The 10 major macro themes of the past week
1) Just because there will be a recovery does not mean it will be strong
2) The US economy is “stable” at a very depressed level of economy activity
3) It is going to be some time before we see sustained job creation
4) Small businesses continue to cut employment, cut inventories, face tight credit conditions, lower capital spending intentions, and report weak sales
5) Economies abroad showed ongoing strength with decent gains in tech
equipment, aircraft and consumer goods
6) Consumers remain in a process of balance sheet restructuring
7) It is believed that any recovery in consumer spending will be very modest
8) The total of continuing and extended/emergency benefits is 9.6M and reflects the inability of those unemployed to find new work
9) Fed is of the view that it is too early for the central bank to begin tightening credit
10) The purchases index rose 9.5%, its biggest weekly increase since April
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