The legacy media talking heads are ‘talking down’ continued economic growth across the United States as the country recovers from the ‘lockdowns’. The narrative today is that higher than expected retail sales numbers are simply due to handouts from the government. There may be some truth to this but CDMedia expects the American economy to continue roaring into the election, which will be a referendum on Trump’s handling of the economy.
The U.S. economy is deep, wide and resilient and will do just fine if the government gets out of the way.
Manufacturing also continued to show strong growth.
Housing also is exploding due to low mortgage rates and the desire of citizens to leave Democratic Party-controlled failing, violent cities.
On a side note, today the Trump administration was reported to be ending the disastrous Obama administration’s plan to destroy the American suburbs by forcing racial quotas.
Financial markets are down across the board at publishing as big tech shares come under pressure from the Twitter hack and the revelations regarding Twitter blocking conservative content with moderation controls.
Retail Sales ex-Autos (MoM) (Jun) printed at 7.3% vs 5.0% consensus estimate.
Continuing Jobless Claims (Jul 3) printed at 17.338M vs 17 .6M estimate.
Philadelphia Fed Manufacturing Survey (Jul) printed at 24.1 vs 20 estimate.
Retail Sales Control Group (Jun) printed at 5.6% vs 3.6% estimate.
Initial Jobless Claims (Jul 10) printed at 1300k vs 1250k estimate.
Retail Sales (MoM) (Jun) printed at 7.5% vs 5.0% estimate.
NAHB Housing Market Index (Jul) printed at 72 vs 60 estimate.
Business Inventories printed at the estimate of -2.3%.
EIA Natural Gas Storage Change (Jul 10) printed at 45B vs 47B estimate.
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