POSITIVE economic news reports exceeded NEGATIVE economic news in last
week’s developments.  

Below is a succinct list of last week’s
events:

Positives:

1)
Draghi follows up last week’s call to arms with more color on what he’ll do
next if needed and we await Spain and Italy’s SOS.
2) German July unemployment data in line with estimates.
3) Euro zone Purchasing Managers Index services index revised up to 4 month
high but remains below 50 at 47.9.
4) July Payrolls rise 163k vs est of 100k, most since Feb.
5) Institute of Supply Manager services index ticks up to 52.6 from 52.1 but
components mixed with Employment falling below 50 for 1st time this yr.
6) July retail comps rise more than expected helped by pre Bureau of
Transportation Statistics  discounting.
7) Initial Jobless Claims total 365k vs est of 370k.
8) Consumer confidence up more than 3 pts with those that plan on buying an
auto within 6 mo’s rising to the most on record dating back to ’67.
9) Consumer Sentiment’s May home price index rises more than expected m/o/m,
although still down y/o/y.
10) US savings rate rises to 4%, highest since Aug ’11.
11) Bernanke says no to peer pressure and stands pat.

Negatives:

1)
Manufacturing Purchasing Managers’ Index’s in China, India, South Korea and
Taiwan all drop.
2) US Institute for Supply Management remains below 50 for 2nd straight month.
3) UK Purchasing Manager Index falls 3 pts to 45.4.
4) Final euro zone Purchasing Manager Index falls to lowest since June ’09.
5) US unemployment rate rises to 8.3% in July from 8.2% as the household survey
falls 195k.
6) REAL US consumer spending in June fell .1% coincident with rise in the
savings rate.
7) June EU unemployment rate at 11.2%, matching high.

Source:  The Big Picture