Morning Journal-A closer look at the recent Chinese PMI number

Economics
This Week’s Data

The April ADP private payroll report showed an increase of 119,000 jobs versus expectations of a rise of 183,000.
http://www.capitalspectator.com/archives/2012/05/adp_reports_sha.html#more

March factory orders fell 1.5%, in line with estimates.
http://www.zerohedge.com/news/us-factory-orders-post-biggest-decline-march-2009

Weekly jobless claims fell 23,000 versus forecasts of a drop of 10,000.
http://www.calculatedriskblog.com/2012/05/weekly-initial-unemployment-claims.html

Fourth quarter productivity declined 0.5% versus expectations of a 0.4% decrease; unit labor costs advanced 2.0% versus estimates of a 2.5% increase.

Other

The bear case for the economy from Mort Zuckerman (7 minute video):
http://www.zerohedge.com/news/zuckerman-cnbc-recession-never-ended

Co-starring Martin Feldstein (4 minute video):
http://www.zerohedge.com/news/nbers-martin-feldstein-bashes-deplorable-us-economy-says-bernanke-has-engineered-another-stock-

And Lance Roberts (medium):
http://www.zerohedge.com/news/3-likely-triggers-next-recession

Politics

Domestic

The reality of voter fraud (medium):
http://www.nationalreview.com/articles/297461/reality-voter-fraud-john-fund

More shenanigans from our political class (medium):
http://michellemalkin.com/2012/05/02/sacaja-whiner-elizabeth-warren-and-the-oppression-olympics/

Class warfare has its costs (medium):
http://townhall.com/columnists/thomassowell/2012/05/02/a_cynical_process_part_ii

International

Some analysis of the recent PMI data out of China (medium):
http://www.zerohedge.com/news/chinas-unsustainable-pmi

News on Stocks in Our Portfolios

Pepsico raised its annual dividend per share from $2.06 to $2.15.

More quarterly earnings per share reports:

Reported Expected

Expeditors Int’l $.36 $.38
Murphy Oil 1.49 1.46

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.