This Week’s Data
The International Council of Shopping Centers reported weekly sales of major retailer up 2.0 versus the prior week and up 2.7% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales up 2.3% on a year over year basis.
The April Case Shiller home price index rose 0.7% versus expectations of +0.4%.
The June Conference Board index of consumer confidence came in at 62.0 versus estimates of 63.0.
The June Richmond Fed’s manufacturing index was down 3.0% versus forecasts of an increase of 5.0%
Weekly mortgage applications fell 7.0% while purchase applications were down 1.0%
May durable goods orders rose 1.1% versus expectations of +0.4%; however, April’s number was revised from +0.2% to -0.2%. Ex transportation, orders were up 0.4% versus estimates of up 0.8%.
Comparing the ECRI Weekly Index with the Conference Board’s Leading Economic Index (medium):
A new look at the federal budget (deficit):
The chemical activity barometer (short):
Rick Santelli and John Taylor on Hayek (4 minute video):
Why the economy is growing at a below average secular rate and will continue to do so unless we change our growth model (medium):
The Arizona decision (medium):
International War Against Radical Islam
Obama’s search for a ‘win, win’ in Egypt (medium):
The latest from Turkey/Syria (medium):
News on Stocks in Our Portfolios
General Mills reported its fourth fiscal quarter earnings per share of $.60 versus estimates of $.59.
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