by David Kranzler
Investment Research Dynamics
The economic reports released this morning added to the near-continuous flow of information reflecting a U.S. economy that is likely contracting, for the most part. Perhaps the only “fundamental” variable not contracting is the hot air coming from the Fed.
In today’s release of its “services” PMI, Markit explains: “The US economy is going through its worst growth spell for three and a half years…and the worst may be to come as the greatest concern is the near-stalling of new business growth.”
The core durable goods new orders index released today dropped for the 13th month in a row – Zerohedge points out that it is the longest “non-recessionary” stretch of consecutive monthly drops in 70 years.