The last two weeks have ushered in a slew of deplorable economic data points. I have compiled a list for your convenience below. When you have finished perusing ask yourself this question: Will the Fed really stop quantitative easing at the end of this month?
I expect your response is: No
So, the real question is what form will the Q.E. take? Not a question of utmost importance as it is mostly academic. The result of said Q.E. will be the same; further inflation of asset prices and depreciation of the US$.
May 25th – Initial Claims 424K vs 400K Briefing.com consensus; prior revised to 414K from 409K
May 31st -Chicago PMI Plummets From 67.6 To 56.6, Biggest Monthly Drop Since Lehman Bankruptcy http://ow.ly/56Oa8
May 31st – Time To Celebrate The Recovery: Food Stamp Usage Hits Fresh Record http://ow.ly/56O7C
June 1st – Horrible Economic Data Continues: ADP Plunges To 38K On Expectations OF 175K; Downward NFP Revisions Next http://ow.ly/57BZi
June 1st – Timberrrrr: Manufacturing ISM At Lowest Since September 2009 http://ow.ly/57CIH
June 2nd – Another Economic Disappointment: Initial Claims At 422K On Expectations Of 417Khttp://ow.ly/58sR4
June 2nd – Factory Orders Join Parade Of Economic Misses; Inventories Of Manufactured Durable Goods At Highest Ever http://ow.ly/58xrq