Industrial production slumped last month, and the official blame again points to Hurricane Sandy. That’s the third time this week that weak economic data has reportedly been assaulted by the recent storm that tore through the Northeast U.S. Earlier in the week we were told that retail sales were victimized by the big blow, and the same was said of yesterday’s awful news on initial jobless claims. Is the hurricane narrative just a convenient excuse to minimize a weakening economy? Maybe, but it’s hard to say for sure until we see more data that’s free and clear of any weather-related mischief.
Daily Archives: November 16, 2012
Mr. Market Smells A Rat
Anxiety is on the rise in assuming that the fiscal cliff will bring trouble for the economy if the $500 billion in scheduled tax hikes and spending cuts is allowed to kick in come January. But guess what? The pain has already started, courtesy of the forward-looking focus of the capital markets.