Economics

Video – Evidence Shows Media Reports of Credit Card Spending Growth Are Overhyped and Wrong

Credit Card Loans At Commercial Banks - Click to enlarge

Consumer revolving credit has been in the news recently as the Fed’s data on consumer credit  for April reportedly showed a record surge. However, we have more current data and it clearly shows that these reports are another case of hysterical media over reaction. The Fed’s weekly H8 statement reports the aggregate balance sheet of the…

Initial Claims Still Show Dangerously Overheated Bubble Economy

Initial Claims Hit Bubble Levels- Click to enlarge

The headline, seasonally adjusted (not actual) number for initial unemployment claims for the first week of June was 317,000. The consensus guess of Wall Street conomists was 315,000. This report was was a non event in that regard, but the actual numbers which the Wall Street captured media ignores continue to indicate a dangerous economic condition.…

Fed Fails To Stimulate Jobs, Declares Victory and Pulls Out

Full Time Jobs Still Near Rock Bottom - Click to enlarge

The seasonally finagled headline number for nonfarm payrolls for May increased 217,000. The consensus expectation of Wall Street conomists was for a gain of 220,000. This report was not too hot, not too cold but j-u-u-u-st right! The market loved it. The seasonally adjusted monthly gain equated to an annualized gain of roughly 2.6 million or 1.9%. Actual, not…

First Time Unemployment Claims Remain At Record Lows – Is Implosion Next?

New Claims Per Million Workers - Click to enlarge

The headline number for initial unemployment claims was 312,000. The consensus guess of Wall Street conomists was 310,000. They’re so clever. That was the same number they guessed last week. The headline number is seasonally adjusted, therefore fictional. It may or may not give an accurate impression of reality, depending on the week. The current seasonally adjusted…

What Religion is Your ISM? FLASH- OPERATOR SAYS YOU HAVE DIALED THE WRONG NUMBER- DIAL AGAIN

ISM New Orders Revised- Click to enlarge

BULLETIN! ISM REPORTS THAT IT APPLIED THE WRONG SEASONAL ADJUSTMENT FACTOR TO MAY DATA. TOTAL SA FAKE NUMBER SHOULD BE 56, NOT 53.2. REAL NUMBER, WHICH IS NEVER REPORTED, IS CORRECT. BUT THAT’S FOR YOU TO FIGURE OUT.  The headline, seasonally adjusted (ugh) ISM index of manufacturing in the US came in at 53.2 for…