Wednesday, January 04, 2012

Morning Journal-US debt now equals GDP


Economics

This Week’s Data


The Institute for Supply Management released its December index for manufacturing at 53.9 versus expectations of 53.2 and November reading of 52.7.
http://www.calculatedriskblog.com/2012/01/ism-manufacturing-index-indicates.html

November construction spending rose 1.2% versus estimates of a 0.5% increase and October report of up 0.8%.
http://www.calculatedriskblog.com/2012/01/construction-spending-increased-in.html

Weekly mortgage applications declined 3.7% while purchase applications fell 1.9%. Seasonal factors played a definite role in this poor performance.
http://www.calculatedriskblog.com/2012/01/mba-mortgage-purchase-application-index.html


Other

The FOMC released the minutes from its last meeting. The only thing new was its professed intent to provide more information on its reasoning for monetary policy (short):
http://www.calculatedriskblog.com/2012/01/fomc-minutes-agreement-to-provide.html

The US closes 2011 with total government debt equaling GDP (short):
http://www.zerohedge.com/news/us-closes-2011-record-1522-trillion-debt-officially-1003-debtgdp

A look a global bond issuance in 2012 (medium):
http://www.zerohedge.com/news/global-bond-issuance-top-staggering-8-trillion-2012

PIIGS update (medium):
http://scottgrannis.blogspot.com/2011/12/piigs-update.html


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.