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Economic
Reports Here are the reports we were following this week.
Chart 1 - January construction spending took another 1.7%
turn for the worse for the fourth consecutive monthly drop as the
long-term trend continued to deteriorate.
ISM downside surprise
Chart 2- The February ISM index on Monday surprised to the
downside again with the second contraction number in three months
with a reading of 48.3. To those who have tracked the trend, the
weak reading was of little surprise especially in the wake of the
weak Chicago PMI reading last week.
Chart 3 - February's weak manufacturing number was followed
up by another contraction service index number of 48.3 on Wednesday
that again was no surprise to the trend followers in the crowd.
Chart 4 - Meanwhile pending home sales were flat in January
but the trend remains strongly negative. In lieu of any sustained
pickup, we expect both new and existing home markets to continue to
contract especially as long as foreclosures continue to swell unsold
inventories.
Chart 5 - On Friday, non-farm payrolls came in way below the
consensus loss of 5,000 jobs with a drop of 63,000in February, well
below the last reading of -17,000. A continued loss in jobs is
simply more bad economic news. But that analysts continue to be
unpleasantly surprised shows how out of touch they are with the true
situation. Something to keep in mind the next time someone tells you
on TV that it's a good time to buy stocks.
John M. McClure, President & CEO EquiTrend, Inc.
EquiTrend.com
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John M.
McClure is also President & CEO of ProfitScore Capital
Management, Inc., a registered investment advisor. All material
presented herein is believed to be reliable but we cannot attest to
its accuracy. All material represents the opinions of John M.
McClure. Investment recommendations may change and readers are urged
to check with their investment counsellors before making any
investment decisions. Opinions expressed in these reports may change
without prior notice. John M. McClure and/or the staff at EquiTrend,
Inc. may or may not be invested in any investments cited
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