U.S. Construction Spending Rose 1.4% In March
U.S. construction spending rose 1.4% in March vs. 0.4% consensus and 2.6% fall (revised from 1.4% fall) in February. On year level we are at -6.7%.
Archive for May 2nd, 2011
April ISM Manufacturing Index At 60.4
ISM Manufacturing Index was reported at 60.4 vs. prior reading of 61.2 and consensus of 59.5.
Smaller slowdown than expected, positive surprise.
Daily Reading – Monday, May 2, 2011
*** Alphaville: El-Erian: Implications for global markets of Bin Laden’s death ***
*** FT Gideon Rachman’s blog: Conspiracy theories about Osama’s death ***
*** The Big Picture: The Destruction of Economic Facts ***
*** The Big Picture: Uh-Oh: Is Shiller Defending the Failures of Economists? ***
*** JESSE’S CAFÉ AMÉRICAIN: Portrait of Desperation ***
*** CAFÉ AMÉRICAIN: Open Letter From Ted Butler to Custodian of SLV Silver ETF ***
New Week Intro – May 2, 2011
Weekly economic calendar.
Dry Bulk Weekly – May 2, 2011
Baltic dry index rose 1.2% last week; Capesize Index was up 1.6%; Panamax Index rose 5.3%; Supramax Index was down 0.8%; Handysize Index fell 0.6%.
Huge drop in thermal coal stockpiles; Huge drop in steel inventory; Iron ore inventory unchanged. Prices are strong. Monetary tightening still not affecting Chinese commodity demand much.
China Official PMI For April At 52.9
Official (China Federation of Logistics & Purchasing and National Bureau of Statistics) China PMI fell form 53.4 to 52.9. Consensus was at 53.9.
Weakening, but that’s nothing new.