December’s economic reporting is off to a very strong start. More than 70 percent of the news released thus far has been good. The calendar of releases (http://www.whitehouse.gov/omb/assets/omb/inforeg/pei_calendar2009.pdf) is busy through next Friday, with many of the reports referencing the transitional third quarter. It should make for an interesting week, as statistics watching goes.
In October, consumer credit decreased at an annual rate of 1.7 percent. Consumer credit had decreased at an annual rate of 3.3 percent in the third quarter of 2009. Revolving credit (largely credit cards) had decreased at an annual rate of 7.3 percent and nonrevolving credit at an annual rate of 0.9 percent in the third quarter. Still a bad sign for overall consumer demand.
October 2009 sales of merchant wholesalers were up 1.2 percent from September. End-of-October inventories were up 0.3 percent over the month. Good, especially as the “positive zero” on inventories can be interpreted as the beginning of a build up to regular levels.
October exports of $136.8 billion and imports of $169.8 billion resulted in a goods and services deficit of $32.9 billion, down from $35.7 billion in September. Pretty good news, especially as both elements grew a bit.
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