There are no significant economic fundamentals today but let’s rewiew the week.
Housing data was ugly and points to the fact that the housing market is not going to recover any time soon. Housing Starts will be depressed through the end of next year. Both Existing Home Sales (5,050,000 annualized) and Housing Starts (523,000 annualized) indicate weakness.
Leading Economic Indicators was weak (-0.3%) and the fact that 409,000 Initial Jobless Claims was regarded as good shows just how low our expectations are.
The overall picture is of very slow economic growth. This is distressing at a time when we are piling on government debt which, if not satisfied by added revenue from taxes from higher GDP, then we’d get either higher taxes or less government spending … both of which mean lower GDP.
Happy Friday. Isn’t it the end of the world this weekend?