Weekly Economic Scorecard 25 February 2011

The table below itemizes the major events and analysis this week.  The full review article is The Downside of the 2009 Stimulus.

Weekly Economic Scorecard:

Item Headline Analysis
4Q2010 GDP 2nd Est Revised down from 3.2% to 2.8% Upward revision to imports & downward revision to state / local gov’t and PCE
January New Home Sales Down 12.6% Now lower then most have seen in their lifetimes
January Durable Goods Up 2.7% Transport sector is up one month, down the next
January CFNAI Down Three month moving average is up with backward revisions
Manufacturing Jobs   Americans have to understand that people in other countries are willing to work harder for less
January Existing Home Sales Sales Up 2.7% A good January performance – prices still falling
December Case Shiller Prices Declined 3.9% Downward trend lines clearly in place
January Conference Board Consumer Confidence at 3 year high Remains lower then most past recession levels
Eurozone Fiscal Integration   The question is when will Germany step away from further integration.
USA Exporting Jobs   USA has been living beyond its means to produce what it consumes.
Opinion: Debased Currency   Dirk Ehnts argues monetary policy is being used to redistribute wealth
Opinion: Oil Crisis   GEAB argues a global oil crisis is forming and will manifest in late 2011
Opinion: Mortgage Delinquencies   Rick Davis argues that the damage from loan defaults have an unseen economic effect.
Opinion: Bundesbank   Dirk Ehnts argues how the new Bundesbank head fits into the banks independence
Investing: Discount Brokerages   Depending on your investing style, every discount brokerage has advantages
Investing Summary   Jeff Miller reviews the investing good, the bad, and the ugly