First, let’s note that tomorrow has potential for significant volatility. The two key things are (1) revised 2Q GDP and (2) Bernanke’s Jackson Hole speech which is being viewed as QE3 Yes/No.
Initial Jobless Claims
-417,000 for week ended August 20
-Up 5,000 from previous week’s revised 412,000
-4-week Moving Average 402,500, up 4,000 from previous week
-The jobs market is still quite weak
This index of on-line discretionary spending, while not widely discussed, may be the best leading indicator of GDP. It started moving higher just after July 4 but has slowed its growth since the equity instability started.
Bloomberg Consumer Comfort Index
-Index was -47 for week to August 21
-Index ranges from 100 meaning every participant had a positive response, to minus 100 meaning all views were negative.
-This is a B-list reports based on a weekly, random survey of people with incomes above $100,000.