Weekly Economic Scorecard 04 March 2011

The table below itemizes the major events and analysis this week.  The full review article is Beware: Core CPI Follows Food Inflation

Weekly Economic Scorecard:

Item Headline Analysis
February Employment Situation Gain 192,000 Participation rate unchanged meaning no gain as % of population
February Factory Orders Up 3.1% Strong month for manufacturing
February ISM Non-Manufacturing Up for 15th month What is it indicating?  This index loosely is following retail sales
G-20 USA contribution to global imbalances are striking
February ADP non-farm private payrolls Up 217,000 Are oil price increases about to pull the rug out of employment gains?
February ISM Manufacturing Up for 19th month New orders and backlog are improving
January Construction Spending Down 5.9% YoY Private sector construction is down 9% YoY
March Economic Forecast Moderate Growth Real consumer spending is falling
January Personal Income Up 1% Real disposable Income rose 0.4%,  real expenditures fell 0.1%
January Pending Home Sales Down Forecast February existing home sales at 305,000
China Inflation 4.8% How are hot money inflows effecting inflation – what happens if it stops?
Merging International Stock Exchanges Ajay Shah asks: Where are the gains in efficiency?
USA Fiscal Policy Reagan Budget Director David Stockman argues for higher taxes and free markets
China Michael Pettis questions applying Japan’s outcome of amassing reserves to China
Stock Market Price Levels Doug Short says by one measure the market is overvalued