I am a bit behind on this, has been a crazy day in the markets.
Anyway, we got a weak Beige Book report. 8 out of 12 reporting regions are slowing down. Labor markets are stagnant. Loan demand is so-so. Real estate is mostly weak. Auto sales were mixed (due to Japan quake supply disruption). Manufacturing slowed down. But consumer spending increased, hurray! We are like drunk sailors, just can't stop.
Durable goods orders report came in weak this am. Not a good report even excluding transportation. Some say this report is a volatile series of data. I say with inventories building at slowest pace in a year, we are to pay serious attention to this development, especially on the heels of weak PMI data we have been getting.
Folks we are slowing down for sure. No two ways about it!!! Who cares about the debt ceiling now? Sell on any rallys I say. But do your own research PLEASE.
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