...the Personal Consumption & Housing subcomponent [of the Chicago Fed National Activity Index] remains mired in deeply negative territory. In fact, it has not made a positive contribution to the overall index since December 2006, running negative now for 42 consecutive months.
![cfnai_data_2_11678_image021](http://www.ritholtz.com/blog/wp-content/uploads/2010/07/cfnai_data_2_11678_image021.png)
Sales, Orders and Inventories (which together comprise one category) was the only positive contributor to the overall index, and even that metric only eked out a +0.05 add.
So the growth bulls continue to shoulder the burden of explaining specifically how we can muster a sustainable economic recovery — which is to say at or at least near trend — without the participation of the consumer and the housing market.
---Invictus, 7/26
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