Obama’s bureaucracies continue to “adjust’ the headline data in an effort to soften the blow. Wall Street hangs its hat on any snippet of “good news” in an effort to coax any retail investor foolish enough to get back into the market.
Last week it was July retail sales that were reported as “up” year over year. The entire “increase” was one of the largest “seasonal adjustments” in decades. Today it is housing permits….
The market however, is transfixed by the silver lining in today’s housing data: Housing Permits which are about as credible as a Jefferies “Highly confident letter” which “soared” from 760K to 812K, the highest since August 2008. What is funny is that just like retail sales, if one actually pulls the unadjusted data, one would see the following sequence of Permits data: 75.4K; 73.8K; 72.2K. Not seasonally adjusted permits just hit a 3 month low.
In the past 2 weeks nearly 200,000 Americans have run out of unemployment… and it won’t get any better before November 6.