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US Business Inventories Slightly Lower 0.4% vs Survey of 0.5%, Prior of 0.3%

Dec 11′ vs Nov 11′
Retail Inventories:  0.2% vs 0.4%
Ex Autos:  0.2%  vs 0.3%
Motor Vehicles:  0.1% vs 0.6%
Furniture:  0.2% vs 0.1%
Building Material: -0.5%  vs -0.6%
Food and Beverage:  0.3%  vs 0.1%
Clothing: 0.4%  vs 0.1%
General Merch: 0.6% vs 0.2%
Dept Stores: 0.6%  vs -0.5%

US Jobless Claims Move Lower to 358K

Jobless Claims:  Survey:  370K    Actual: 358K   Prior: 367K    Revised:  373K   

Continuing Claims:  Survey: 3500K    Actual:  3515K    Prior: 3437K   Revised: 3451K

EUR/USD continues to move higher on Greek austerity deal news.

ISM Non-Manufacturing Improves, Factory Orders Lower

ISM Non-Manufacturing Composite

  • Survey: 53.2, Actual: 56.8, Prior: 52.6

Factory Orders

  • Survey: 1.5%, Actual: 1.1%, Prior: 1.0%, Revised: 2.2%



US Nonfarm Payrolls Surge, Unemployment Rate Down to 8.3%

Change in Nonfarm Payrolls:   Survey:  140K     Actual:  243K    Prior:  200K      Revision: 203K

Change in Private Payrolls:  Survey: 160K    Actual: 257K     Prior:  212K     Revised: 220K

Change in Manufacturing Payrolls:  Survey: 13K   Actual:  50K   Prior:  23K     Revised:  32K

Unemployment Rate:  Survey:  8.5%     Actual: 8.3%     Prior:  8.5%      

Avg Hourly Earning (MoM) All Emp:    Survey:  0.2%     Actual: 0.2%      Prior:  0.2%         

anBernanke Sees Signs Economy is Improving and Fiscal Policy Risks

  • Large and increasing level of government debt runs risk of serious economic consequences
  • Long way before labor market can be said to be operating normally
  • Fed will continue to monitor situation in Europe closely, and take every available step to protect US financial system and economy
  • There are concerns that have been weighing on US business investment
  • Inflation has declined and Fed expects it to remain subdued
  • Signs economy has declined and Fed expects it to remain subdued

EU’s Rehn on the Wires


  • Euro governance to be determined this year
  • Closer economic union to complement monetary union
  • Recession to be ‘much nastier’ if crisis not resolved
  • EU going through a ‘mild recession’
  • EU undertaking reformation of Europe’
  • Portugal making ‘good progress’ on fiscal reforms
  • Greek PSI agreement by the end of the week
  • Greece must make ‘decisive progress’ on reforms


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