This Week’s Data
The International Council of Shopping Centers reported weekly sales of major retailers flat versus the prior week but up 1.4% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales up 1.5 versus a similar timeframe last month and up 2.0% on a year over year basis.
June consumer credit rose $6.5 billion versus expectations of an increase of $10.3 billion.
Weekly mortgage applications fell 1.8% while purchase applications were down 1.0%.
Second quarter nonfarm productivity rose 1.6% versus forecasts of +1.3%; unit labor costs were up 1.7% versus estimates of up 0.9%.
The monetary base is contracting on a year over year basis (short):
A great article on income inequality (medium and today’s must read):
Five tax facts that you need to know (short):
Voter fraud in the Al Franken/Norm Coleman race (medium):
Chalk up another one for the banksters (short):
International War Against Radical Islam
A history of the Muslim Public Affairs Council (long):
News on Stocks in Our Portfolios
Kinder Morgan Partners (KMP) will acquire 100% of Tennessee Gas Pipeline and a 50% interest in El Paso Natural Gas from Kinder Morgan (KMI) for ~$6.22B, including ~$1.8B in assumed debt at Tennessee Gas and ~$560M of proportional debt at El Paso. The moves "will generate substantial, stable cash flow to KMP and its unitholders for many years to come," KMI says.
Strategic Stock Investments is to help other investors build wealth and benefit from the investing lessons he learned the hard way.