- by New Deal democrat
There was very little in the way of monthly data released during the past week: consumer confidence fell slightly, the trade deficit widened very slightly, and consumer credit increased strongly. Turning now to the high frequency weekly indicators:
Weekly employment-related data mainly continued to impress, with the significant exception of withholding tax collections.
The Department of Labor reported that Initial jobless claims fell by 9,000 to 358,000, the second lowest report in close to 4 years. The four week average declined by 9000 to 366,750. This too is the lowest reading since mid-2008.
The American Staffing Association Index rose by 1 to 87 last week. It is now not just significantly higher than last year, but very close to its pre-recession 2007 levels.
The Daily Treasury Statement showed that for the last 20 reporting days, $146.5 B was collected vs. $146.7 B a year ago. Since for the month of January we were up 10% YoY, this reflects poor collections this past week, and raises a yellow flag for further watching.
Housing reports were also positive:
The Mortgage Bankers' Association reported that seasonally adjusted purchase mortgage applications rose +0.1% week over week, although they were still down -4.1% YoY. The overall trend remains flat since June 2010. Refinancing rose +9.4% in the last week, as rates fell to historic lows.
For the eighth week in a row, YoY weekly median asking house prices from 54 metropolitan areas at Housing Tracker were positive, up +4.2% YoY. This is yet another week establishing the record best YoY reading since this index began nearly 6 years ago. The number of metropolitan areas with YoY positive sking prices increased to 34. The number with YoY declines of greater than 5% decreased to 5.
Sales and transportation were also positive:
The ICSC reported that same store sales for the week ending February 4 increased 3.5% YoY, and were up 1.8% week over week. Once again, Shoppertrak, did not report, however Johnson Redbook reported a 2.5% YoY gain, an improvement over the last several weeks.
The American Association of Railroads reported mixed weekly rail traffic for the week ending February 4, 2012, with U.S. railroads originating 284,546 carloads, up 6.2% compared with the same week last year. Intermodal volume for the week totaled 232,990 trailers and containers, up 16.8% compared with the same week last year. Total carloads were up 10.7% from one year ago.
Money supply and Credit spreads were generally positive:
M1 decreased -0.2% last week, and +2.2% month over month. It is also up 18.8% YoY, so Real M1 is up 15.8%. This is about 6% off peak YoY gain at the end of last summer. M2 increased +0.1% week over week, up +0.9% month over month, and up 10.2 YoY, so Real M2 was up 7.2%. This is about 3% less than its YoY reading at the crest of the tsunami.
Weekly BAA commercial bond rates decreased .16% to 5.13%. Yields on 10 year treasury bonds fell .13% to 1.88%. This had a whiff of fear of deflation, but on the other hand, the credit spread between the two had a 52 week maximum difference in October but once again continued to tighten this past week.
Gasoline usage in particular continues to be much lower YoY:
Oil rose about $1 this week to close at $98.67 a barrel. This is at the recession-trigger level calculated by analyst Steve Kopits (adjusted for general inflation). Gas at the pump rose $.04 to $3.48. Measured this way, we are back above the 2008 recession trigger level. Gasoline usage, at 8039 M gallons vs. 8524 M a year ago, was off -5.7%. The 4 week moving average is off -6.8%. Since last March the YoY comparisons have been almost uniformly negative, and substantially so since July. This week once again featured one of the biggest declines in the 4 week average since then.
Now let's turn to new high frequency indicators designed to track the global slowdown/recession:
The TED spread is at 0.425 down from 0.456 week over week. This index is back below its 2010 peak, and has declined from its 3 year peak of 6 weeks ago. The one month LIBOR is at 0.250, down .011 from one week ago. It is well below its 12 month peak set five weeks ago, remains below its 2010 peak, and ihas now completely returned to its typical level of the last 3 years.
The Baltic Dry Index at 695 finally broke its fall this week, up 48 from 647, although still well off its October 52 week high of 2173 (please note that even so this is nothing even remotely close to its decline during the Great Recession). The Harpex Shipping Index declined another two to 390 in the last week, although it remains just above its 52 week low of 389 set five weeks ago. Please remember that these two indexes are influenced by supply as well as demand, and have generally been in a secular decline due to oversupply of ships for over half a decade. The Harpex index concentrates on container ships, and led at recent tops and lagged at troughs. The BDI concentrates on bulk shipments such as coal and grain, and lagged more at the top but turned up first at the 2009 trough.
Finally, once again the Shadow Weekly Leading Index accurately foretold an increase in ECRI's WLI. We already have the value for 3 of its components, including the S&P 500, which was off a slight -0.2% for the week. The Dow Jones Bond Index increased .50 to 116.87. I don't know how I missed this, but the DJBI made an all time high on February 2 at 116.99. The JoC-ECRI industrial metals index rose from 124.41 to 126.20, reversing almost all of its decline of one week before. The first is flat, the second two significant positives for the calculation of ECRI's weekly leading index next Friday.
With the singular exceptions of tax withholding and gasoline prices, all of the data was positive this week and continues to reflect a recovery attempting to attain escape velocity. That gasoline is already close to $3.50 a gallon, however, is strong evidence that the Oil choke collar is already beginning to engage -- a choke collar that already strangled one attempt at self-sustaining recovery one year ago. Meanwhile this past week several bearish blogs -- Zero Hedge and Mish -- noticed that gasoline usage is significantly less than last year. This should be no surprise to readers of these weekly updates, as I literally started to report on this phenomenon last March, and its intensification beginning last September. Whether the development is as bearish as they believe is a subject for another day. But what is clear once again is the value of watching high frequency weekly indicators in real time.
Have a nice weekend.
Saturday, February 11, 2012
Friday, February 10, 2012
Ben's Testimony
Last week, Bernanke gave a general overview of the current US economic situation. These are great "you are here" moments, as they usually provide a solid overview of most current US economic numbers. His testimony follows with relevant charts.'
As is often the case, the ability and willingness of households to spend will be an important determinant of the pace at which the economy expands in coming quarters. Although real consumer spending rose moderately last quarter, households continue to face significant headwinds. Notably, real household income and wealth stagnated in 2011, and access to credit remained tight for many potential borrowers. Consumer sentiment has improved from the summer's depressed levels but remains at levels that are still quite low by historical standards.
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)
Total net worth of households is still below pre-recession levels. While it has risen from low levels, it dipped last month and is barely above year ago levels.
![](data:image/png;base64,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)
As we have been documenting here for some time, consumers have been paying off credit for most of this recovery. The last two quarters, we have seen an increase, however.
Real disposable personal income has been stagnating for the recovery. As a result,
income for new purchases is coming from personal savings.
Household spending will depend heavily on developments in the labor market. Overall, the jobs situation does appear to have improved modestly over the past year: Private payroll employment increased by about 160,000 jobs per month in 2011, the unemployment rate fell by about 1 percentage point, and new claims for unemployment insurance declined somewhat. Nevertheless, as shown by indicators like the rate of unemployment and the ratio of employment to population, we still have a long way to go before the labor market can be said to be operating normally. Particularly troubling is the unusually high level of long-term unemployment: More than 40 percent of the unemployed have been jobless for more than six months, roughly double the fraction during the economic expansion of the previous decade
There are three important charts here.
the 4-week average of initial unemployment claims continues to move lower. The last month and a half, we've seen this number move significantly lower.
![](data:image/png;base64,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)
While the total number of employees is still far below previous levels, this trend is moving in the right direction.
![](data:image/png;base64,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)
The unemployment rate is moving lower, although it is still at uncomfortably high levels.
Uncertain job prospects, along with tight mortgage credit conditions, continue to hold back the demand for housing. Although low interest rates on conventional mortgages and the drop in home prices in recent years have greatly improved the affordability of housing, both residential sales and construction remain depressed. A persistent excess supply of vacant homes, largely stemming from foreclosures, is keeping downward pressure on prices and limiting the demand for new construction.
In response, I would point out that CR has argued for a bottom in housing -- a sentiment while I wrote about last May (I was a bit early) and which NDD has been all over (see here, here and here) as examples.
In contrast to the household sector, the business sector has been a relative bright spot in the current recovery. Manufacturing production has increased 15 percent since its trough, and capital spending by businesses has expanded briskly over the past two years, driven in part by the need to replace aging equipment and software. Moreover, many U.S. firms, notably in manufacturing but also in services, have benefited from strong demand from foreign markets over the past few years.
Industrial production -- which crashed as a result of the contraction -- has been steadily making its way back. While we're still not at previous levels, we continue to get closer.
![](data:image/png;base64,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)
An untold story during this expansion has been the incredibly strong rate of investment by businesses, which is now at higher levels than the previous expansion in real terms.
More recently, the pace of growth in business investment has slowed, likely reflecting concerns about both the domestic outlook and developments in Europe. However, there are signs that these concerns are abating somewhat. If business confidence continues to improve, U.S. firms should be well positioned to increase both capital spending and hiring: Larger businesses are still able to obtain credit at historically low interest rates, and corporate balance sheets are strong. And, though many smaller businesses continue to face difficulties in obtaining credit, surveys indicate that credit conditions have begun to improve modestly for those firms as well.
Interest rates are incredibly cheap by historical standards.
Globally, economic activity appears to be slowing, restrained in part by spillovers from fiscal and financial developments in Europe. The combination of high debt levels and weak growth prospects in a number of European countries has raised significant concerns about their fiscal situations, leading to substantial increases in sovereign borrowing costs, concerns about the health of European banks, and associated reductions in confidence and the availability of credit in the euro area. Resolving these problems will require concerted action on the part of European authorities. They are working hard to address their fiscal and financial challenges. Nonetheless, risks remain that developments in Europe or elsewhere may unfold unfavorably and could worsen economic prospects here at home. We are in frequent contact with European authorities, and we will continue to monitor the situation closely and take every available step to protect the U.S. financial system and the economy.
Let me now turn to a discussion of inflation. As we had anticipated, overall consumer price inflation moderated considerably over the course of 2011. In the first half of the year, a surge in the prices of gasoline and food--along with some pass-through of these higher prices to other goods and services--had pushed consumer inflation higher. Around the same time, supply disruptions associated with the disaster in Japan put upward pressure on motor vehicle prices. As expected, however, the impetus from these influences faded in the second half of the year, leading inflation to decline from an annual rate of about 3-1/2 percent in the first half of 2011 to about 1-1/2 percent in the second half--close to its average pace in the preceding two years. In an environment of well-anchored inflation expectations, more-stable commodity prices, and substantial slack in labor and product markets, we expect inflation to remain subdued.
PPI has spiked higher, but has recently moved lower. In addition, PPI rarely bleeds through to CPI -- or, perhaps more appropriate, CPI has a good track record of absorbing PPI increases without passing them onto the consumer.
![](data:image/png;base64,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)
The above chart shows CPI and PPI. While PPI has wilder swings, they rarely bleed through to CPI.
![](data:image/png;base64,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)
The above chart is the YOY percentage change in CPI. It shows that prices are contained.
As is often the case, the ability and willingness of households to spend will be an important determinant of the pace at which the economy expands in coming quarters. Although real consumer spending rose moderately last quarter, households continue to face significant headwinds. Notably, real household income and wealth stagnated in 2011, and access to credit remained tight for many potential borrowers. Consumer sentiment has improved from the summer's depressed levels but remains at levels that are still quite low by historical standards.
Total net worth of households is still below pre-recession levels. While it has risen from low levels, it dipped last month and is barely above year ago levels.
As we have been documenting here for some time, consumers have been paying off credit for most of this recovery. The last two quarters, we have seen an increase, however.
Real disposable personal income has been stagnating for the recovery. As a result,
income for new purchases is coming from personal savings.
Household spending will depend heavily on developments in the labor market. Overall, the jobs situation does appear to have improved modestly over the past year: Private payroll employment increased by about 160,000 jobs per month in 2011, the unemployment rate fell by about 1 percentage point, and new claims for unemployment insurance declined somewhat. Nevertheless, as shown by indicators like the rate of unemployment and the ratio of employment to population, we still have a long way to go before the labor market can be said to be operating normally. Particularly troubling is the unusually high level of long-term unemployment: More than 40 percent of the unemployed have been jobless for more than six months, roughly double the fraction during the economic expansion of the previous decade
There are three important charts here.
the 4-week average of initial unemployment claims continues to move lower. The last month and a half, we've seen this number move significantly lower.
While the total number of employees is still far below previous levels, this trend is moving in the right direction.
The unemployment rate is moving lower, although it is still at uncomfortably high levels.
Uncertain job prospects, along with tight mortgage credit conditions, continue to hold back the demand for housing. Although low interest rates on conventional mortgages and the drop in home prices in recent years have greatly improved the affordability of housing, both residential sales and construction remain depressed. A persistent excess supply of vacant homes, largely stemming from foreclosures, is keeping downward pressure on prices and limiting the demand for new construction.
In response, I would point out that CR has argued for a bottom in housing -- a sentiment while I wrote about last May (I was a bit early) and which NDD has been all over (see here, here and here) as examples.
In contrast to the household sector, the business sector has been a relative bright spot in the current recovery. Manufacturing production has increased 15 percent since its trough, and capital spending by businesses has expanded briskly over the past two years, driven in part by the need to replace aging equipment and software. Moreover, many U.S. firms, notably in manufacturing but also in services, have benefited from strong demand from foreign markets over the past few years.
Industrial production -- which crashed as a result of the contraction -- has been steadily making its way back. While we're still not at previous levels, we continue to get closer.
An untold story during this expansion has been the incredibly strong rate of investment by businesses, which is now at higher levels than the previous expansion in real terms.
More recently, the pace of growth in business investment has slowed, likely reflecting concerns about both the domestic outlook and developments in Europe. However, there are signs that these concerns are abating somewhat. If business confidence continues to improve, U.S. firms should be well positioned to increase both capital spending and hiring: Larger businesses are still able to obtain credit at historically low interest rates, and corporate balance sheets are strong. And, though many smaller businesses continue to face difficulties in obtaining credit, surveys indicate that credit conditions have begun to improve modestly for those firms as well.
Interest rates are incredibly cheap by historical standards.
Globally, economic activity appears to be slowing, restrained in part by spillovers from fiscal and financial developments in Europe. The combination of high debt levels and weak growth prospects in a number of European countries has raised significant concerns about their fiscal situations, leading to substantial increases in sovereign borrowing costs, concerns about the health of European banks, and associated reductions in confidence and the availability of credit in the euro area. Resolving these problems will require concerted action on the part of European authorities. They are working hard to address their fiscal and financial challenges. Nonetheless, risks remain that developments in Europe or elsewhere may unfold unfavorably and could worsen economic prospects here at home. We are in frequent contact with European authorities, and we will continue to monitor the situation closely and take every available step to protect the U.S. financial system and the economy.
Let me now turn to a discussion of inflation. As we had anticipated, overall consumer price inflation moderated considerably over the course of 2011. In the first half of the year, a surge in the prices of gasoline and food--along with some pass-through of these higher prices to other goods and services--had pushed consumer inflation higher. Around the same time, supply disruptions associated with the disaster in Japan put upward pressure on motor vehicle prices. As expected, however, the impetus from these influences faded in the second half of the year, leading inflation to decline from an annual rate of about 3-1/2 percent in the first half of 2011 to about 1-1/2 percent in the second half--close to its average pace in the preceding two years. In an environment of well-anchored inflation expectations, more-stable commodity prices, and substantial slack in labor and product markets, we expect inflation to remain subdued.
PPI has spiked higher, but has recently moved lower. In addition, PPI rarely bleeds through to CPI -- or, perhaps more appropriate, CPI has a good track record of absorbing PPI increases without passing them onto the consumer.
The above chart shows CPI and PPI. While PPI has wilder swings, they rarely bleed through to CPI.
The above chart is the YOY percentage change in CPI. It shows that prices are contained.
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