Weekly Highlights 06 May 2011

This is the table that accompanies the weekly economic review article:  Bizarre Week: Wall Street Takes a Dive:

Weekly Economic Release Scorecard:

Item Headline Analysis
April Jobs Report
Jobs up a solid 244,000. Economic markers in the data are not excellent.
March Consumer Credit
Up for first time in 2 years Down without student loans
Market Valuations

Doug Short and John Lounsbury review three market valuation indicators
Commodity Prices

Dirk Ehnts suggests Goldman Sachs may have been involved in the commodity price bubbles
Initial Unemployment Claims
The seasonally and non-seasonally adjusted data tell the same bad story
1Q2011 Productivity
Unusually small productivity growth
April ISM Non-Manufacturing
Less Good
This survey is not as bad as the pundits are making out
April ADP Employment
Lower growth, and barely above labor force growth rates
Bush Tax Cuts

Elliott Morss overviews effects of eliminating some of the Bush Tax Cuts on deficit reduction
March Manufacturing
Manufacturing new orders are in record territory
Student Loans

Malcolm Harris overviews the growing debt problem against the benefits of college education
April ISM Manufacturing
Less Good
The underlying survey results show manufacturing is growing
March Construction Spending
Not Up – still falling YoY but at a slower rate
Global Empires

Elliott Morss looks at the role of education in maintaining empires
May 2011 Economic Forecast

Same economy as April

Sunil Chandra argues that the Reserve Bank should not be raising the prime rate
Real Estate Short Sales

Frank McKenna discusses short sale flipping fraud
Dollar as Reserve Currency

Michael Pettis looks at how the reserve currency has created global imbalances
BRICS and the dollar

Sanjeev Kulkarni opines on the BRIC conference outcome
MERS and Foreclosuregate

Michael Collins lists essential elements in the government settlements with the banking industry
Global Stock Markets

Erik McCurdy graphs the warning signals