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bisonllc

  1. First time jobless claims fell 26k to 550k for the Sep. 5 week. The 4-week average fell to 572k. In July, the trade deficit rose to $32b.
  2. Nonfarm payrolls for August fell 216,000; the unemployment rate increased to 9.7% from 9.4% percent in July.
  3. China reports that exports in July rose 10.4% from June & that imports were up 8.7%. The Fed meets today to discuss monetary policy.
  4. Auto sales up 15% in July to an annual rate of 8.3 million from 7.1 million. Personal income down 1.3% in June and spending up 0.2%.
  5. The fate of "Cash for Clunkers" is up to the Senate this week, oil is over $70, and the market should open up on positive earnings news.
  6. GDP fell 1.0% in the 2Q. GDP for the 1Q was revised downwards to 6.4% from 5.5%..
  7. Initial jobless claims increased by 25,000 to 584,000 for the July 25 week. Continuing claims fell by 54,000 to 6.197 million.
  8. New orders for durable goods fall 2.5% in June. Transportation down 12.5%; ex-trans new orders up 1.1%. YOY new orders have declined 26.8%.
  9. MBA Purchase Applications flat for the July 24 week.Refinance index fell 11% to 1,862. Avg. 30-year fixed mortgage up 5 bps. to 5.36%.
  10. Disappointing results from Microsoft and Amazon last night put downward pressure on the markets this morning.
  11. MBA Purchase Applications for the July 17 week flat, refi index up slightly, avg. 30-yr.mortgage jumps 5.31% from 5.05% from previous week.
  12. Caterpillar earns 60 cents/share for the quarter and raises 2009 profit outlook. Market is up this morning on earnings news.
  13. Leading Indicators rose for June by 0.7 percent and this is the third straight month of increases.
  14. CIT Group will receive $3 billion in a temporary loan from major bondholders to avoid bankruptcy & a chance to restructure their debt.
  15. Housing starts for June rise 3.6% to 562k. Single family starts up 14.4% to 470k; multi-family fall 25.8% to 112k. Permits up 45k or 8.7%.
  16. 30-yr. mortgage at 5.05%. Manufacturing still contracting but showing signs of improvement and perhaps a bottom.
  17. Markets are up on better than expected earnings from Intel. MBA Purchase Applications fall by 9.4% in July 10 week; refinancing up by 18%.
  18. Retail sales up 0.6% in June. Ex-autos & gas stations sales drop 0.2%. Consumers continue to save & spend less slowing the recovery.
  19. No major reports today. The focus will be on June retail sales which are released tomorrow. Oil is slightly over $60/barrel as US$ weakens.
  20. ICSC-Goldman store sales up 0.1% in the July 4 week & are up 0.5% for the YOY. Redbook YOY sales down 4.2%. 2Q earnings start this week.