Macro: S&P Global US Manufacturing PMI — 47.9
Orders and output falling and now labor... “The slowdown is spreading to the labor market. Payrolls were cut for a third month running as increasing numbers of firms grew concerned about the development of excess [...]
Macro: Durable Goods
The headline number will be choppy for a few months because of dynamics from the end of 2022 and beginning of 2023. Core capital goods will be the series providing the most information for the [...]
Macro: Consumer Sentiment
What's more pertinent? The index jumped 14% this month. The index has been in an uptrend for the last 18 months. The index is still weak relative to the last decade. Disclaimer: This information is [...]
Macro: GDP Q3 — Inflationary BOOM!
Outside of the pandemic defined as 2020 and 2021, this past quarter was the 5th best quarter for nominal GDP in the last 25 years. It was the best real growth quarter since Q2 and [...]
Macro: Philly Fed Mfg Survey — Umm
Tis was a poor number. The headline dropped from -5.9 to -10.5. The more eye popping number was the Index for New Orders which dropped from 1.3 to -25.6. I hate to say it, the [...]
Macro: Unemployment Claims — same as it ever was
Initial unemployment claims is up 2000 to 205,000. It remains at very low levels indicating continued employment strength. To put these levels in perspective, in the last cycle from 2009 to 2020 the first week [...]
Macro: Existing Home Sales — 4% YoY median price inflation and rising for now
Existing home sales rose in November to an annual rate of 3,820,000 units from 3,790,000 in October. This is 7% lower than November 2022, but the negative growth in sales is improving. If the National [...]
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