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Cash for Clunkers, Some Details

August 04, 2009
Economists and policy makers under-estimated the attractiveness of the cash-for-clunker scheme. The US was among the laggards in adopted such a program. It has been fairly successful where ever it has been implemented. Germany, for example, was among the first to adopt the scheme and auto sales rose by nearly a quarter year-over-year. Overall, sal…
Cash for Clunkers, Some Details Cash for Clunkers, Some Details Reviewed by magonomics on August 04, 2009 Rating: 5
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Income slumps, Spending Posts Modest Rise

August 04, 2009
Personal income in June fell 1.3%, a little more than expected and completely offsets the revised 1.3% gain in May. Spending fared better, rising 0.3% after a revised 0.1% increase in May (originally 0.3%). The PCE core deflator was sopt on expectations, rising 0.2%, but the headline has fallen into a year-over-year decline. The May rate was re…
Income slumps, Spending Posts Modest Rise Income slumps, Spending Posts Modest Rise Reviewed by Marc Chandler on August 04, 2009 Rating: 5
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ISM and Construction Sending Stronger than Expected

August 03, 2009
Both the manufacturing ISM and construction spending was stronger than expected in the the current environment greenshoots are greeting with dollar selling as participants boost their reflation/risk trades. July mfg ISM rose to 48.9 from 44.8 in June. New wires consensus was near 46.5. This is the best showing in 11 months. Of note, new orders cam…
ISM and Construction Sending Stronger than Expected ISM and Construction Sending Stronger than Expected Reviewed by Marc Chandler on August 03, 2009 Rating: 5
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Valuation In FX

August 03, 2009
The Economist recently published an update of their popular Big Mac measure of purchasing power parity. One of the key metrics behind our conviction in late '07 that the dollar was poised to rally was the fact that on PPP basis the dollar's bilateral exchange rates were stretched more than ever. The dollar's rise began against sterli…
Valuation In FX Valuation In FX Reviewed by Marc Chandler on August 03, 2009 Rating: 5
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Growth Optimism is the Story

August 03, 2009
At the risk of exaggeration, there is only one story today and it is growth. The story began on Friday with the Q2 GDP showing a smaller contraction than most expected, and more importantly, the unexpectedly sharp decline in inventories, has even the likes of Alan Greenspan recognizing the risks of the strong bounce in the economy in this quarter…
Growth Optimism is the Story Growth Optimism is the Story Reviewed by Marc Chandler on August 03, 2009 Rating: 5
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