Morning Journal A big day for economic data

Economics
This Week’s Data

The International Council of Shopping Centers reported weekly sales of major retailer up 0.1% versus last week and up 3.3% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales up 2.8% on a year over year basis.

The December producer price index fell 0.1% versus expectations of a 0.3% increase; core PPI was up 0.3% versus estimates of up 0.1%.
http://scottgrannis.blogspot.com/2012/01/thoughts-on-producer-inflation.html

December industrial production increased by 0.4% versus forecasts of a rise of 0.5%; capacity utilization came in at 78.1 as anticipated.
http://www.calculatedriskblog.com/2012/01/industrial-production-increased-04-in.html

Weekly jobless claims plummeted 47,000 versus expectations of a 9,000 drop.
http://www.calculatedriskblog.com/2012/01/weekly-initial-unemployment-claims_19.html


The December consumer price index came in unchanged as anticipated; core CPI rose 0.1% versus estimates of up 0.2%.

December housing starts fell 28,000 versus forecasts of a 1,000 decline; building permits decreased 1,000 versus expectations of being unchanged.

Other

Port of LA sets record (short):
http://mjperry.blogspot.com/2012/01/la-port-sets-record-in-2011-for-export.html

Homebuilder sentiment improves (short):
http://scottgrannis.blogspot.com/2012/01/more-signs-of-improvement.html

Politics

Domestic

This brief quote from Adam Smith on politicians. It is amazing to me how long Man has been keenly attuned to his own short comings but somehow has avoided doing anything about them:
http://cafehayek.com/2012/01/adam-smith-on-the-the-self-deception-of-politicians.html

News on Stocks in Our Portfolios

More quarterly earnings per share reports:

Reported Expected

Amphenol $.73 $.70
Fastenal .30 .30
Kinder Morgan Energy Ptrs .51 .62
Schwab .13 .13
Rockwell Collins .86 .84

Steve Cook received his education in investments from Harvard, where he earned an MBA, New York University, where he did post graduate work in economics and financial analysis and the CFA Institute, where he earned the Chartered Financial Analysts designation in 1973. His 40 years of investment experience includes institutional portfolio management at Scudder, Stevens and Clark and Bear Stearns. Steve's goal at Strategic Stock Investments is to help other investors build wealth and benefit from the investing lessons he learned the hard way.