Posts By Lee Adler

Wall Street Examiner exclusives

Single Family Housing Still Deep in the Dumpster

The Wall Street Journal claimed in its PR release on housing starts last week that single family starts rose 8.1% in September to 783,000. This is what I call the headline or top line number. It the seasonally adjusted (SA), annualized, impressionistic representation that economists and statisticians have cooked up to depict the trend. For…

Wall Street Journal’s Housing Reporting Is Not News Reporting- It’s Marketing

First let’s go to the slant. The Wall Street Journal spun the tall tale that “U.S. Existing-Home Sales Rebounded in September.” The Journal also claimed that the “Rise ends two-month slide as housing sector shows signs of stabilizing.” As for the facts, I can only say that either the Wall Street Journal’s reporters have no clue how to read…

JOLTS Untold Story

Job Openings and Stock Prices

Buried several layers deep in the data beneath the headline economic numbers is always a story that the mainstream media never tells.  The Job Opening and Labor Turnover Survey (JOLTS) is no exception. The media used to ignore the JOLTS. Then they got wind of the fact that it was Janet Yellen’s favorite indicator, and…

Macro Liquidity Still Rising But So Is Market Friction

The stock and bond rallies went flat in August and bonds sold off in September as heavy Treasury supply and foreign sovereign liquidation of Treasury holdings created friction in the markets. Liquidity growth has been slowing, and while overall liquidity is still rising, the market response to rising liquidity has been diminishing as friction builds.

Employers Are Always Last to Get the News

Both excise tax and corporate income taxes have been declining persistently for more than a year. The fact that withheld taxes are one of the few categories increasing reminds us of my old adage, “Employers are always the last to get the news.” Historically, time and again employers have continued hiring for months after both…

New Home Sales Biggest Monthly Decline In History- A Warning Shot

New Home Sales Vs. Population

The Commerce Department reported today that sales of newly built homes posted a seasonally adjusted month to month decline of 7.6% to an annualized rate of 609,000. This was near the consensus guess of economists of 602,000 according to the Wall Street Journal. In terms of the game of pin the tail on the donkey-economists it was a non-event. The…