THE BASIS POINT

Store Sales Mixed, Manufacturng Declines, Bad Timing for FOMC.

ICSC-Goldman Store Sales (week ended 10/20/2012)

Store Sales – Week/Week -0.7 %
Store Sales – Year/Year  2.9%

 
Redbook (week ended 10/20/2012)

Store Sales Year/Year 1.3%

The week/week dip in ICSC may be largely to do with gas prices.  The Year/Year numbers are still indicative of modest growth. 

Richmond Fed Manufacturing Index (October 2012)
Index level was -7.  Previous was +4.

Manufacturing Indices have been weak this month.  Factory Orders were -5.2% in August.  Empire State Manufacturing Index was -6.16 after a previous -10.41.

FOMC

A two day FOMC meeting begins today.  With the Dow down 236 at 7:55 AM PDT the timing is poor for any words from the Fed to generate enthusiasm.