This Week’s Data
The International Council of Shopping Centers reported weekly sales of major retailers down 1.7% versus the prior week but up 1.5% versus the comparable period last year; Redbook Research reported month to date retail chain store sales down 0.5% versus the similar timeframe lat month but up 1.1% on a year over year basis.
The May Case Shiller home price index rose 0.9% versus expectations of +0.5%.
The July Chicago PMI came in at 53.7 versus estimates of 52.5 and June’s reading of 52.9.
The July Conference Board’s consumer confidence index was reported at 65.9 versus forecasts of 61.5 and June’s 62.0.
Weekly mortgage applications rose a meager 0.2% while purchase applications declined 2.0%.
The ADP private payroll report showed an increase in jobs but less than anticipated:
Obama’s GDP growth projections versus private industry (short):
Global food inflation is on the rise (medium):
Is a turn in the credit cycle coming? (short):
Europe’s unemployment rate soars (short):
Meanwhile, its June PMI shrank to 44.0 from 45.1.
The ravages of political correctness (medium):
Our government’s capricious bullying (medium):
A quote from Milton Friedman (short):
News on Stocks in Our Portfolios
More quarterly earnings per share reports:
Ecolabs $.72 $.72
Oneok .69 .70
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