Morning Journal--$16,000,000,000,000 and counting

Economics

This Week’s Data

The International Council of Shopping Centers reported weekly sales of major retailers up 0.5% versus the prior week and up 3.4% versus the comparable period last year; Redbook Research reported month to date retail chain store sales up 1.5% on a year over year basis.

The June Case Shiller home price index came in +0.9%.
http://www.calculatedriskblog.com/2012/08/case-shiller-house-prices-increased-05.html

And:
http://www.ritholtz.com/blog/2012/08/hanson-on-case-shiller/

The August Conference Board’s consumer confidence index was reported at 60.6 versus estimates of 65.9.
http://scottgrannis.blogspot.com/2012/08/consumer-confidence-remains-very-low.html

The August Richmond Fed’s manufacturing index came in at -9 versus forecasts of -10.

Weekly mortgage applications fell 4.3% though purchase applications increased by 1.0%.
http://www.calculatedriskblog.com/2012/08/mba-mortgage-refinance-activity-declines.html

The second revision of second quarter GDP came in at +1.7, in line while the GDP deflator was reported at +1.6%, in line.

Morning Journal-Bernanke's mistakes

Economics
This Week’s Data

July industrial production was reported at +0.6% versus expectations of +0.5%; capacity utilization came in at 79.4% versus estimates of 79.2%.
http://scottgrannis.blogspot.com/2012/08/industrial-production-remains-healthy.html

Weekly jobless claims rose 5,000 versus forecasts of up 1,000.
http://www.calculatedriskblog.com/2012/08/weekly-initial-unemployment-claims_16.html

July housing starts fell 1.8% versus expectations of a 1.3% drop; however, building permits soared 7.5% versus estimates of a 1.5% increase.

Morning Journal-Goldman lowers odds of QEIII

Economics

This Week’s Data

The International Council of Shopping Centers reported weekly sales of major retailers down 0.3% versus last week but up 3.6% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales down 0.3% versus the similar timeframe in July but up 1.8% on a year over year basis.

June business inventories rose 0.1% versus expectations of an increase of 0.2%; business sales were unchanged.

Weekly mortgage applications fell 4.5% while purchase applications declined 2.0%.

Morning Journal-Capricious government bullying

Economics
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%.
http://www.calculatedriskblog.com/2012/07/case-shiller-house-prices-increased-22.html

The July Chicago PMI came in at 53.7 versus estimates of 52.5 and June’s reading of 52.9.
http://www.calculatedriskblog.com/2012/07/misc-chicago-pmi-increases-slightly.html

The July Conference Board’s consumer confidence index was reported at 65.9 versus forecasts of 61.5 and June’s 62.0.
http://advisorperspectives.com/dshort/updates/Conference-Board-Consumer-Confidence-Index.php

Weekly mortgage applications rose a meager 0.2% while purchase applications declined 2.0%.
http://www.calculatedriskblog.com/2012/08/mba-refinance-activity-highest-in-three.html

The ADP private payroll report showed an increase in jobs but less than anticipated:
http://www.calculatedriskblog.com/2012/08/adp-private-employment-increased-163000.html