Wednesday, October 05, 2011

Morning Journal 10/5/11


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%.

The ADP private employment report showed modest gains.


Some good news on jobs (short):

Why growth creates jobs and not the other way around (short):

An interview with Paul McCulley, formerly of Pimco. This is long but today’s must read:

Global PMI is not looking good (short):