This Week’s Data
Second quarter corporate profits were down 5.3% from a revised prior estimate; however, they were up from the unadjusted number.
The latest Beige Book report described an economy that was continuing to grow albeit sluggishly (sound familiar?). It mentioned positives in retail sales and consumer credit reduction (see link starting with ‘The delinquency............’ below). Softness was noted in agriculture, manufacturing and exports.
Weekly jobless claims were flat with an upwardly revised number from the prior week.
July personal income rose 0.3%, in line; personal spending was up 0.4%, in line; the personal consumption expenditure index as well as core PCE were flat versus estimate of +0.1%.
The math of Maiden Lane III (medium):
The delinquency rates in HELOC’s and student loans (medium):
I have spent some time worrying over higher oil and grain prices and what that may mean for our economy. Now comes a new but different concern---collapsing iron ore prices and what says about the Chinese economy (medium):
Tax level cheat sheet (short):
A different approach to balancing the budget (short):
More regulatory shenanigans (medium):
A look into the future (medium and today’s must read):
News on Stocks in Our Portfolios
Brown Forman reported fiscal first quarter earnings per share of $.69 versus estimates of $.62
Strategic Stock Investments is to help other investors build wealth and benefit from the investing lessons he learned the hard way.