Recap 12-23-11

Main Items:

  • Capital Goods Orders, Non defense Ex Air declined -1.2% in Nov vs +1.0% exp, but the Oct print was revised to -0.9% from -1.8%
  • Durable Goods ex Transpiration increased 0.3% in Nov vs 0.4% exp, but the Oct print was revised to 1.5% from 0.7%.
  • Personal Income increased 0.1% in Nov vs 0.2% exp and 0.4% prev
  • Personal Spending increased 0.1% in Nov vs 0.3% exp and 0.1% prev
  • Core PCE was stable at 1.7% as exp
  • The House passed the 2 month tax cut extension

Overseas:

  • Italian Consumer Confidence declined to 91.6 in Dec vs 95.3 exp and 96.5 prev. Lowest print since the series started in 1996.

Commentary:

Happy Holidays everyone. Updates will continue next week.

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