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Weekly Economic Scorecard 11 February 2011

The table below itemizes the major events and analysis this week.  The full review article is USA High Labor Cost Not Primary Reason For Jobs Export.

Weekly Economic Release Scorecard:

Item Headline Analysis
January Balance of Trade
Grew $2.3 billion
Trade balance is currently trending lower
December Wholesale Sales
Up 0.4%
Historical high for Decembers
William Black: How Wallison is Blind to Accounting Control Fraud
Deregulation, desupervision and de facto decriminalization drove accounting fraud
January Diesel Consumption
Off 0.3%
Blame it on the weather
Mortgage Applications down

This statistic is Irrelevant – there a lot of cash home purchases
Exporting Jobs

Explores relationship between goods trade import & jobs growth
2010 Rail traffic
Up 8.0%
Will growth continue into 2011?
January Small Business Sentiment
Up 1.5 points
Small Business optimism growing fast then consumer optimism
December JOLTS

Hiring and Separations are equal
Mortgage Defaults

Increase consumer spending?
December Consumer Credit
Up 2.5%
Improved yes MoM – but below “normal” December rises.
Income Distribution

Destabilizing and may have been a factor in the lead up to the Great Recession
China’s 2010 GDP
Up 10.3%
When will China be the largest economy?
Opinion: China Currency Manipulation

Michael Pettis explores what is good and bad for China and the USA
Opinion: Investor vs Working Class

Derryl Hermanutz says you need a strong natural resource sector.
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