Weekly Highlights 15 July 2011

This is the table that accompanies the weekly economic review article at Global Economic Intersection – and is a summary of the analysis, investing and opinion articles published this week.  See the weekly economic summary article: Debt Ceiling: Killing the Golden Goose

Weekly Economic Release Scorecard:

Item Headline Analysis
June Sea Container Counts

A 4.5% YoY contraction in imports after 16 straight months of YoY growth
June Consumer Price Index
The core inflation rate is approaching the Fed’s target inflation rate
July Empire State Manufacturing
Less Bad
Survey remains in negative territory for the second month
July Michigan Consumer Sentiment
Down Big Time
Major drop and well below consensus
June Industrial Production
Data is flat – that is good because surveys were suggesting IP would fall
Advance June Retail Sales
Up 0.1%
Likely up 0.5% on record June Sales
June Producer Price Index
Down to 7.0%
Moderation is solely caused by better crude prices in June – literally everything else is rising
June Export Import Prices
Import prices up 13.6% YoY
Export prices up 9.9% YoY.
May Job Openings and Labor Turnover
Contradictory trends in May JOLTS provides only half an answer to the bad employment data
May Trade Balance
Growing deficit
Growing trade deficit is a sign the economy is not softening
June NFIB Sentiment Survey
Down Slightly
The report turned into a rant against government policies
June Diesel Usage
This data suggests the economy may be entering a new growth cycle
Housing Demographics

Chris Porter: Will demographics lead to a home building expansion cycle?
June Rail Traffic
Less Good
Coal shipping is down. Ignoring coal, rail traffic is up strongly
Consumer Metrics
Less Bad
Rick Davis reviews the current data
Oil Price Spikes

Lance Roberts shows the psychological “cost pressure” impacting consumer behavior.
Employment Growth

Graphic proof big business is the cause of poor employment numbers since 2001
June Jobs Data

A leading indicator in the BLS report is still strong – the economy is still expanding
USA President

Frank Li says age makes a difference in selecting a President
Indian Rupee

Ajay Shah suggests policy issues concerning trading of Rupees.
Debt Ceiling

Krugman is criticized for making debt ceiling issue partisan
Mortgage Fraud

John Lounsbury: the mortgage settlement is a whitewash
Greek Debt

Warren Mosler’s plan to end Greek crisis considered by EU
Greek Default

Elliott Morss: open letter to Greek pres. recommends default

Shah Gilani reviews the mechanics of the volatility index
China Investments

Sanjeev Kulkarni: the USA and Europe may become Chinese economic colonies
USA Corporate Earnings

Jeff Miller says that corporate earnings have grown even if the economy has not
Defensive Stocks

Dee Gill suggests some defensive stocks for today’s volatility