Challenger Job Cuts Total (Jan)
A volatile number that has been showing low levels of layoffs and not given much weight either way.
Factory Orders (Dec)
Another strong number – no sign of recession here.
Fed worried about tight credit.
You’ve said credit is demand driven. But, aren’t credit standards a supply side constraint?
Yes, but different from the ‘running out of reserves’ of fixed fx regimes.
We now have several data points supporting a fall off in January. Mtg apps, payrolls, redbook sales, and the ism numbers. If these hold up it’s looking more like negative growth for Jan.