Weekly Highlights 03 June 2011

This is the table that accompanies the weekly economic review article at Global Economic Intersection:  Budget Balancing: Heads You Lose, Tails You Lose:

Weekly Economic Release Scorecard:

Item Headline Analysis
May Employment +54,000
+83,000 comparable to ADP – but decline was predicted by our economic model
May ISM Services Up
Services unlikely is up MoM – but this is a survey, not data
April Manufacturing
Barely positive YoY growth – and the data is weak across the board
Economic Modeling

Steve Keen shares his approach to modeling macroeconomics
May ISM Manufacturing
Less Good
Overall not as weak as the headline suggests
April Construction Spending
Not only is construction down, but in a negative trend reversal due to data revisions
May ADP non-farm private jobs
Really terrible data
May Conference Board Consumer Confidence
Doug Short shows confidence remains a recessionary levels
March Case-Shiller
Down but we know the normal spring price upswing is underway
June Economic Forecast

Less good
China Debt

Michael Pettis looks at whether China’s high-growth investment-driven model has reached its limits
USA Health Care

Elliott Morss points out what needs to be fixed
USA Laws & Legal Systems

Washington Blog shows the USA has turned into a nation of secret laws
USA Future

Robert Reich lays out what it will take to bring the USA economy back to prosperity
Euro and Debt Crisis

Michael Hudson’s perspective is that Debts that Can’t be Paid, Won’t Be
USA Fiscal Policy Failure

David Rosenberg believes the USA solution is to follow Canada’s lead
China & USA

Frank Li believes the USA must be more like China, and China must become more like the USA.

Dirk Ehnts elaborates on economic models which must take into consideration the monetary side
Health Care

Rick Davis wants health care revisited, this time focusing on cost reduction, not universal coverage
USA Macroeconomics

MacroTides views conditions creating weak growth and exposure to negative surprises
NYC Home Prices

Keith Jurow’s investigation shows housing prices ripe for collapse
Brazil, India, China

MacroTides warns of risks
Chinese Stocks

Erik McCurdy charts out his bearish medium term position