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Numbers That Matter

February 17, 2011 – 5:59 pm

We had two economic numbers in the last two days that were weaker than expected. Industrial Production rose yesterday only .1% and jobless claims this morning jumped by 25,000.

The top line number for industrial production was weak but if you strip out mining and utilities basic manufacturing was up .3%. Still the expectation was for an increase of .5%. Most experts were blaming the weather as the cause for the weak number.

The week to week unemployment claims is always volatile and overall it has been falling for weeks so the trend is down not up. The weather was blamed for this spike as well.

These two numbers demonstrate that the recovery is still not very strong. It may be gaining strength but if you ask those who remain unemployed they see little improvement in the labor market. In fact there has been very little movement.

The stock market seemed to ignore both these numbers. It rose and remains in a bullish trend. The good news in earnings have been so strong it has trumped other less important statistics.

Good Trading
Steve Peasley

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