Economic Analysis Summary for Week Ending 26 November 2010

Weekly Economic Release Scorecard:

Item Headline Analysis
Comparison of Current Financial Crisis to Ancient Babylonia   The current crisis will not end until we deal with debt.
GDP Revised up to 2.5% Consumer Is Lagging GDP growth
New Home Sales Down 8.1% MoM Lowest level since US Census created this database
Personal Income and Expenditures Income up 0.5% MoM Shows 4Q2010 GDP is off to a good start
Durable Goods Decreased 3.3% MoM Likely durable goods new orders increased – but is increasing at a slower rate.
Structural World economic instability   Evolving world where change is inevitable
FOMC Meeting Minutes   Argued over effect of QE2 on the US$
Existing Home Sales Fell 2.2% MoM Worst October sales since the housing crisis began
3Q2010 GDP Revised up to 2.5% A major factor in QoQ GDP growth was a slower growth in imports
Chicago Fed National Activity Index Up to -0.28 Real Index declined from -0.33 to -0.48
Currency Conflicts   Escalation of conflict over the Chinese exchange rate regime
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