressured by U.S. lawmakers and financial companies, voted to relax fair-value rules that Citigroup Inc. and Wells Fargo & Co. say don’t work when markets are inactive. The changes to so-called mark-to-market accounting allow companies to use “significant” judgment when gauging the price of some investments on their books, including mortgage-backed securities. Analysts say the measure may reduce banks’ writedowns and boost their first-quarter net income by 20 percent or more. FASB voted on the rules at a meeting today in Norwalk, Connecticut.. 4/2/09 U.S. jobless claims rose 12,000 last week to 669,000 U.S. factory orders rose 1.8% in February. The American Trucking Associations' advanced seasonally adjusted For-Hire Truck Tonnage Index rose by 1.7% in February, marking the second MoM increase in a row. 4/1/09 ADP said U.S. employers cut jobs by a record 742,000 in Feb. The Institute of Supply Management's index of manufacturing rose from 35.8 to 36.3 in March The National Association of Realtors said its index of pending U.S. home sales rose 2.1% in February 3/31/09 YoY the S&P/Case-Shiller index of U.S. home prices in 20 cities fell 19% in January The Conference Board's index of consumer confidence rose from 25.3 to 26.0 in March The Institute of Supply Management's Chicago purchasing managers' index fell from 34.2 to 31.4 in March. 3/30/09 Global stock markets dived today after the White House denied General Motors and Chrysler multi-billion dollar bailouts and threatened to push the carmakers into bankruptcy. China's ambassador to the U.K. said Beijing isn't calling for a new global reserve currency to replace the dollar. 3/27/09 U.S. personal incomes fell 0.2% in February U.S. Consumer spending rose 0.2%. The University of Michigan's consumer sentiment index rose from 56.3 to 57.3 in March 3/26/09 U.S. GDP fell at a 6.3% annual rate in Q4. U.S. Jobless claims rose 8,000 last week to 652,000. Mary Schapiro told the Senate Banking Committee she is drafting proposals to toughen oversight on everything from money-market funds to investment advisers. 3/25/09 U.S. Durables orders rose 3.4% in February, stronger than expected . Excluding transportation orders rose 3.9% The Mortgage Bankers Association said its index of mortgage applications rose 32% last week (WSJ) The 25 highest-earning hedge-fund managers received a combined $11.6 billion in pay in 2008. (WSJ) California's jobless rate will climb to a staggering 11.9 percent between April and June next year, and double-digit unemployment will linger in the most populous U.S. state at least through 2011, according to a new economic forecast. 3/24/09 The Richmond Federal Reserve's regional index of manufacturing rose from -51 to -20 in March -- better than expected. The world outgrew the gold standard decades ago. But a "paper gold" standard might be one way out of the global financial crisis. Zhou Xiaochuan governor of China's central bank said. 3/23/09 MoM U.S. existing home sales rose 5.1% at their fastest pace in nearly six years. The inventory of existing homes for sale rose 5.2 percent to 3.80 million. Unsold homes on the market represented 9.7 months’ worth at the current sales pace. YoY the median price fell 15.5% to $165,400. The Obama's administration has unveiled a plan designed to give the ailing economy a boost by luring private investors into taking over up to 1 trillion in "toxic" assets. 3/20/09 (Reuters) - U.S. congressional analysts are expected on Friday to forecast even more red ink than expected, a record $1.8 trillion deficit for fiscal 2009.. 3/19/09 U.S. jobless claims fell 12,000 last week to 646,000. The Philadelphia Federal Reserve's regional index of manufacturing rose from -41.3 to -35.0 U.S. leading indicators fell 0.4% in February The White House is planning up to $5 billion in financing assistance to beleaguered auto-parts suppliers. 3/18/09 (FOMC) ..Moreover, to help improve conditions in private credit markets, the Committee decided to purchase up to $300 billion of longer-term Treasury securities over the next six months. U.S. consumer price index rose 0.4% MoM and 0.2% YoY. Excluding food and energy, prices rose 0.2% in February and up 1.8% YoY. 3/17/09 U.S. housing starts rose 22% MoM better than expected, but fell 47% YoY. U.S. producer prices rose 0.1% MoM and fell 1.3% YoY. Excluding food and energy, prices rose 0.2% in February 3/16/09 Ben Bernanke predicts that America's worst recession in decades will likely end this year before a recovery gathers steam in 2010. U.S. industrial production fell 1.4% in February -- the lowest level in seven years. U.S. capacity utilization fell to 70.9%. The New York Fed’s regional index of manufacturing fell from -34.65 to -38.23. 3/13/09 The U.S. trade deficit fell in January to the lowest level in six years. Exports were down 6% while imports were down 7%. The result was $36.0 billion of net imports, less than expected. The University of Michigan's consumer sentiment index rose from 56.3 to 56.6 3/12/2009 U.S. retail sales fell 0.1% in February, not as bad as expected. U.S. new jobless claims rose 15,000 last week to 654,000. 3/11/2009 Democrats in the US Congress are drawing up plans for a second stimulus bill amid fears the first 787bn package was not enough. 3/10/09 Citigroup said the company showed an $8.3 billion operating profit in the first two months of this year. Pandit said his bank is having the best quarter since 2007, when it last posted a profit. U.S. wholesale sales fell 2.9% in January U.S. wholesale inventories fell 0.7%. 3/6/09 U.S. unemployment rate rose to 8.1% in February with a net loss of 651,000 jobs -- no worse than analysts had predicted. 3/5/2009 U.S. factory orders fell 1.9% in January, not as weak as expected U.S. jobless claims fell 31,000 last week to 639,000. U.S. productivity fell 0.4% General Electric's GE Capital will be profitable for the first quarter and full year and won't need fresh capital except under an unlikely disaster scenario, the company's financial chief said. Shares of US Bancorp (USB) have bounced on reports that Rep. Barney Frank has said it and Northern Trust (NTRS) will give back their TARP funds. 3/4/2009 The U.S. Institute of Supply Management index of services fell from 42.9 to 41.6 3/3/2009 U.S. pending home sales fell 7.7% in January, weaker than expected. Fed Chairman Bernanke said policy makers may need to expand aid to the banking system beyond the $700 billion already approved. (Bloomberg) -- The Federal Reserve lifted executive- compensation limits for sponsors of asset-backed securities accepted under a new $1 trillion loan program. Ford reports February sales fell 48.4%. 3/2/2009 U.S. Personal incomes rose 0.4% in January U.S. consumer spending rose 0.6% -- snapping six months of declines. U.S. Construction fell 3.3% MoM -- the 13th consecutive month of declines. The U.S. Institute of Supply Management's index of manufacturing rose from 35.6 to 35.8 AIG, the walking dead insurance giant is back in the government trough for another $30 billion. 2/27/09 U.S. GDP contracted at a 6.2% annual rate in Q4 The University of Michigan's consumer sentiment index fell from 61.2 to 56.3 in January Chicago's purchasing managers' index rose from 33.3 to 34.2 in February 2/26/09 U.S. jobless claims rose 36,000 last week to 667,000, the most in over 16 years. Americans continuing to receive unemployment benefits topped 5.1 million. U.S. durable goods orders fell 5.2% MoM. The U.S. government will boost its equity stake in Citigroup to 36%. General Electric Co. will cut its quarterly dividend to 10 cents a share from 31 cents, according to CNBC. GM lost $9.6 billion in the fourth quarter of 2009. The number of troubled U.S. banks rose 47% to 252 in Q4 the FDIC said. 2/25/09 Existing-home sales fell 5.3% to a nearly 12-year low in January, and the median home price fell to $170,300 from $199,800 YoY. 2/24/09 YoY the S&P's/Case-Shiller home price index of 20 cities fell 18.5% in December U.S. consumer confidence fell to a record low of 25 from Januarys 37.4 the Conference Board said 2/11/2009 The U.S. trade deficit shrank 4.0% in December to $39.93 billion. 2/6/2009 U.S. unemployment rose from 7.2% to 7.6% in January -- the highest rate in 16 years. 2/5/09 U.S. Unit labor costs rose 1.8% in the fourth quarter, less than expected. U.S. factory orders fell 3.9% in December U.S jobless claims were up 35,000 last week to 626,000 U.S. productivity rose 3.2% in the fourth quarter, more than expected. (Bloomberg) -- Moody’s Investors Service is reviewing the ratings of $302.6 billion in commercial mortgage-backed securities as real-estate values drop and property owners fall behind on payments. (Reuters) - The U.S. government has collected more than $271 million in dividends from ownership stakes in American banks. 2/4/2009 The Institute of Supply Management's index of services rose from 40.1 to 42.9 in January 2/3/09 U.S. pending home sales rose 6.3% in December, stronger than expected. (Bloomberg) -- A record 19 million U.S. houses stood empty at the end of 2008 as banks seized homes faster than they could sell them and prices continued to fall. Ford sales dropped 39% in January, Toyota sales fell 31.7%, Volkswagen sales declined 11.6%, and Mercedes reported a 35.5% drop. (Spiegel)... the US Senate is debating a 'Buy American' provision in its economic stimulus package. The European Union fears the US is trying to seal off its market -- and is using its diplomatic arsenal in a bid to stop the move. 2/2/09 U.S. personal incomes fell 0.2% in December while spending fell 1.0%. U.S. construction fell 1.4% MoM and 5.1% YoY. The Institute of Supply Management's manufacturing index rose from 32.9 to 35.6 1/30/09 U.S. GDP was down an annual rate of 3.8% The University of Michigan's index of consumer sentiment rose from 60.1 to 61.2 U.S. employment cost index rose 0.5%. 1/28/09 U.S. jobless claims rose 3,000 last week to 588,000. The number of Americans drawing jobless benefits for a week or longer rose to 4,776,000. U.S. durable goods orders fell 2.6% MoM, YoY orders fell 5.7% U.S. new home sales fell 14.7% MoM, and 37.8% YoY. (Reuters) - Government officials seeking to revamp the financial bailout have discussed spending another $1 trillion to $2 trillion to help restore banks to health. (Reuters) – The cost of the government setting up a "bad bank" to buy up toxic assets from struggling U.S. banks could range as high as $4 trillion, according to some experts, Sen. Charles Schumer said on Thursda In its final days Bush imposed a 300% duty on Roquefort cheese. 1/27/09 U.S. consumer confidence fell from 38.6 to 37.7 in January -- a record low. YoY the S&P’s/Case-Shiller index of home prices fell 18.2% in November 1/26/09 U.S. existing home sales were at an annual rate of 4.74 million units, up 6.5% MoM, stronger than expected U.S. leading indicators rose 0.3% in December, stronger than expected. Pfizer agreed to pay $68 billion to acquire Wyeth in the largest pharmaceutical deal in a decade. 1/23/09 (Reuters) President Barack Obama said on Friday he expected an $825 billion economic recovery plan to be approved by his target of mid-February. California's unemployment rate rose to 9.3 percent in December 1/22/09 U.S. jobless claims rose 62,000 to 589,000. U.S. housing starts fell 15.5% MoM and 33% YoY. 1/20/09 (Bloomberg) -- U.S. financial losses from the credit crisis may reach $3.6 trillion, suggesting the banking system is “effectively insolvent,” said New York University Professor Nouriel Roubini. 1/16/09 U.S. industrial production fell 2.0% in December, and 7.8% YoY U.S. Consumer prices fell 0.7% in December. YoY prices rose 0.1% -- a half-century low. Excluding food and energy prices rose 1.8% YoY The Fed will hand Bank of America another $20 billion and guarantee $118 billion of “assets”. (Bloomberg) -- The heads of the US Treasury and Federal Deposit Insurance Corp. gave further momentum to the idea of a new government-backed bank to remove toxic assets from lenders’ balance sheets. The University of Michigan's index of consumer sentiment rose from 60.1 to 61.9 1/15/09 U.S. jobless claims rose 54,000 to 524,000. U.S. producer price index fell 1.9% MoM and 0.9% YoY The New York Fed’s index of manufacturing improved from -27.88 to -22.20. The Philadelphia Fed index of manufacturing improved from -36.1 to -24.3 YoY RealtyTrac said U.S. foreclosures rose 81. 1/14/09 U.S. retail sales fell 2.7% in December, the sixth consecutive decline. (WSJ) The U.S. government is close to committing billions in additional aid to Bank of America as it tries to digest its acquisition of Merrill Lynch. A federal judge denied another bid by prosecutors to jail Madoff. The U.S. Navy was granted a one-year permit to train with sonar and bombs in Hawaii waters so long as it “tries” to protect whales and other marine animals from harm. 1/13/09 (Bloomberg) -- Federal Reserve Chairman Ben Benanke warned that a fiscal stimulus won’t be enough to spur an economic recovery and that the government may need to buy or guarantee banks’ tainted assets. U.S. exports fell $8.7 billion in November to $142.8 billion while imports fell $25.0 billion to $183.2 billion. 1/9/2009 The U.S. unemployment rate rose from 6.7% to 7.2% in December Non-farm payrolls revised from -533,000 to -584,000. This is the worst year for job losses since 1945 1/8/2009 The U.S. Labor Department said that jobless claims were down 24,000 last week to 467,000. 1/7/2009 The U.S. budget deficit in 2009 is projected to spike to a record $1.2 trillion, or 8.3% of GDP. Employer Services’ report that payrolls shrank by 693,000 jobs last month, the most since records began in 2001. (WSJ) The No. 1 problem facing US taxpayers? A tax code so complex that Americans spend $193 billion per year just trying to figure out how much they owe. 1/6/09 (Bloomberg) -- President-elect Barack Obama said he expects to inherit a $1 trillion budget deficit and that similar shortfalls are in store “for years to come” U.S. factory orders fell 4.6% in November, twice as much as forecast. U.S. pending U.S. home sales fell 4.0% in November, weaker than expected. The National Association of Realtors says this is the lowest level on record. The Institute of Supply Managements' index of services rose from 37.3 to 40.6 GM, Toyota and Ford all reported U.S. sales decline of more than 30% for December. 1/5/2009 U.S. construction spending fell 0.6% MoM and 3.3% YoY. The N.Y. Fed said that it has begun buying fixed rate mortgage backed securities, as it previously announced it would do. (WSJ) Madoff's firm was examined at least eight times in 16 years by various agencies, which never came close to uncovering his alleged scheme. 12/19/2008 Bush threw auto makers a $13.4 billion lifeline from the U.S. bank-bailout program. 12/18/2008 (Bloomberg) -- General Electric Co.’s debt ratings outlook and those of its GE Capital finance arm were changed to negative from stable by Standard & Poor’s, reflecting concern earnings could deteriorate further than previously thought. Bush is looking at "orderly" bankruptcy as a way to deal with the U.S. auto industry. U.S. jobless claims were down 21,000 to 554,000 last week The Philadelphia Federal Reserve's index of manufacturing improved from -39.3 to -32.9 U.S. leading indicators fell 0.4% in November 12/16/2008 The Fed cut the fed funds rate from 1.00% to 0.125%, and signaled they will keep rates "exceptionally low" for some time amid rapidly waning price pressures. U.S. housing starts were at a record (since 1959) low annual rate of 625,000 in November, down 18.9% MoM. Building permits fell 15.6% MoM. The U.S. consumer price index fell 1.7% in November rose 1.1% YoY 12/12/2008 U.S. retail sales fell 1.8% in November U.S. producer price index fell 2.2% in November and up 0.4% YoY The University of Michigan's index of consumer sentiment rose from 55.3 to 59.1 Bush dropped his opposition to using the $700 billion bank bailout to provide help for U.S. automakers. 12/11/2008 U.S. jobless claims rose 58,000 last week to 573,000, the most in 26 years. The U.S. trade deficit widened in October 1.1 % to $57.2 billion from a revised $56.6 billion in September 12/10/2008 U.S. wholesale sales totaled $377.4 billion in October, down 4.1% MoM, but up 2.7% YoY. Inventories fell 1.1%. The dividend yield on the S&P 500 is 3.48%. The yield on a 30-year U.S. bond is 3.16% -- 1958 was the last time that happened. 12/9/2008 U.S. pending home sales fell 0.7% in October. 12/5/2008 U.S. unemployment rate rose from 6.5% to 6.7% The percentage of U.S. mortgage holders who were behind in their payments rose to 6.99%. 12/4/2008 U.S. jobless claims fell 21,000 last week to 509,000 U.S. factory orders dropped 5.1% in October. 12/3/2008 U.S. nonfarm productivity rose 1.1% QoQ U.S. Unit labor costs rose 2.8% QoQ The ISM index of services fell from 44.4 to 37.3 -- new record low. The Mortgage Bankers Association said U.S. mortgage applications rose 51% WoW -- helped by a 30-year fixed rate at 5.47%. 12/1/08 Bernanke said the Fed could directly buy securities and backstop markets as interest rates approach zero. The Institute of Supply Management's manufacturing index fell from 38.9 to 36.2 in November. U.S. construction spending fell 1.2% MoM. 11/26/2008 U.S. orders for durable goods fell 6.2% in October, weaker than expected. Excluding transportation, orders fell 4.4%. U.S. New home sales fell 5.3% MoM. YoY new home sales are down 37%. The University of Michigan's consumer sentiment index fell from 57.6 to 55.3. U.S. personal incomes rose 0.3% in October U.S. Consumer spending fell 1.0%. The Chicago index of purchasing managers fell from 37.8 to 33.8 in November. 11/25/08 Helicopter Ben is working hard. The Fed threw a massive $800 billion life-line to consumers with two new programs aimed at making it easier for them to obtain loans for homes, cars and on credit cards. U.S. GDP shrunk at an annual rate of -0.5% in the third quarter, down from the previous estimate of -0.3%. The U.S. GDP price index rose 2.7%. YoY U.S. Corporate profits fell 9.0%. The Conference Board's consumer confidence index rose from 38.8 to 44.9 in November YoY S&P/Case-Shiller national index fell 17% in September. 11/24/08 The U.S. Government agreed to stabilize Citigroup by guaranteeing $306 billion in troublesome assets. It also gave Citi $20 billion in exchange for preferred stock. The National Association of Realtors said Home resale’s fell to a 4.98 million annual rate, a 3.1% decrease from September's revised figure. The median-sales price declined to $183,300. 11/20/2008 U.S. Jobless claims rose 27,000 last week to 542,000, the most in 16 years. The Senate is voting today on extending unemployment benefits by at least seven weeks. Bush is for it. The Philadelphia Feds regional index of manufacturing dropped from -37.5 to -39.3 in November The Conference Board's index of leading indicators fell 0.8% in October. 11/19/2008 U.S. consumer price index fell 1.0% in October but rose 3.7% YoY. U.S. housing starts were at an annual rate of 791,000 in October, down 4.5% MoM, and down 31% YoY. 11/18/08 U.S. producer price index fell 2.8% in October, the biggest monthly decline on record. 11/17/08 U.S. industrial production rose 1.3% in October, up from a revised 3.7% decline in September. The New York Feds regional index of manufacturing fell from -24.6 to -25.4 11/14/08 U.S retail sales fell 2.8% in October --the largest monthly drop on record. Excluding autos, sales fell 2.2%. The University of Michigan's consumer sentiment index rose from 57.6 to 57.9, stronger than expected. 11/13/08 U.S. jobless claims rose 32,000 to 516,000, the most in seven years. U.S. Exports fell from $165.3 to $155.4 billion in September while imports fell from $224.4 to $211.9 billion – resulting in $56.5 billion of net imports. 11/12/08 (Reuters) - Home values in the United States posted their seventh consecutive quarterly decline, with nearly one-third of Americans who sold in the past year losing money, real estate website Zillow.com said on Wednesday. (Bloomberg) -- U.S. Treasury Secretary Henry Paulson plans to use the second half of the $700 billion financial rescue program to help relieve pressures on consumer credit, scrapping an effort to buy devalued mortgage assets. 11/7/2008 U.S. unemployment rate rose from 6.1% to 6.5% in October -- the highest rate in 14 years. Non-farm payrolls declined 240,000. The Labor Department also revised September's numbers from minus 159,000 to minus 284,000. U.S. wholesale sales were down 1.5% in September ,inventories were fell 0.1%. The National Association of Realtors said U.S. pending home sales fell 4.6% General Motors used $6.9 billion in cash in Q3 and may fall below the minimum it needs to operate before the end of this year. Ford burns $7.7 billion in the quarter. 11/6/08 U.S. Non-farm productivity rose an annual rate of 1.1% in the third quarter, down from plus 3.6% in the second quarter. (AP) The Labor Department reported Thursday the number of people continuing to draw unemployment benefits jumped by 122,000 to 3.84 million in late October. It was the highest level since late February 1983.. 11/5/08 Barack Obama has been elected the 44th President of the United States. Good Luck, Barack! The Institute of Supply Managements' index of services fell from 50.2 to 44.4 -- a record low. 11/4/08 U.S. factory orders fell 2.5% in September, weaker than expected. 11/3/08 The Institute of Supply Managements' index of manufacturing fell from 43.5 to 38.9 in October -- the lowest in 26 years. U.S. construction spending was at an annual rate of $1.0601 trillion in September, down 0.3% MoM 10/31/08 U.S. personal incomes rose 0.2% in September and consumer spending fell 0.3%. U.S. employment cost index rose 0.7% in the third quarter. YoY the core rate of personal consumption expenditures rose 2.4% in September. The University of Michigan's consumer sentiment index rose to 57.6 from 57.5 10/30/08 U.S. GDP shrank 0.3% in the third quarter. U.S. jobless claims were unchanged last week. 10/29/08 The U.S. Fed cut the federal funds rate from 1.50% to 1.00%, and the discount rate from 1.75% to 1.25%. U.S. durable goods orders rose 0.8% in September. Excluding transportation orders fell 1.1%. 10/28/08 The U.S. Standard & Poor's/Case-Shiller index of home prices in 20 cities fell 1.0% in August and 16.6% YoY. YoY prices fell more than 30% in Las Vegas and Phoenix. Prices in Miami, San Francisco, Los Angeles and San Diego all fell more than 25%. The Conference Board's index of consumer confidence fell from 61.4 to a record low 38.0 in October. 10/27/08 U.S. new home sales were at an annual rate of 464,000 in September, up 2.7% MoM and down 36% YoY 10/23/08 The National Association of Realtors said existing home sales were at an annual rate of 5.18 million units, up 5.5% in September. 10/22/08 U.S. jobless claims were up 15,000 last week to 478,000, more than expected. RealtyTrac said 765,558 foreclosure filings were made on U.S. properties in the third quarter of this year - up 3% from the second quarter and 71% YoY. 10/21/08 The Chicago Federal Reserve's index of national activity fell from -1.81 to -2.57 in September. 10/20/08 Bernanke endorsed a new economic stimulus package -- Bush is open to the idea. 10/17/2008 Warren Buffett said “bad news is an investor's best friend” – he’s buying U.S. stocks. U.S. housing starts were at an annual rate of 817,000 in September, down 6.3% MoM, and down 31% YoY. The University of Michigan's consumer sentiment index fell from 70.3 to 57.5 10/16/2008 U.S. consumer price index unchanged in September -- up 4.9 YoY. Excluding food and energy prices rose 0.1% -- up 2.5% YoY. U.S. industrial production fell 2.8% in September U.S. Capacity utilization fell from 78.7% to 76.4%. The Philadelphia regional index of manufacturing fell from +3.8 to -37.5 10/15/08 U.S. stocks dropped the most since the crash of 1987, fed by bleak economic data. U.S. producer prices fell 0.4% MoM, but rose 8.7% YoY. U.S. retail sales fell 1.2% in September, weaker than expected. The Empire State manufacturing index fell from -7.4 to -24.62 in October. Investors pulled at least $43bn from US hedge funds in September 10/14/2008 Bush said the government is taking a $250 billion stake in the nation's top financial institutions as part of its latest plan to tackle the credit crisis. 10/13/08 Hedge fund manager Julian Robertson chatting with Erin Burnett of MSNBCt said 80% of Americans are broke. 10/8/2008 The U.S. Fed lowered rates from 2.00% to 1.50%. U.S. pending home sales rose 7.4% in August, more than expected. 10/7/2008 In its efforts to stem the financial crisis, the Federal Reserve and Treasury created a new lending facility to help backstop the commercial paper market The DOE said average household heating fuel costs this winter will be 15 percent higher than last year. 10/1/2008 The U.S. Senate set a vote for tonight on a $700 billion financial-rescue plan, along with raising the limit on federal deposit insurance to $250,000 from $100,000. Business and trade groups urged Washington to enact the plan, warning that inaction would have grim consequences Sales of cars and light trucks fell 35% YoY at Ford, 32% at Toyota and 24% at Honda. GM's fell 16%, Nissan Motor fell 37 %. The Institute of Supply Managements' index of manufacturing fell from 49.9 to 43.5, a lot weaker than expected. 9/30/08 According to Standard & Poor's/Case-Shiller index U.S. Home prices fell 0.9% in July, and down 16.3% YoY. The Conference Board said U.S. consumer confidence rose from 56.9 to 59.8 in September. The Chicago Purchasing Managers' index fell from 57.9 to 56.7 in September 9/25/08 Congress might be close to a deal on the $700 billion financial sector bailout. U.S. durable goods orders fell 4.5% in August -- weaker than expected. Excluding transportation, orders were down 3.0%. U.S. new home sales fell 11.5% from July's pace -- weaker than expected. U.S. jobless claims rose 32,000 last week to 493,000 Bellwether GE cut its earnings outlook and announced steps to strengthen its capital base, including suspending share repurchases and holding its dividend flat through next year. 9/23/08 U.S. existing home sales fell 2.2% on the month -- weaker than expected. Pressure to regulate the $62,000bn credit derivatives market mounted as the main US market regulator called on Congress to pass laws to supervise the industry 9/22/08 The Federal Reserve agreed to convert Morgan Stanley and Goldman Sachs into traditional bank holding companies. The move effectively put an end to the investment banking industry, 75 years after its creation. (Reuters) - The dollar weakened broadly on Monday as the U.S. government's $700 billion bailout plan aimed at easing a global credit crisis raised renewed concerns about the country's massive budget deficit. Cargo volume at major US retail container ports is expected to fall 6% in 2008 compared with 2007 on the back of the global economic slowdown, according to the monthly Port Tracker report. 9/12/08 U.S. producer prices fell 0.9% in August, but rose 9.6% YoY. Excluding food and energy, prices rose 0.2% in August. U.S. retail sales fell 0.3% in August. Excluding autos, retail sales fell 0.7% in August. The University of Michigan's consumer sentiment index rose 63.0 to 73.1. 9/10/08 The Mortgage Bankers Association's index of mortgage applications rose 9.5% last week, but fell 24% YoY. 9/9/2008 The National Association of Realtors said pending home sales fell 3.2% in July and down 6.8% YoY. Lehman shares fell 45% after a Korean official said talks about an investment by Korea Development Bank have ended. This also ended the jubilation that greeted the US government's bail-out of Fannie and Freddie as worries about the financial sector and the health of the broader global economy returned. 9/8/08 The U.S. government is taking over Fannie Mae and Freddie Mac in an effort to save the mortgage industry and keep the whole show from going over the cliff. 8/20/08 Japan's exports rebounded in July as China replaced the U.S. as the nation's largest customer. 8/19/08 U.S. Labor producer price index rose 1.2% in July, and up 9.8% YoY U.S. housing starts were at an annual rate of 965,000 units in July, down 11% from June's pace, and down 30% YoY. 8/15/08 U.S. industrial production rose 0.2% in July, better than expected The New York Federal Reserve's regional index of manufacturing rose from -4.92 to +2.77, better than expected. The University of Michigan's index of consumer sentiment rose from 61.2 to 61.7 8/14/08 U.S. consumer prices rose 0.8% in July and 5.6% YoY. The National Association of Realtors said YoY the prices of single family homes fell 7.6% in the second quarter. 8/12/08 U.S. Exports rose $6.4 billion to $164.4 billion in June - imports rose $4.0 billion to $221.2 billion. The result was $56.8 billion of net imports - narrowing the trade deficit unexpectedly. The Philadelphia Federal Reserve expects GDP to be up an annual rate of 1.2% in the third quarter, less than previously thought. 8/8/08 U.S. worker productivity rose 2.2% in the second quarter. U.S. wholesale sales rose 2.8% U.S. Inventories rose 1.1%. 8/7/08 U.S. pending home sales rose 5.3% in June, better than expected. YoY pending home sales are down 12.3%. U.S. jobless claims rose 7,000 last week to 455,000, more than expected 8/5/08 The Fed met and kept rates unchanged at 2.0%, as expected. The Institute of Supply Management's index of services increased from 48.2 to 49.5 A national container fee may be the most equitable means available to raise the billions of dollars needed to build freight infrastructure, a congressional hearing is told. 8/4/08 YoY U.S. Consumer prices rose 4.1% in June, up from 3.5% in May, for the biggest annual gain since May 1991. U.S. personal incomes rose 0.1% in June. Adjusting for inflation, spending fell 0.2%. U.S. factory orders rose 1.7% in June, more than expected. 7/24/08 U.S. existing home sales fell 2.6% on the month. U.S. jobless claims rose 34,000 last week to 406,000. 7/23/08 (Reuters) - The United States faced increasing inflationary pressures in recent weeks amid slowing economic growth, the Federal Reserve said on Wednesday, as it described conditions in some areas as "grim," "morose" or "bleak." 7/22/08 Richmond Federal Reserve regional index of manufacturing fell from -12 to -16 in July 7/19/08 U.S. consumer prices rose 1.1% in June and 5.0% YoY, the biggest yearly jump since 1991. Excluding food and energy, prices rose 0.3% in June and 2.4% YoY. U.S. industrial production rose 0.5% in June. 7/9/08 Bill Bonner figures that currently, the U.S. money supply – as measured by M3 – is increasing at an annual rate of about 18%. 7/3/08 U.S. unemployment rate remained at 5.5% in June. U.S. jobless claims were up 16,000 to 404,000. The Institute of Supply Managements' index of services fell from 51.7 to 48.2 in June. 7/2/08 U.S. factory orders rose 0.6% in May. 7/1/08 The Institute of Supply Management's manufacturing index rose from 49.6 to 50.2 in June, stronger than expected. U.S. construction spending fell 0.4% from April's pace and down 6.0% YoY YoY U.S. auto sales in June were down 28% 6/30/08 The Chicago Purchasing Managers' index rose from 49.1% to 49.6% in June 6/26/08 U.S. GDP rose 1.0% in the first quarter and up 2.5% YoY. U.S. existing home sales were at an annual rate of 4.99 million units, up 2.0% in May. At the current sale pace, this represent a 10.8 month supply. 6/25/08 U.S. New home sales were at an annual rate of 512,000 units in May, down 2.5% from April's pace. YoY new home sales are down 37%. U.S. Durable goods orders were unchanged. Excluding transportation, orders were down 0.9%. 6/24/08 The S&P/Case-Shiller index of U.S. home prices fell 1.4% in April and down 15.3% YoY. The Conference Board's index of consumer confidence fell from 58.1 to 50.4 in June The Richmond Federal Reserve's index of manufacturing fell from -3 to -12 in June 6/19/08 U.S. leading indicators rose 0.1% in May -- better than expected. The Philadelphia Federal Reserve's regional index of manufacturing fell from -15.6 to -17.1 -- weaker than expected. The U.S. Labor Department said that jobless claims fell 5,000 last week to 381,000. 6/17/08 U.S. producer prices rose 1.4% in May and 7.2% YoY. U.S. housing starts fell 3.3% from April's pace. It was the smallest number of housing starts in 17 years. U.S. industrial production fell 0.2% in May, 6/10/08 The U.S. trade gap grew 7.8 % to $60.9 billion, its biggest one-month gain since September 2005 5/30/08 U.S. personal incomes rose 0.2% in April U.S. Consumer spending rose 0.2%. The University of Michigan's index of consumer sentiment fell from 62.6 to 59.8 in May The Chicago purchasing managers' index increased from 48.3 to 49.1 in May The U.S. core rate of personal consumption expenditures, an inflation gauge, rose 0 .1% in April and up 2.1% YoY. 5/27/08 The S&P/Case-Shiller home-price index fell 14.4% YoY. The Conference Board said its monthly measure of consumer confidence fell to 57.2 from 62.3 in April -below Wall Street's estimate of 60.0. 5/21/08 In its latest minutes, the Fed cut its forecast for economic growth in 2008, and warned of higher inflation and unemployment, but also signaled it was unlikely to cut interest rates again soon. Israel’s Prime Minister Olmert urged the United States to impose a naval blockade on Iran. 5/17/08 U.S. Home construction rose 8.2% in April, making the biggest increase in two years. However, the rise was driven by a surge in multifamily housing, while single-family starts dropped. The University of Michigan said that its consumer sentiment index fell from 62.6 to 59.5 in May. 5/7/08 U.S. worker productivity rose at an annual rate of 2.2% in the first quarter. U.S. unit labor costs rose at an annual rate of 2.2% in the first quarter. U.S. pending home sales index fell 1.0% in March and down 20.1% YoY. 4/30/08 The Fed reduced the federal funds rate to 2.00% U.S. GDP rose 0.6% QoQ and 2.5% YoY. U.S. employment cost index rose 0.7% QoQ and 3.3% YoY. The Chicago Purchasing Managers' index rose from 48.2 to 48.3 4/29/08 According to the Standard & Poor's Case-Shiller home price index U.S. home prices fell 12.7% YoY. The Conference Board index of consumer confidence fell from 65.9 to 62.3 in April 4/23/08 U.S. Durable goods orders fell 0.3% in March. Excluding transport, orders rose 1.5% -- stronger than expected. U.S. New home sales were at an annual rate of 526,000 in March, down 8.5% from February's pace and down 36.6% YoY. New homes for sale rose from 10.2 to an 11-month supply. The U.S. Labor Department said that jobless claims fell 33,000 to 342,000, fewer than expected. 4/22/08 The National Association of Realtors said existing home sales fell 2% MoM, and 19% YoY. The Richmond Fed's regional index of manufacturing fell from +6 to 0 in April. 4/19/08 (Reuters) "I think the most important thing for the Fed to do is not just use moral suasion, but a baseball bat with respect to the banking system," Paul McCulley, managing director at bond fund manager PIMCO, told a conference in response to a question from Fed Vice Chairman Donald Kohn. 4/16/08 U.S. consumer prices rose 0.3% in March and 4.0% YoY. Without food and energy, prices rose 0.2% in March and 2.4% YoY. U.S. housing starts fell 11.9% MoM and 36.5% YoY 4/15/08 U.S. producer prices rose 1.1% in March. Excluding food and energy costs, prices rose 0.2% The New York region of the Federal Reserve announced that manufacturing activity beat trade expectations in April. (AP) -- Lehman Brothers Holdings Inc. Chief Executive Richard Fuld joined a growing chorus of investment bank executives in saying on Tuesday that the worst of the credit crisis is behind Wall Street. 4/11/08 The University of Michigan's consumer sentiment index fell from 69.5 to 63.2, the lowest since 1982. Results from industrial bellwether General Electric missed estimates, re-igniting concerns that corporate profits would not escape financial market turmoil. Greenspan says the U.S. economy is in recession, adding it would be appropriate to use public funds to reverse the effects of the nation's credit crisis. (WSJ) Bush and his wife paid $221,635 in federal taxes on income of $923,807 for 2007, a year that included an advance for a children's book. The Cheneys' taxes were $602,651 on $3.04 million in income. Lehman repackaged some of its unsold buyout loans into a new security that it used as collateral to obtain cash loans from the Fed. Other Wall Street investment banks, known for their “ingenuity”, are expected to follow suit. 4/9/08 (FT) The world's leading banks have accepted much of the blame for the credit crisis in an attempt to stave off calls for more regulation, even as the International Monetary Fund slashed global growth estimates and warned that the US would suffer a recession. 4/4/08 U.S. unemployment rate rose from 4.8% to 5.1% in March 4/2/08 U.S. factory orders fell 1.3% in February, weaker than expected Weak dollar boosts Long Beach (CA) exports 36%, but cuts imports 7.6% in February. 3/31/08 The Chicago Purchasing Managers' index rose from 44.5 to 48.2 in March. 3/28/08 U.S. Personal incomes rose 0.5% in February, better than expected. Consumer spending rose 0.1%. The University of Michigan's consumer sentiment index fell from 70.8 to 69.5 3/27/08 U.S. GDP was unrevised at 0.6% growth for the fourth quarter of 2007, the slowest pace since late 2002. 3/25/08 Standard & Poor's/Case-Shiller index of U.S. home prices fell by 11.4% in January, the biggest monthly drop since the index began in 1987 The Conference Board's consumer confidence index fell from 76.4 to 64.5 in March, weaker than expected -- it’s the lowest in 34 years. 2/21/08 The Philadelphia Fed's regional index of manufacturing fell from -20.9 to -24.0 The Conference Board's index of leading indicators fell 0.1% in December 2/19/08 The Supreme Court turned down a legal challenge to the warrantless domestic spying program Bush created. Banks "quietly" borrowed $50 billion from the Fed. 2/14/08 U.S. exports rose $2.2 billion in December, while imports fell $2.2 billion—resulting in $58.8 billion of net imports. 2/13/08 U.S. retail sales rose 0.3% in January -- better than expected. 2/8/08 The U.S. Congress passed and sent to Bush a $168 billion economic stimulus package. 2/6/08 U.S. non-farm productivity rose 1.8% QoQ and 2.6% YoY, stronger than expected. U.S. unit labor costs rose 3.1% in 2007. 2/5/08 The Institute of Supply Managements' index of services fell from 54.4 to 41.9 in January, weaker than expected. 2/4/08 U.S. factory orders rose 2.3% in December-- less than expected. Excluding transportation, orders rose 0.7%. Bush wants to spend $3.1 trillion in 2008-2009, up 76% since1999. 2/1/08 U.S. lost 17,000 non-farm jobs in January. This was the first monthly loss in 4-1/2 years and increases the likelihood the Fed will cut interest rates another half point next month. Microsoft wants to buy Yahoo for $45 billion in stock and cash. The Institute of Supply Managements' manufacturing index rose from 48.4 to 50.7 U.S. Construction spending fell 1.1% MoM, and 2.6% YoY. The University of Michigan's consumer sentiment index rose from 75.5 to 78.4 1/30/08 The Fed cut its key lending rate by one-half percentage point to 3% U.S. GDP rose 0.6% QoQ and 2.5% YoY, weaker than expected. 1/29/08 According to Standard & Poor's/Case-Shiller, U.S. home prices fell 8.4% YoY. With double-digit declines recorded in some hard-hit areas, such as Miami, San Diego, Las Vegas and Detroit. 1/29/08 U.S. durable goods orders rose 5.2% in December, much more than expected. Excluding transportation orders rose 2.6%. Consumer confidence fell from 90.6 to 87.9 in January. 1/28/08 U.S. New-home sales fell 4.7% MoM, and 26% YoY. The median price of a new home fell 10% YoY to $219,200. 1/24/08 U.S. existing home sales are down 2.2% MoM and down 22% YoY. Prices of single family homes were down 1.8% in 2007 -- the first decline since records began four decades ago. The U.S. Labor Department said that jobless claims were down 1,000 last week to 301,000. 1/22/08 The Fed cut the fed funds rate 0.75% to 3.50%. The White House said Bush isn't ruling out a larger economic stimulus package than the $150 billion already proposed. B of A profit drops 95%. 1/17/08 U.S. housing starts fell 14.2% MoM. YoY, housing starts are down 25%. The Philadelphia Federal Reserve's index of manufacturing fell from -1.6 to -20.9, the lowest in six years. 1/15/2008 U.S. producer prices fell 0.1% in December and rose 6.3% YoY, The New York Fed’s index of manufacturing sentiment fell from 9.8 to 9.0 in January. U.S. retail sales in December fell 0.4% MoM, and rose 4.1% YoY. Citigroup wrote off $18.1 billion and slashed its dividend by 41%. 1/7/08 Bush acknowledged that economic indicators are causing worry for Americans, but said the economy is resilient. Paulson stressed the administration is combating the country's housing crisis. QoQ the U.S. office vacancy rate rose to 12.6%. This is the first increase after 16 consecutive quarterly declines. 1/3/08 U.S. Factory orders rose 1.5% in November, the most in four months, according to the Commerce Department - versus 0.5% expected. A report from ADP Employer Services showed companies in the U.S. added 40,000 jobs in December, more than expected. 12/19/07 Bush signed legislation that requires auto makers to raise fuel efficiency by 40% to an industry average 35 miles per gallon by 2020. It also ramps up production of ethanol use to 36 billion gallons a year by 2022. 12/13/07 U.S. Retail sales rose 1.2% in November, much stronger than expected. Excluding autos, sales were up 1.8% in November. Prices paid to U.S. producers rose 3.2% in November and up 7.2% YoY— the fastest pace in 34 years. Excluding food and energy, prices rose 0.4% in November. 12/12/07 The Fed announced coordinated measures with the Bank of Canada, European Central Bank, and Swiss National Bank to add liquidity to the markets. 12/11/07 The National Association of Realtors said the pending U.S. home sales index was up 0.6% in October but down 18.4% YoY. A trade group for real-estate agents said the battered housing market is on the verge of stabilizing and raised its outlook for 2007 and 2008 home sales. 12/6/07 (Reuters) - Housing markets from Punta Gorda, Florida, to Stockton, California, will crash and suffer price drops of more than 30 percent before the housing crisis is over, a report from Moody's Economy.com said. YoY Oct. traffic at major US container ports fell 3.5%. U.S. Jobless claims fell 15,000 last week to 338,000. U.S. Treasury Secretary Paulson announced a plan to help roughly 1.2 million distressed homeowners avoid foreclosure. 12/5/07 The Institute of Supply Managements' index of services fell from 55.8 to 54.1 -- still recording growth. U.S. Productivity rose 6.3% -- the most since 2003 US consumer confidence declined to 24 from 21 last week. U.S. factory orders rose 0.5% in October. U.S. non-farm productivity rose 2.7% -- better than estimated. U.S. Unit labor costs rose 3.0%. 12/3/07 U.S. Treasury’s Henry Paulson is confident an agreement will soon be reached that will help thousands of homeowners avoid mortgage defaults by temporarily holding their interest rates steady. The Institute for Supply Management’s manufacturing index fell to 50.8 in November -- the fifth straight monthly decline. The U.S. national debt is expanding by about $1.4 billion a day -- or nearly $1 million a minute. The U.S. average price of diesel pushed past a record level for the third time in four weeks, rising 3.4 cents a gallon to $3.444. 11/30/07 U.S. Personal incomes rose 0.2% in October. Personal consumption expenditures rose 0.2% in October and 1.9% YoY. The Federal Reserve would not hesitate to act to prevent financial strains from damaging the economy and any steps it does take are not made to shield investors, a top Fed official said on Friday. U.S. Construction spending fell 0.8% MoM and 0.6% YoY. The Chicago purchasing managers index rose from 49.7 to 52.9, stronger than expected Moody's downgraded or put on review debt totaling $119 billion that was issued by SIVs, including some tied to Citigroup. Congress may legislate a boost in fuel-economy standards to 35 miles a gallon by 2020. 11/27/07 The Dow industrials rose 215 on Citigroup's cash infusion from Abu Dhabi, and a more than $3 break in oil. Middle Eastern and Asian investment funds have invested an estimated $37bn in shares of western financial companies so far this year. U.S. Home prices fell 4.5% in the third quarter from a year earlier The Conference Board's index of consumer confidence fell from 95.2 to 87.3, the lowest score since Hurricane Katrina. 11/10/07 U.S. Trade shortfall of $56.5 billion was less than expected. The University of Michigan's consumer sentiment index dropped from 80.9 to 75.0 in November, the lowest in two years. 10/31/07 The Federal Reserve reduced the federal funds rate from 4.75% to 4.50%, as expected. The discount rate was reduced from 5.25% to 5.00% U.S. GDP rose 3.9% YoY, the best quarterly performance in over a year. U.S. employment cost index rose 0.8% QoQ and up 3.3% YoY. U.S. Personal consumption rose 1.9% U.S. construction spending rose 0.3% QoQ. YOY construction spending is down 3.2% The Chicago purchasing managers' index fell from 54.2% to 49.7%, weaker than expected 10/25/07 U.S. New home sales fell 23% YoY. U.S. Durable goods orders fell 1.7% in September, weaker than expected. Excluding transport orders rose 0.3% in September. The U.S. Fed is close to agreeing to changes in its communication strategy, including quarterly publication of internal forecasts, but it will not adopt an inflation target any time soon. 10/24/07 U.S. Existing home sales fell 8.0% from August's pace -- the lowest since records began in 1999. 10/18/07 The number of U.S. workers filing new claims for jobless aid jumped by 28,000 last week, more than expected and the biggest increase for any week since February. The Philadelphia Federal Reserve's regional index of manufacturing dropped from 10.9 to 6.8 in October, a sign of slower growth. U.S. leading indicators rose 0.3% in September 10/17/07 U.S. Housing starts were down 10.2% MoM and down 31% YoY. U.S. consumer prices rose 0.3% MoM and 2.8% YoY The adjustment from recent financial market turmoil is "far from over" though the situation seems to have improved, a senior New York Federal Reserve Bank official said. The Fed’s Beige Book said economic activity continued to expand in all Districts in September and early October but the pace of growth decelerated since August. 10/12/07 The income gap between the wealthiest and poorest Americans grew to its widest level since the 1920s 10/12/07 U.S. Producer prices rose 1.1% in September and 4.4% YoY. U.S. Retail sales rose 0.6% in September. Without transport sales rose 00.4% 10/11/07 The U.S. deficit in international trade of goods and services shrank 2.4%. 10/4/07 The Institute of Supply Management said its index of services dropped from 55.8 to 54.8, about as expected. Democratic leaders in the U.S. Congress called for the appointment of a "mortgage czar" to help stem a jump in foreclosures. 9/29/07 The PCE deflator, a core measure of consumer prices, rose 1.8%. U.S. Personal incomes rose 0.3% in August and consumer spending rose 0.6%, more than expected. The U.S. Census Bureau said construction spending was up 0.2% from July's pace. YoY construction spending is down 3.3%. The Chicago purchasing-managers' index rose from 53.8 to 54.2 9/28/07 New homes sales in the U.S. dropped 8.3 percent to an annual pace of 795,000 in August. The median price dropped 7.5 % YoY. The Commerce Department reported the economy grew at 3.8% down from 4% in the previous quarter. YoY GDP remained up 1.9% The GDP's price index was up an annual rate of 2.6% in the second quarter, down from a 4.2% gain in the first quarter. 9/21/07 A big overhang of property will bring U.S. house prices down further, but it is too early to say if the economy will sink into recession, former Fed chief Alan Greenspan was quoted as saying. 9/6/07 Retail sales increased 2.9% in August, the International Council of Shopping Centers said, exceeding the group's forecast of 2.5%. The U.S. Labor Department said that jobless claims were down 19,000 last week to 318,000, less than expected. The Labor Department said that non-farm productivity was up an annual rate of 2.6% in the second quarter of 2007, the best gain in almost two years. Unit labor costs were up an annual rate of 1.4% in the second quarter, less than expected. 8/26/07 Officials from the Federal Reserve on Saturday warned of dangers from a rising tide of trade disputes and the harmful impact on what one otherwise termed a "resilient" U.S. economy U.S. Durable goods orders rose 5.9% in July, more than expected. Excluding transport orders rose 3.7%. The U.S. Census Bureau said new home sales were at an annual rate of 870,000 in July, up 2.8% from June's rate. So far in 2007, new home sales are down 21% YoY. 8/10/07 The Federal Reserve joined the European and Asian Central Banks to add cash ($19 billion) to the banking system. The idea that Beijing might use its $1.33 trillion currency reserves as a bargaining chip in trade talks with Washington is (also) unsettling markets. 8/9/07 BNP Paribas (France's largest bank) froze investor redemptions from three funds. The news caused more fears about the continued run on funds tied to US subprime mortgages. The European Central Bank loaned 94.8 billion Euros to tone down a credit crunch. The U.S. Treasury said the current $8.965 trillion debt limit will be reached in October. 8/8/07 U.S. wholesale sales rose 0.6% in June U.S. Inventories rose 0.5%. The California Air Resources Board mandated that gasoline sold in the state include 10% ethanol by the end of 2009. California consumed 1 billion gallons of ethanol this year and the new rules will likely double that figure. 8/7/07 U.S. Productivity rose 1.8%. U.S. Unit labor costs rose 2.1%. The Fed kept the federal funds rate unchanged and said that while tightening credit conditions had increased risks, inflation was still its main concern. 7/30/07 Treasury’s Henry Paulson said the U.S. government will hit its $8.965-trillion debt limit in early October and asked Congress to raise it. U.S. Capital markets are losing market share to overseas competitors, but it is the bond market rather than equities that is losing ground to foreign competition, a study by the Federal Reserve Bank of New York showed. 7/23/07 U.S. Treasury Secretary Paulson said that problems in the subprime mortgage loan sector could be contained and would not hurt the overall economy. He also repeated that a strong dollar was in the U.S. interest and currency values should be set in free and open markets. 7/19/07 Losses in the fast-unraveling subprime lending market could top $100 billion, but the Federal Reserve is taking measures to protect borrowers, according to Fed Chairman Bernanke. 7/19/07 U.S. Index of leading indicators fell 0.3% in June. The index has been down in four of the past six months. The Philadelphia Federal Reserve's regional index of factory activity fell from 18.0 to 9.2. 7/18/07 U.S. consumer prices rose 0.2% in June, up 2.7% YoY. U.S. housing starts rose 2.3% from May's pace. YoY housing starts are down 26%. 6/29/07 U.S. Personal incomes rose 0.4% in May and consumer spending was up 0.5%. U.S. Construction spending rose 0.9% MoM, but fell 2.2% YoY. The National Association of Purchasing Managers' Chicago index fell from 61.7 to 60.2 in June. The University of Michigan's consumer sentiment index fell from 88.3 to 85.3 in June. 6/26/07 The U.S. Census Bureau said new home sales were down 1.6% from April's pace, and down 21% YoY. This is the fourth drop in the past five months, providing further evidence of a continued slump in housing. U.S. Index of consumer confidence fell from 108.5 to 103.9 in June -- more than expected. 6/15/07 U.S.. Consumer prices rose 0.7% in May and 2.7% YoY. U.S. Industrial production was unchanged in May. U.S. Capacity utilization was 81.3%, down from 81.5% MoM. The New York Federal Reserve's index of manufacturing rose from 8.0 to 25.8 in June, the highest level in a year. The University of Michigan’s consumer sentiment index dropped from 88.3 to 83.7 in June. 5/25/07 The National Association of Realtors reports U.S. existing home sales down 2.6% from March's pace and the lowest level in over three years. Current inventories of homes for sale represent an 8.4 month supply, the most in 15 years. 5/24/07 U.S. New home sales were up 16.2% from March's pace and stronger than expected. YoY new home sales are down 20%. New homes for sale in the U.S. are at a 6.5 month supply. U.S. Durable goods orders were up 0.6% in April, weaker than expected. U.S. Jobless claims were up 15,000 last week to 311,000. 5/18/07 Fed Chairman Bernanke says the central bank is considering tougher rules to crack down on abusive practices by mortgage lenders. But he says the economy should escape without significant harm from the problems in the subprime market. 5/18/07 The University of Michigan's consumer sentiment index rose from 87.1 to 88.7 5/17/07 U.S. Jobless claims were down 5,000 last week to 293,000, the lowest in four months. The Philadelphia Federal Reserve's index of regional manufacturing increased from 0.2 to 4.2 in April, stronger than expected. U.S. Index of leading indicators was down 0.5% in April with eight of the ten components showing a decrease. 5/10/07 The U.S. trade shortfall rose 10.4 % to $63.9 billion in March. The Fed’s holdings of Treasury and agency debt kept for overseas central banks rose $8.167 billion in the week ended May 9, to stand at $1.937 trillion. 5/8/07 U.S. wholesale sales were up 1.8% in March while inventories were up 0.3%. YoY wholesale sales were up 8.4%. 5/1/07 The US manufacturing grew more strongly than expected. The Institute for Supply Management manufacturing index rose to 54.7 in April from March's 50.9. The National Association of Realtors said pending U.S. home sales fell 4.9% in March, more than expected. 4/26/07 U.S. Jobless claims were down 20,000 last week to 321,000, the lowest in a month. 4/25/07 U.S. durable goods orders rose 3.4% in March. U.S. new home sales were at an annual rate of 858,000 in March up 2.6% MoM, but weaker than expected. For 2007, new home sales are down 23% YoY. 4/24/07 The National Association of Realtors said that U.S. existing home sales were at an annual rate of 6.12 million units in March, down 8.4% from the previous month and weaker than expected. YoY Median home prices were down 0.3% in March. U.S. consumer confidence dropped from 108.2 to 104.0 in April, more than expected. 4/17/07 U.S. consumer prices rose 0.6% in March and up 2.8% YoY. Excluding food and energy costs, prices rose 0.1% in March and up 2.5% YoY U.S. housing starts were at an annual rate of 1.518 million units up 0.8% from February's, but down 23% YoY. So far in 2007, housing starts are down 30% YoY. U.S. banking regulators urged lenders on Tuesday to help distressed borrowers unable to make mortgage payments and offered possible incentives to move homeowners to lower-cost loans. U.S. industrial production was down 0.2% in March and up 2.3% YoY, weaker than expected. 4/4/07 The Institute of Supply Management's index of U.S. services dropped from 54.3 to 52.4 in March. Factory orders rose 1% in February following the biggest drop in six years, the Commerce Department said Wednesday 4/3/07 The National Association of Realtors said U.S. pending home sales increased from 108.5 to 109.3 in February, more than expected. 4/2/07 Federal Reserve Bank of St. Louis President William Poole said the U.S. central bank's main concern remains inflation and he could be inclined to raise interest rates if price pressures did not ease. New Century Financial Corp. filed for bankruptcy Monday amid a surge in homeowner defaults, the biggest mortgage lender to collapse in the U.S. housing market. The Supreme Court Monday ordered the federal government to take a new look at regulating carbon dioxide emissions from vehicles, in a rebuke to the Bush administration’s policy on global warming, the Associated Press reported. The Institute of Supply Management's index of manufacturing dropped from 52.3 to 50.9 in March, slightly weaker than expected. 4/1/07 U.S. Personal income was up 0.6% in February and U.S. consumer spending rose 0.6%. U.S. Core rate of personal consumption expenditures rose 0.3% in February and 2.4% YoY. The University of Michigan's consumer sentiment index fell from 91.3 to 88.4 MoM. The Chicago purchasing managers index rose from 47.9 to 61.7 MoM, more than expected. U.S. Construction spending rose 0.3% MoM. The U.S. said it will impose duties on imports of coated paper from China, raising fears of protectionism. 3/26/07 U.S. New home sales were weaker than expected down 3.9% from January's pace. This # is dimming hopes for a rebound in the housing market and increasing worries about the health of the economy 3/14/07 The Mortgage Bankers Association said that its index of mortgage application increased 2.8% last week, the highest level this year. 3/13/07 U.S. Retail sales rose 0.1% in February, the Commerce Department reported Tuesday. 3/12/07 The U.S. government posted at $120 billion deficit in February, slightly larger than the deficit a year ago. For the first five months of the new fiscal year, the deficit is $162.2 billion, down 25% YoY. 3/6/07 U.S. Factory orders were down 5.6% in January, the biggest monthly drop in over six years. 3/5/07 The Institute of Supply Management's index of U.S. services dropped from 59.0 to 54.3 in February Global causes may on balance have boosted U.S. inflation, but globalization has not affected the ability of the Federal Reserve to influence U.S. financial conditions, Fed Chairman Ben Bernanke said. 2/28/07 The Bureau of Economic Analysis changed its estimates of fourth quarter GDP growth sharply downward, to 2.2% compared with a previous estimate of 3.5%. New home sales fell by 16.6%, the Commerce Department said Wednesday. The monthly decline was the biggest, since a 23.8 percent drop-off in January 1994. The median sales price of a new U.S. home rose $400 to $239,800. The Chicago PMI fell to 47.9%, its lowest level since April 2003, suggesting contraction. MoM the prices paid component rose to 63.2 from 54.9. 2/21/07 U.S. Consumer prices were up 0.2% in January and up 2.1% YoY. Excluding food and energy, prices were up 0.3% in January and up 2.7% YoY. U.S. index of leading indicators were up 0.1% in January, less than expected 2/15/07 U.S. Industrial production fell 0.5% in December, the most in over a year. The price of goods imported to the United States fell 1.2% in January, the most in three months. First-time U.S. jobless jumped last week by 44,000, the biggest increase since September 2005, the Labor Department said Thursday International investors slowed their purchases of U.S. stocks and bonds in December. They purchased $63.0 billion U.S. securities while U.S. investors bought $47.4 billion of foreign securities. This is the lowest net funds inflow in five years. 2/12/07 The number of U.S. homes entering foreclosure rose to 130,511 in January, up 25% YoY. 2/12/07 The U.S. government posted a $38.24 billion budget surplus in January, up 82.4 % YoY. 2/9/07 U.S. Nonfarm business productivity had an annual gain of 3.0% in the fourth quarter, more than expected. The U.S. savings rate has fallen to a 74-year low. 1/30/07 The Conference Board said the consumer confidence index increased from 110.0 to 110.3 in January. 1/17/07 U.S. industrial production rose 0.4% in December and 4.0% in 2006 U.S. Capacity utilization out at 81.8%. The producer price index rose 0.9% in December and 1.1% YoY. Excluding food and energy, prices were up 0.2% and up 2.0% YoY. Foreign purchases of long-term U.S. securities totaled $107.4 billion while U.S. purchases of foreign securities totaled $39.1 billion. 1/16/07 The New York Federal Reserve's regional index of manufacturing dropped from 22.19 to 9.13 in January, weaker than expected. 1/12/07 U.S. Retail sales rose 0.9% in December, more than expected. 1/10/07 The U.S. trade deficit narrowed in November to its smallest level since July 2005. Exports were up 0.9% in November to $124.8 billion while imports were up 0.3% at $183.0 billion. 1/4/07 U.S. factory orders rose 0.9% in November. Excluding transportation, orders were down 0.5%. The Institute of Supply Management's U.S. index of services dropped from 58.9 to 57.1 US jobless claims were up 10,000 to 329,000. 1/3/07 The Institute of Supply Management's index of U.S. manufacturing increased from 49.5 to 51.4 in December, more than expected. U.S. Federal Reserve officials agreed at their December meeting inflation was the main concern, but some felt the "subdued tone" of economic data meant risks to growth had increased, minutes released on Wednesday showed. U.S. Treasury Secretary Henry Paulson supported a White House plan to balance the budget by 2012, saying it could be accomplished with low taxes, strong job and productivity growth and restrained spending. U.S. Construction spending in November was down 0.2% from October's pace. In the first eleven months of 2006, construction spending was up 5.4% YoY. 12/28/06 U.S. Consumer confidence rose from 105.3 to 109.0, an eight-month high, the New York-based Conference Board reported. The National Association of Realtors said that U.S. existing home sales were at an annual rate of 6.28 million units in November, up .6% from October's pace, but still down 10.7% YoY. The Chicago Purchasing Managers' index rose from 49.9 to 52.4 in December, more than expected. 12/26/06 Personal income increased $33.8 billion, or 0.3 %, and disposable personal income increased $27.0 billion, or 0.3 %, in November. Consumer spending was up 0.5%, the most in four months. U.S. Durable goods orders were up 1.9% in November. Excluding transportation, orders were down 1.1%, more than expected. The University of Michigan's consumer sentiment index dropped from 92.1 to 91.7 in December, better than expected. The confidence of American consumers slipped in the latest week, with buyers "shopped out" by the Christmas holiday, ABC News and The Washington Post said on Tuesday. The Richmond Fed index of regional manufacturing fell from +7 to -6 in December, more than expected. 12/19/06 The U.S. Labor Department said that producer prices were up 2.0% in November, the biggest gain since 1974. YoY producer prices were up 0.9% and the core rate of producer prices was up 1.8% YoY. U.S. Housing starts came in at an annual rate of 1.588 million units in November, up 6.7% from October's pace. So far in 2006 housing starts are down 12.5% YoY. Confidence of American consumers held at a 2006 high last week, ABC News and The Washington Post said on Tuesday. 12/15/06 The White House has approved a $468.9 billion Pentagon budget for 08, a six-percent increase YoY. 12/15/06 U.S. Consumer prices were unchanged in November and up 2.0% YoY, less than expected. Excluding food and energy costs, prices were up 2.6% YoY. Foreign purchases of U.S. securities totaled $102.0 billion in October while U.S. purchases of foreign long-term securities totaled $19.7 billion. U.S. Industrial production rose 0.2% in November, up from October's 0.5% drop. 12/14/06 The price of goods imported to the United States rose 0.2% in November after falling more than 2% in the previous two months, the Labor Department said Thursday. U.S. Jobless claims were down 20,000 to 304,000, less than expected. 12/13/06 U.S. Retail sales were up 1.0% in November, more than expected. Excluding autos and gasoline, sales were up 0.9%. 12/12/06 The Federal Reserve left the federal funds rate at 5.25%, noting the economy has slowed and is hurt by "substantial cooling" in the housing market. The statement, left open the possibility the central bank might increase rates if inflation speeds up. US Trade Balance at -$58.9B vs. -$63.0B expected. U.S. Federal budget deficit at $75.6 billion in November, down from $83.1 billion YoY. 12/11/06 U.S. Economic growth will slow and inflation will ease in 2007, with energy prices and a falling dollar posing the biggest risks to a pick-up in prices, a panel of Wall Street analysts forecast on Monday. The National Association of Realtors expects U.S. existing home sales down 8.6% in 2006 and down 1.0% in 2007. Major oil-exporting countries have been moving away from dollar deposits to increase reserves in other currencies, including the Euro and the Japanese yen, the Bank for International Settlements has said. Dollar-denominated bank deposits by OPEC members decreased by 5.3 bln $ in the second quarter of 2006, while Euro-denominated deposits rose by 2.8 bln $ and yen deposits by 3.8 bln $. The U.S. Census Bureau said that wholesale sales were down 0.5% in October while inventories were up 0.8%. 11/30/06 The U.S. Commerce Department said that personal incomes were up 0.4% in October and consumer spending was up 0.2%. The U.S. Labor Department said that jobless claims were up 34,000 last week to 357,000, more than expected. The Chicago purchasing managers' index dropped from 53.5 to 49.9 in November, weaker than expected. 11/29/06 QoQ U.S. GDP was up 2.2%, and up 3.0% YoY. Nominal GDP was up 6.0% YoY. Federal Reserve Chairman Bernanke said he expects moderate economic growth with lower inflation. The one risk of higher inflation, he warned, might come from tight labor supplies. The Federal Reserve's Beige Book said that most districts reported "continued moderate growth since the last report" and increased consumer spending. U.S. New home sales were at an annual rate of 1.004 million units in October, down 3.2% from September's pace and less than expected. YoY new home sales are down 18%. 11/28/06 Durable goods orders posted their biggest decline since July 2000, falling 8.7% in October. Excluding transport, orders were down 1.7% U.S. Consumer confidence fell to 102.9 in November from a revised 105.1 last month, the New York-based Conference Board said Tuesday. The confidence of American consumers rose in the latest week to match its 2006 high and best since April 2002, just in time for the beginning of the holiday season, ABC News and The Washington Post said on Tuesday. The National Association of Realtors said U.S. existing home sales were at an annual rate of 6.24 million units in October, better than expected and up 0.5% from September's pace. The 3.85 million homes for sale in October represented a 7.4 month supply, the most in 13 years. The U.S. economy is not yet facing a generalized economic slowdown, despite cooling in the housing and automobile sectors, the International Monetary Fund's chief economist said on Tuesday. 11/22/06 The U.S. jobless claims were up 12,000 last week to 321,000. 11/22/06 The University of Michigan's index of consumer sentiment dropped from 93.6 to 92.1 in November, more than expected. 11/21/06 Federal Reserve officials agree the U.S. labor force has entered a slower-growth phase, but they have yet to reach consensus on what pace of job growth is consistent with a noinflationary expansion. 11/3/06 U.S. companies added 92,000 workers in October, pushing the unemployment rate down to a five-year low of 4.4%. 11/2/06 Total money market assets stood at $2.265 trillion for the week, the Investment Company Institute said. U.S. Factory orders were up 2.1% in September, less than expected. The Labor Department said that U.S. jobless claims were up 18,000 to 327,000. The U.S. Labor Department said that productivity was unchanged in the third quarter while labor costs were up 5.3% from a year ago. 11/1/06 The Institute of Supply Management's index of U.S. manufacturing dropped from 52.9 to 51.2 in October, weaker than expected. YoY U.S. Construction spending was up 2.9% 10/31/06 The U.S. Bureau of Labor Statistics said the employment cost index increased 1.0% in the third quarter and 3.3% from a year ago, the biggest gain in two years. U.S. Consumer confidence fell from 105.9 to 105.4 in October following an increase in September, the New York-based Conference Board said Tuesday. The National Association of Purchasing Management-Chicago’s manufacturing index dropped from 62.1 to 53.5 in October, more than expected. 10/26/06 First-time U.S. jobless claims rose 8,000 to 308,000 last week. The Commerce Department reported the median price for a new home sold in September was $217,100, down 9.7 % from September 2005. This is the lowest median price for a new home since September 2004 and the largest year-over-year decline since December 1970. Sales of new homes rose by 5.3 percent to a seasonally adjusted annual rate 1.075 million homes This is second consecutive increase in sales following three months of declines. Durable goods orders posted their biggest increase in more than six years, rising 7.8% in September. 10/25/06 The Fed kept the federal funds rate unchanged at 5.25%, as expected. The National Association of Realtors said U.S. existing home sales were at an annual rate of 6.18 million units in September, down 1.9% MoM. The number of existing homes for sale dropped 2.4% to 3.75 million, a 7.3 month supply. 10/18/06 US consumer prices were down 0.5% in September and up 2.1% YoY. Excluding food and energy costs, prices were up 0.2% in September and up 2.9% YoY. US housing starts were stronger than expected and up 6% from the pace in August. So far in 2006, housing starts are down 9% YoY. Mortgage applications index was reported at -2.2%, adding to last week's decline of -5.5%. 10/17/06 The U.S. Treasury Department said that net foreign purchases of long-term U.S. securities totaled $119.5 billion in August. U.S. purchases of foreign securities totaled $2.7 billion, resulting in a positive net capital inflow of $116.8 billion. U.S. Industrial production was down 0.6% in September, weaker than expected and the biggest drop in a year. U.S. Producer prices were down 1.3% in September, but up 0.9% YoY. Excluding food and energy costs, prices were up 0.6%. 10/16/06 The New York Federal Reserve's regional index of manufacturing increased from 13.8 to 22.9 in October, more than expected 10/13/06 The University of Michigan's consumer sentiment index rose from 85.4 to 92.3 in October, more than expected. 10/13/06 U.S. Retail sales were down 0.4% in September. Excluding autos, sales were down 0.5%. The weakness came mostly from lower gasoline prices. 10/12/06 U.S. Jobless claims were up 4,000 last week. 10/12/06 The U.S. Census Bureau said that U.S. exports were up $2.7 billion in August to $122.4 billion while imports were up $4.6 billion to $192.3 billion. The rise in the U.S. trade deficit nudged the dollar off against the Euro and yen. 10/5/06 U.S. Interest rates may not be high enough to quell a recent bout of inflation, Philadelphia Federal Reserve President Charles Plosser said on Thursday. 10/5/06 First-time U.S. jobless claims fell 17,000 to 302,000 last week, the Labor Department said Thursday. 10/4/06 The U.S. Federal Reserve remains worried inflation is too high, but is also watching to see how much a "substantial correction" in housing markets will slow economic growth, Fed Chairman Ben Bernanke said on Wednesday. 10/4/06 The U.S. economy’s service sector grew at its slowest rate in three years, the Institute for Supply Management said Wednesday. 10/4/06 The MBA mortgage applications index rose sharply by +11.9%. 10/4/06 U.S. Factory orders were unchanged in August, the Commerce Department reported Wednesday. 10/3/06 The U.S. economy is likely heading for a soft-landing rather than a full-blown recession as slowdowns in the housing and job markets constrain consumer spending, the National Retail Federation trade group said on Tuesday. 9/27/06 U.S. Durable goods orders were down 0.5% in August, weaker than expected. In July, orders were revised lower, from a 2.4% to a 2.7% decline. U.S New home sales were up 4.1% MoM. New home inventory dropped from 7.0 to 6.6 months. YoY new home sales are down 16%. The Mortgage Bankers Association said that YoY mortgage applications were down 21% last week. 9/26/06 After a sharp downturn in August, The Conference Board's index of consumer confidence rose from 100.2 to 104.5 in September, the New York-based Conference Board said Tuesday The confidence of American consumers edged up during the latest week, helped by lower gasoline prices and despite signs of a cooling U.S. economy, ABC News and The Washington Post said on Tuesday. The Federal Reserve Bank of Richmond's manufacturing index rose from +3 to +9 in September, more than expected. 9/25/06 A top U.S. Federal Reserve official said on Monday the economy is doing well but inflation remains a concern, in remarks that challenge views the central bank will cut interest rates early next year. The National Association of Realtors said that U.S. existing home sales were at an annual rate of 6.30 million units in August, more than expected. The median home price was down 1.7% from a year ago, the first annual drop in eleven years. 9/20/06 The Federal Reserve kept the federal funds rate unchanged at 5.25%, as expected. 9/19/06 The net worth of U.S. households increased 0.1% in the second quarter to $53.3 trillion, the slowest gain in nearly four years, the Federal Reserve said Tuesday. U.S. Housing starts fell 6% more than expected to the lowest rate in more than three years. U.S. Producer prices rose 0.1% in August up 3.7% YoY. 9/18/06 The U.S. current-account deficit widened more than forecast last quarter to the second-largest on record as the trade gap expanded and the Treasury paid more interest to overseas investors. Foreign purchases of U.S. securities totaled $54.5 billion in July, while U.S. purchases of foreign securities totaled $21.6 billion. 9/15/06 The U.S. Labor Department said that consumer prices were up 0.2% and up 3.8% YoY. Excluding food and energy prices were up 0.2% and up 2.8% YoY. U.S. Industrial production was down 0.1%. The New York Federal Reserve's regional manufacturing index increased from 11.0 to 13.8. 9/7/06 U.S. Labor Department said that jobless claims were down 9,000 last week to 310,000 U.S. Wholesale inventories rose 0.8% in July, the Commerce Department said Thursday. The National Association of Realtors said they expect U.S. existing home sales to be down 7.6% in 2006 and new home sales to be down 16.1%. 9/6/06 Worker productivity rose at a revised 1.6% annual rate in the second quarter, up from an initially reported increase of 1.1%, the Labor Department reported Wednesday. The Institute of Supply Management's U.S. index of service activity increased from 54.7 to 57.0 in August. 8/30/06 U.S. Personal consumption expenditures rose 0.1% in July, less than expected. YoY it is up 2.4%. U.S. personal incomes rose 0.5% in July, Consumer personal spending rose 0.8% in July, the largest gain since January, the Commerce Department said Tuesday