|NFIB Small Business Optimism||May-22||93.20||93.10||C|
|Empire State Mfg_M/M||Jun-22||-11.60||-1.20||C-|
|Philly Fed Mfg_M/M||Jun-22||2.60||-3.30||C-|
|Housing Market Index_M/M||Jun-22||69.00||67.00||C-|
CPI Continues to blaze ahead with an annual rate of 8.6% and tho slightly moderating, PPI beats it at 10.8. These are probably unsustainable rates.
Mfg Metrics continue to show contraction altho Industrial Production did continue with slight growth. Probably the closest thing to good news this week.
Housing continues to show contraction, as expected with interest rates, which in combination with other factors, is shrinking the consumer base for housing.
Leading Indicators, which is heavily influenced by Housing Starts, continues to show contraction.
Retail also showed contraction.
Small Business Optimism is steady at historically very low numbers.
We did see a gain last week of 29K, but Jobless Claims remain steady and historically low.
Needless to say, the data looks a bit glum Couple that with the fact the Atl Fed has lowered their Forecast for Q2:GDP to 0 and the picture darkens. The simplest definition of recession is 2 consecutive quarters of negative GDP. Based on this weeks #'s, I'll go with a generous C-. The underlying and overall probably deserves a D+. We really need some changes.