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US Jobless Claims Improve as Personal Income and Spending Drop

Jobless Claims:  Survey:  355K    Actual: 351K   Prior: 351K    Revised:  353K   

Continuing Claims:  Survey: 3418K    Actual:  3402K    Prior: 3392K   Revised: 3404K

Personal Income:   Survey: 0.4%     Actual:  0.3%    Prior:  0.5%   

Personal Spending:   Survey: 0.4%    Actual: 0.2%  Prior: 0.0% 

PCE Deflator:    Survey: 2.3%  Actual:  2.4%   Prior: 2.4%  Revsied: 2.5%

PCE Core(MoM):     Survey: 0.2%   Actual:  0.2%    Prior: 0.2%   Revsied:  0.1%

GDP and Personal Consumption Both Higher

(Annualized):   Survey: 2.8%   Actual: 3.0%   Prior: 2.8%  

Personal Consumption:   Survey: 2.0%   Actual: 2.1%   Prior: 2.0%  

GDP Price Index:   Survey: 0.4%   Actual:  0.9%   Prior: 0.4%  

Core PCE QoQ:   Survey: 1.1%   Actual: 1.3%   Prior: 1.1%

Merkel and Juncker Speak in Germany

Merkel says:

  • Greek aid to be paid if Greece meets conditions
  • Greek PSI is ‘new territory’ need to await outcome
  • EU summit next week to address spurring economies

Juncker says:

  • ‘Night isn’t over’ on sealing aid for Greece
  • Cites need to complete Greek PSI
  • ‘No alternative’ to Greece meeting budget pledges

 

ECBs Stark on the Wires

ECBs Stark on the Wires

Stark Says:

  • Draghi is right on whats needed in Euro economies
  • The risk of Euro area breakup is exaggerated
  • The euro will continue, absolutely
  • There’s progress in Euro area institutional reform
  • Italy, Spain, Portugal, Ireland aware progress is needed
  • 500 Bln firewall is sufficient
  • Market impact of me quitting was short lived
  • Central bank shouldn’t do monetary financing
  • Europe will overcome crisis will be stronger
  • Buying of government bonds by the ECB postponed needed adjustments in higher debt countries

 

 

Fed’s Fisher on CNBC

Fed’s Fisher on CNBC

Says:

  • ‘Tone is a lot better’ among businesses
  • Jan 25 FOMC statement was ‘talking down the economy’
  • Fed should be ‘cautious’ and ‘do the right thing’
  • ‘Things are getting better, not worse’
  • He sees no need for quantitative easing
  • ‘Our job is not to prob up the street’
  • Any expectation for new QE is ‘wishful thinking’
  • U.S. ‘still has too many people out of work’
  • Will be ‘pleased’ when FOMC develops an exit strategy
  • FOMC likely to keep rates low until improvement

 

 

US Jobless Claims Slightly Better Than Expectations

Jobless Claims:  Survey:  355K    Actual: 351K   Prior: 348K    Revised:  351K   

Continuing Claims:  Survey: 3455K    Actual:  3392K    Prior: 3426K   Revised: 3444K

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