• Upcoming Appearances
    • Thursday morning panel at the SkyBridge Capital SALT Conference in Las Vegas
    • Liberty Forum – Salt Lake City
    • MoneyShow – Las Vegas
  • Economic News for the Week: March Factory Orders met expectations, but downwardly revised February number for 5th straight year-over-year monthly drop
  • March Trade Deficit: $51.4 billion, a miss greater than $10 billion and the single worst trade deficit since October 2008 and largest monthly gain in nearly 20 years
  • If the economy is so good, why do we have such a large trade deficit?
  • Rising oil prices, along with other rising prices are putting additional pressure on consumers
  • April U.S. Auto Sales fell, missing expectations for the 5th month in a row – sales at lowest year-over-year start since 2009
  • The auto bubble has burst
  • The United States has been spared the discipline of the market by virtue of the dollar being the reserve currency
  • Gold is still just below $1,200/ounce – we will eventually run out of sellers who are keeping prices down, and when it goes up it will go up in a spectacular way
  • Aussie dollar is up a percent and a quarter
  • Canadian dollar up half a percent
  • Euro up a third of a percent
  • Swiss Franc up almost a full percent
  • There was some good news: April ISM Service Non-Manufacturing Index rose, to 57.8, beating estimates
  • New orders plunged into negative territory
  • April PMI dropped from 59.2 in March to 57.4, a bigger drop than expected
  • No one is looking for the April jobs number to be lower
  • The consensus is also for unemployment to keep falling from 5.5% to 5.4%
  • If we have all these jobs, why isn’t the consumer spending?
  • The answer is the jobs don’t pay very much or the hours are reduced
  • Meanwhile, as much as the Fed wants to pretend there is low inflation, the cost of living is rising
  • The one safety net for the consumer was oil prices, and now that is gone