THE BASIS POINT

Positive Data across the Board.

 

GDP (2nd Q2014)

– Real (inflation adjusted) GDP +4.2.  Revised from +4.0%. Previous quarter was -2.1%

– GDP Deflator (seasonally adjusted, annualized) +2.1%. Previous was +2.0%.

This is still good only by comparison with a down 1stQ.  Growth for the year is still well below what we need and the BEA’s adjustments for inflation are suspect.

 

 Jobless Claims (week ended 8/23/2014)

– New Claims (seasonally adjusted) 298,000.  Previous was 299,000

– New Claims (unadjusted) were 248,622 a decrease of 841 from the previous week

– 4-week Moving Average 299,750.  Previous was 301,000.

Initial Claims continue to be low.  This is a hopeful sign for jobs.

 

Corporate Profits (2ndQ2014)

– After-tax Profits (year/year) +4.5%. Previous was +2.4%.

Total After-tax profits for 2ndQ2014 were $1.84 trillion.

 

Pending Home Sales Index  (July 2014)

– Pending Home Sales Index 105.0.  Previous was 102.5.

This is an encouraging sign for housing.

 

 

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