Wednesday, October 05, 2011

Morning Journal 10/5/11


Economics

This Week’s Data


The International Council of Shopping Centers reported monthly sales of major retailers up 0.1% versus the prior week and up 3.7% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales down 0.1% versus the similar timeframe last month but up 4.2% on a year over year basis.

August factory orders declined 0.2%, in line with expectations.

Weekly mortgage applications fell 5.2% while purchase applications were down 0.8%.
http://www.calculatedriskblog.com/2011/10/mba-mortgage-purchase-application-index.html

The ADP private employment report showed modest gains.
http://www.calculatedriskblog.com/2011/10/adp-private-employment-increased-91000.html


Other

Some good news on jobs (short):
http://mjperry.blogspot.com/2011/10/ford-to-in-source-12000-jobs-from.html

Why growth creates jobs and not the other way around (short):
http://mjperry.blogspot.com/2011/10/putting-jobs-cart-before-growth-horse.html

An interview with Paul McCulley, formerly of Pimco. This is long but today’s must read:
http://www.ritholtz.com/blog/2011/10/greatest-moral-hazard-says-paul-mcculley-is-austerity-here-and-now/

Global PMI is not looking good (short):
http://bit.ly/nlj01t