The opinions expressed by columnists are their own and do not represent our advertisers

Thursday, November 27, 2014

"It's All Good, Right?"

After GDP 'beat' yesterday in all its statistical instability, today was a disastrous data daya for the Fed's "everything is awesome" meme...

Mortgage Applications -4.3%
Durable Goods Ex-Transports MISS -0.9% vs +0.5% Exp
Initial Jobless Claims MISS 313k vs 288k Exp
Personal Income MISS +0.2% vs +0.4% Exp
Personal Spending MISS +0.2% vs +0.3% Exp
Chicago PMI MISS 60.8 vs 63.0 Exp
UMich Confidence MISS 88.8 vs 90.0 Exp
Pending Home Sale MISS -1.1% vs +0.5% Exp
New Home Sales MISS +0.7% vs +0.8% Exp

As The Burning Platform's Jim Quinn explains,

it really isn’t hard to connect the dots and see the real economy in the real world, outside Wall Street, is a disaster and getting worse by the hour. Below are a bunch of dots that have been issued in the last 24 hours. Here are the facts...

Real disposable income has risen at a 1.8% annual rate over the last four months. Meanwhile, real consumer spending has increased at a 2.4% annual rate over the last four months. I thought all those jobs Obama talks about should result in wages. Why is disposable personal income so pitiful if the unemployment rate is really 5.9%? And of course, these figures are based upon a fake inflation rate of less than 2%. We all know it is 5% or higher.


No comments: