Weekly Economic Release Scorecard:

Item	Headline	Analysis
Invalid Mortgage Transfers		Yves Smith looks at why the market will soon notice the mortgage securitization issues are not going away
May Conference Board Leading Indicator	Up	The LEI is bucking the trend of every other leading indicator saying the future conditions are improving
Consumer Metrics		Rick Davis walks through the ongoing consumer contraction.
May New Residential Permits	Up	This market sector is bottoming after falling since 2006
June Philly Fed Business Survey	Big Down	Second survey this week implying the economy may be contracting
May Industrial Production	Literally Flat	YoY Growth trend has fallen from 8% to 4% in one year
May Consumer Price Index	Up to 3.6%	Big price increase driver energy moderated, but offset by cars and clothing
June Empire State Manufacturing Survey	Big Down	This noisy survey dipped into recession territory
May Container Counts	Up	Counts are up 5% YoY showing the economy is still expanding
March Business Sales	Up	Final manufacturing, wholesale and retail numbers are on the low side of current trends
June Small Business Survey	A little lower	Small business is the producer of jobs in the USA
May Retail Sales	Down	Flat or Up compared to April
May Producer Price Index	Up to 7.3%	Manufacturing price increases still driven up by energy
Global Financial Crisis		Steve Keen wrote this post one year ago, and all that has changed is the can was kicked down the road
May Treasury Statement		A look at historical data shows less and less of government spending is getting into GDP
Health Care Costs		Elliott Morss points at five inefficiencies in the USA medical system
Budget Balancing		Rick Davis suggests budget balancing is recessionary, but can be offset by cost benefits of relaxing regulations
The Volatility Machine		Dirk Ehnts reviews Michael Pettis’ book
European Debt Repudiation		L. Randall Wray says it is time to admit the Euro Monetary Union was designed to fail
USA – Tyranny & Oppression		Washington’s Blog warns truth is the first casualty of war
Trade in Eurozone		Dirk Ehnts examines if you can consider trade between EMU countries as trade in a historical sense
Ireland a Model for Fiscal Reform		William Black believes Ireland proved as desirable a model for Europe as Texas proved as a model for federal deregulation of S&Ls
VIX		Albertarocks charts out why the $VIX is not surging
World Markets		Doug Shorts compares global markets
Call-Put Ratio		MacroTides explains the meaning of the current extreme lows
USA Markets		Jeff Miller says market sell off may have gone too far
Iraq War		Frank Li says the real cost of the Iraq War is not $ cost