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Economic Reality Check: Initial Claims, Chicago PMI, Food Stamp Record, ADP Plunge, Manufacturing ISM, Factory Orders

 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 consensus; prior revised to 414K from 409K

May 31st -Chicago PMI Plummets From 67.6 To 56.6, Biggest Monthly Drop Since Lehman Bankruptcy

May 31st – Time To Celebrate The Recovery: Food Stamp Usage Hits Fresh Record

June 1st – Horrible Economic Data Continues: ADP Plunges To 38K On Expectations OF 175K; Downward NFP Revisions Next

June 1st – Timberrrrr: Manufacturing ISM At Lowest Since September 2009

June 2nd – Another Economic Disappointment: Initial Claims At 422K On Expectations Of 417K

June 2nd – Factory Orders Join Parade Of Economic Misses; Inventories Of Manufactured Durable Goods At Highest Ever