Weekly Highlights 17 June 2011

This is the table that accompanies the weekly economic review article at Global Economic Intersection: Is A Budget Deficit Necessary for an Economy?

Weekly Economic Release Scorecard:

Item Headline Analysis
Invalid Mortgage Transfers

Yves Smith looks at why the market will soon notice the mortgage securitization issues are not going away
May Conference Board Leading Indicator
The LEI is bucking the trend of every other leading indicator saying the future conditions are improving
Consumer Metrics

Rick Davis walks through the ongoing consumer contraction.
May New Residential Permits
This market sector is bottoming after falling since 2006
June Philly Fed Business Survey
Big Down
Second survey this week implying the economy may be contracting
May Industrial Production
Literally Flat
YoY Growth trend has fallen from 8% to 4% in one year
May Consumer Price Index
Up to 3.6%
Big price increase driver energy moderated, but offset by cars and clothing
June Empire State Manufacturing Survey
Big Down
This noisy survey dipped into recession territory
May Container Counts
Counts are up 5% YoY showing the economy is still expanding
March Business Sales
Final manufacturing, wholesale and retail numbers are on the low side of current trends
June Small Business Survey
A little lower
Small business is the producer of jobs in the USA
May Retail Sales
Flat or Up compared to April
May Producer Price Index
Up to 7.3%
Manufacturing price increases still driven up by energy
Global Financial Crisis

Steve Keen wrote this post one year ago, and all that has changed is the can was kicked down the road
May Treasury Statement

A look at historical data shows less and less of government spending is getting into GDP
Health Care Costs

Elliott Morss points at five inefficiencies in the USA medical system
Budget Balancing

Rick Davis suggests budget balancing is recessionary, but can be offset by cost benefits of relaxing regulations
The Volatility Machine

Dirk Ehnts reviews Michael Pettis’ book
European Debt Repudiation

L. Randall Wray says it is time to admit the Euro Monetary Union was designed to fail
USA – Tyranny & Oppression

Washington’s Blog warns truth is the first casualty of war
Trade in Eurozone

Dirk Ehnts examines if you can consider trade between EMU countries as trade in a historical sense
Ireland a Model for Fiscal Reform

William Black believes Ireland proved as desirable a model for Europe as Texas proved as a model for federal deregulation of S&Ls

Albertarocks charts out why the $VIX is not surging
World Markets

Doug Shorts compares global markets
Call-Put Ratio   MacroTides explains the meaning of the current extreme lows
USA Markets

Jeff Miller says market sell off may have gone too far
Iraq War

Frank Li says the real cost of the Iraq War is not $ cost