Thursday, August 16, 2012

The Economy: I Can't Make This Stuff Up

Note: results of wells coming off confidential list today have been posted.  Helis reports another nice well in Grail oil field. Whiting has a great TFS well.

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Misery index: New Jersey employment now at 9.8%; highest since 1977.


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Remember: the magic number is 400,000

The Reuters headline: "Jobless claims trend shows job market slowly healing."

Then the lede:
The number of Americans filing new claims for jobless benefits edged higher last week although a trend reading fell close to a four-year low, pointing to healing in the still-struggling labor market.
Then the second paragraph:
Other data on Thursday showed groundbreaking on new homes fell in July in a reminder of the housing market's weakness despite some recent signs of recovery.
Other data points from the article:
  • "economic growth could pick up in the second half...but even then, the recovery is seen to be lackluster and perhaps in more support from the Federal Reserve."
  • still looking at Fed action in September
  • four-week moving average...lowest since March
  • the last line: "outside of housing, the broader economy has looked wobbly this year...."
Outside of housing, the broader economy has looked wobbly. What?

No mention of the energy revolution in the mid-section of the United States. Incredible.

Outside of housing, the broader economy has looked wobbly. What?

New claims edged higher: trend shows job market slowly healing. Just in time for election cycle.  

What else the article did not mention:
Wal-Mart Stores Inc., the world's largest retailer,  reported second-quarter sales that trailed analysts' estimates amid slowing gains in the U.S. 
Maybe tracking Wal-Mart sales is the best indicator of the health of the economy. When the bellwether company in a depressed economy reports lackluster results, it can't get much worse.

Oh, the initial claims number rose 2,000, to 366,000. The article (op-ed piece?) failed to note that the jobless claims actually dropped by 6,000 last week, only to rise again this week. And Reuters sees this as signs of a healing economy?
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4 comments:

  1. donAugust 16, 2012 at 10:06 AM

    a guest on CNBC squack box this morning said ( AGAIN ) and again that the reason for slow growth iss NO demand..
    How can you Have demand when there is NO confidence, After reading this weeks employement report NO one will have confidence, when the best thing mentioned is housning, and that is in the toilet..

    ReplyDelete
    Replies
    1. Bruce OksolAugust 16, 2012 at 10:26 AM

      Yeah, I saw that too. I can hardly keep from laughing. Seriously. "outside of housing, the broader economy has looked wobbly this year...." ....

      That's almost as good as "If someone has a business, he didn't build it."

      Wow, "outside of housing, the broader economy has looked wobbly this year..."

      And no mention of the energy revolution in the mid-section. What planet are they on?

      Delete
  2. AnonymousAugust 16, 2012 at 3:32 PM

    IIRC, in the early 1980s boom, the Odessa walmart was #1 or 2 in the world.

    But, egghead urban talkers have never seen a rig or pumpjack. Or demand. Or a boom.

    Anon 1

    ReplyDelete
  3. Bruce OksolAugust 16, 2012 at 3:51 PM

    Wow, you are quick. Smile.

    See what Motley Fool just posted:

    http://www.milliondollarwayblog.com/2012/08/for-doubting-b-thomas-busiest-mcdonalds.html

    ReplyDelete

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