Wednesday, February 15, 2012

Morning Journal-Austerity is not bad for growth

This Week’s Data

The International Council of Shopping Centers reported weekly sales of major retailers down 2.0% versus the prior week but up 2.8% versus the comparable period last year. Redbook Research reported month to date retail chain store sales up 1.5% versus the similar timeframe last month and up 2.7% on a year over year basis.

January retail sales up 0.4% versus expectations of up 0.8%; ex autos sales were up 0.7% versus estimates of up 0.6%.

Consumer confidence and retail sales (medium):

December business inventories rose 0.4% versus forecasts of a 0.5% increase; sales were up a strong 0.7%.

Weekly mortgage applications fell 1.0% while purchase applications dropped 8.4%.

The February New York Fed manufacturing survey came in at 19.53 versus expectations of 15.00 and January’s reading of 13.5.


Auto affordability is the highest since 2009 (short):

Wednesday morning humor (3 minute video):

Austerity is not bad for growth (medium):

The latest Pulse of Commerce index reading (short):



Catholicism’s pact with the devil (short):

Thoughts on Obama’s budget (medium):

And (medium):

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.