ECONOMICS

The headline US durable goods new orders print for preliminary June data was a disaster – plunging 6.6% MoM (vs expectations of 0.3% MoM rise!). That dragged goods orders down

Source: (more…)

Authored by Gail Tverberg via Our Finite World blog,

The world economy is an amazingly complex, physics-based, self-organizing system. The three major elements are extracted resources including energy resources, human population, and demand coming through the financial system.

Figure 1. Major elements of the world economy according to Gail Tverberg. These are human population, extracted resources including energy resources, and financial demand.

All three of these elements (more…)

It was ugly in macro-land today with existing home sales crashing (as home prices hit record highs). But a couple of Regional Fed surveys really laid an egg…

First out of the gate was the Philly Fed Services Activity Survey, which puked in July from two-year highs to near four-year lows…

Source: Bloomberg

The indexes for general activity at the firm level, new orders, and sales/revenues turned negative. The full-time employment index suggested a decline in (more…)