– by New Deal democrat Although it ended almost three months ago, there are still many economic series that have not caught up, including construction spending, which would normally have been reported this morning for December. As of now, it is only updated through October, and November and December are not expected to be reported for […]

– by New Deal democrat Typically the new month begins with important manufacturing and construction reports; but this morning the construction spending report for August became the first casualty of the government shutdown.  The ISM manufacturing report has been a recognized leading indicator for the past 60+ years, although of diminished importance since the turn of […]

 – by New Deal democrat As usual, next week there will be a dearth of economic data, so I’ll report on construction spending then. In the meantime, we got another poor ISM manufacturing report, with the total index declining to 46.5, the lowest reading this year, while the more leading new orders component increased 1.0 […]

 – by New Deal democrat I’ve written two posts earlier this week delving into the big divergence between the Establishment Survey portion of the Employment Report, which shows moderate growth, and the Household Survey, which is most consistent with a recession already having started. At any given time, some data will be positive and some […]