It's not whether or not you fall down, it's whether or not you get back up

Apparently, my renewed attention has not been sufficient to re-spark progress. Other than core prices remaining under control (a band of about half a percent either side of zero), the most recent reports have been worse than their immediate predecessors or were continued bad news.

Total nonfarm payroll employment declined by 125,000 in June, and the unemployment rate edged down to 9.5 percent. Our proprietary labor market index edged down for the first time in 4 months, and is desperately clinging to a place just above its trailing 6-month moving average. Mixed on the surface and neutral after an in-depth look.

Total construction activity for May 2010 was 0.2 percent below April. Bad.
Manufacturer’s shipments decreased 1.3 percent in May. New orders for manufactured goods decreased 1.4 percent. Bad.

May 2010 sales of merchant wholesalers were down 0.3 percent from April. Inventories were up 0.5 percent. Bad.

The Nation's international trade deficit in goods and services increased to $42.3 billion in May 2010, as imports increased more than exports. Bad, albeit for all the right reasons.

Retail and food service sales for June decreased -0.5 percent from the previous month. Bad.

Total business sales for May 2010 were down 0.9% from April. Bad.

The Producer Price Index for Finished Goods fell 0.5 percent in June. prices for finished goods rose 2.8 percent for the 12 months ended June 2010, their third straight month of slowing year-over-year advances. Good, especially as the monthly decline was strictly a food-and-energy thing.

The CPI declined 0.1 percent in June after falling 0.2 percent in May. The index for all items less food and energy increased 0.2 percent in June after increasing 0.1 percent in May. Good.

Real average weekly earnings fell 0.2 percent over the month of June. Bad.

Consumer credit decreased at an annual rate of 4-1/2 percent in May 2010. Bad.

Industrial production edged up 0.1 percent in June. The capacity utilization rate for total industry was unchanged. Neutral.

Import prices declined for the second consecutive month, dropping 1.3 percent in June. Export prices fell 0.2 percent. Neutral.