– 4thQ2012 GDP was +0.4% – GPD Deflator for 4thQ2012 was +1.0% annualized.
While this is an improvement from the two previous readings, the fact is that GDP growth is pathetic.
Initial Jobless Claims (week ended 3/23/2013)
– New Claims 357,000 (adjusted.) This is +16,000 from the revised previous week’s 341,000.
– 4-week Moving Average 343,000
– Unadjusted Claims were 315,657 an increase of 14,706 from the previous week.
– Total number of people claiming unemployment benefits for the week ended 3/9 was 5,455,757 an increase of 86,750 from the previous week.
Corporate Profits (4thQ2012)
– After-tax profits Year/Year were +13.3%. The “why aren’t large corporate profits translating into investments and more jobs” debate will continue. I will offer the idea that something major must be done with our tax code. Simpson-Bowles addressed this extensively. Congress and the Administration have continued to ignore their suggestions preferring partisan bickering.
Chicago PMI (March 2013)
– Business Barometer Index was 52.4 down from 56.8. Growth continues but at a slower pace.
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