(an interoffice email)
On Thu, Feb 28, 2008 at 9:38 AM, Karim wrote:
- Housing and business capex weaker than originally estimated; exports stronger
- All above offset to leave gwth at 0.6% annualized in Q4
Yes, nominal growth falls to 3.3% from 6.0% in Q3 as well.
- More important news is claims, which corroborate recent weak survey data (Conf Board, ISM)
- Initial now at 373k (prior revised from 349k to 354k)
- Continuing up 21k on week to a new cycle high of 2807k
- Higher continuing claims reflect lack of hiring, higher initial claims reflect new layoffs
Yes, up in a new range. Q1 looking near zero as widely anticipated. Exports may be strong enough to keep the economy out of recession, but not much more without a March recovery.
Crude back over $100, $ down some, commodities up some, etc.
Weakness and inflation continue.