Global Macro Perspectives
U.S. industrial production rose 0.2% in August. The consensus was at 0.2%, July revised (from +1.0) reading at 0.6%. Chart 1. U.S. Industrial Production Capacity utilization rose to 74.7% in August vs. 74.6% in July (revised from 74.8%) and consensus of 75.0%. Chart 2. Capacity Utilization Same as with Empire State Manufacturing Survey earlier today, below […]
(For September 2010) Empire State Manufacturing Survey for September came out at 4.14 vs. 8.0 consensus and 7.1 prior reading. Again bellow consensus; again deteriorating. It will be hard to produce another miraculous ISM Manufacturing reading. Chart 1. ISM vs. Philadelphia FED, Empire State Manufacturing Surveys and Chicago PMI
(For The Week Ending September 10, 2010) MBA mortgage applications fell 8.9% , prior reading was a decrease of 1.5.%. Refinance index fell 10.8%; Purchase index fell 0.4%. No change in purchase applications; Refinancing is heading lower as number of homeowners who have not refinanced is being exhausted. Chart 1. MBA Mortgage Applications
Ceridian-UCLA Pulse of Commerce Index climbed 1.7% in July following a 1.9% drop in June. Press release. “The August data is obviously discouraging after the cautious optimism created from July’s report,” said Ed Leamer, chief PCI economist. “There is not much to feel good about with the August data in terms of the unemployment picture, but there […]
No surprise they intervened, only the scale of the exchange rate move is somewhat surprising to me. Nice candle. Yen strengthening was the result of China increasing its portion of foreign currency reserves held in Japanese Yen, probably attempting to soften U.S. anger over China exchange rate policy by causing problems elsewhere. The world of competitive debasement continues, probably with increased intensity; they will […]