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Economic Data Comes In Mostly Inline, Economy Choppy, Business Waiting For Certainty After Election

Economic Data Comes In Mostly Inline, Economy Choppy, Business Waiting For Certainty After Election
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Economic data released this morning was mixed, coming mostly in-line. Initial Jobless claims were well below 1M.

The story today in the financial markets is the continuing saga over an additional COVID-19 relief bill that is stuck in Congress. In short Dems want high numbers and most of it going to their constituents. Republicans want way less than 1T, and are concerned about the profligate spending and rising sovereign debt, approaching $30T.

President Trump weighed in, actually providing a life-line to Speaker Pelosi, who was facing a rebellion within her own party over her intransigence. (h/t Zero Hedge). POTUS is looking for additional stimulus prior to the election to help his chances. Pelosi wants the opposite. There-in lies the rub.

Yesterday, the Federal Reserve declared it would keep interest rates low through 2023 at least, in an attempt to stimulate inflation.

Financial markets were down early on a reaction to the stimulus stalemate, but as of writing, they have recovered.

Building Permits (MoM) (Aug) printed at 1.47M vs 1.52M consensus estimate.

Housing Starts (MoM) (Aug) printed at 1.416M vs 1.478M estimate.

Continuing Jobless Claims (Sep 4) printed at 12.628M vs 13M estimate.

Philadelphia Fed Manufacturing Survey (Sep) printed at the estimate of 15.

Building Permits Change (Aug) printed at -0.9% vs 4.4% estimate.

Initial Jobless Claims (Sep 11) printed at 860k vs 850k estimate.

Housing Starts Change (Aug) printed at -5.1%.

Initial Jobless Claims 4-week average (Sep 11) printed at 912k.

EIA Natural Gas Storage Change (Sep 11) printed at 89B vs 79B estimate.

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2 comments

Liberal Democrats Remind Biden Who His Supporters Really Are - Globalist News | #Globalist September 18, 2020 at 9:01 pm

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VIDEO: Inside The Numbers: No Wonder The Push For Mail-In Ballots - Globalist News | #Globalist September 19, 2020 at 4:59 pm

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