Economic Analysis Summary for Week Ending 26 November 2010


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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