US Industrial Production Without Autos & Oil
Industrial production declined for the eleventh consecutive month in July, down 0.5% from July 2015. Though the slope of the contraction continues to be unusually shallow, the fact that it has lasted for nearly a [...]
SAFE Plus TIC Equals TED?
China’s State Administration of Foreign Exchange (SAFE) reported a slight decline, -$3.6 billion, in foreign “reserve” assets in July. That followed a $13 billion “inflow” in June, which was the largest since early last year, [...]
More Dots
Back in early July, Bloomberg published a rather curious article that sounded like it was written from within the People’s Bank of China - or any other global central bank for that matter. The most [...]
Japan GDP Demonstrates QE’s Flaws Where It Actually Does Have An Effect
In June 2015, Japan’s Cabinet Office, the section of the government charged with tabulating and publishing gross domestic product estimates, revised Q1 2015 GDP significantly higher to 3.9% from its preliminary 2.7% figure. Not only [...]
Earnings Update
“Remind people that profit is the difference between revenue and expense. This makes you look smart.” Scott Adams (Cartoonist) Surprise, surprise, the second quarter earnings season is again producing better than expected overall results. [...]
More ‘Dollar’ Details in Autos
With auto sales coming in exceptionally weak in the retail sales report today and given the importance of the auto sector in an otherwise awful economy, it makes sense to go further in detail to [...]
In China, It’s All About FAI And It Is Contracting (Predictably)
Economists setting their expectations for China and PBOC “stimulus” should have been paying attention to retail sales; not Chinese retail sales, but American. They keep seeing a rebound that just doesn’t exist. US consumers, as [...]
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