Reading Economic Tea Leaves, Sep 6, 2010

  • Personal income up 0.2% for July versus expectations of up 0.3%, but wages up 0.3% vs expectatons of 0.1%.
  • August consumer confidence 53.5 (down 10 pts from May).
  • Weekly unemployment claims (August) 470+K, edging up.
  • Manufacturing (ISM) up at 56.3, non-manufacturing down, construction down, home sales up!

Picture mixed, markets down big (last few weeks) then up big (late last week), also mixed. Longer-term cloudy, shorter term, depends on the day!

Tom Friedman states the obvious in the NYT titled Superbroke, superfrugal, superpower, here.