Below is the usual weekly summation, the main positive, as before, being 1/2 billion vaccinations globally and 137 million in the U.S. Conversely too, as before, the main negative is the rising infection rate and new spikes in serious illness and deaths due to complacency. The bonus this Sunday is a very startling graphic showing two different studies in which the data points to agricultural production as the main source of greenhouse gases. This certainly deserves some study as conventional wisdom has always held that industrial production is the main source. Which is true? Hope everyone had a great weekend.
Succinct Summation of Week’s Events 3.26.21
Succinct Summations for the week ending March 26th, 2021
Positives:
1. More than half a billion vaccinations (505 million) have been administered across 140 countries, ~12.7 million/day. That includes 137 million doses in the US, or >2.6m/day.
2. Home mortgage apps rose 3.0% w/o/w, above previous 2.0% increase.
3. Jobless claims fell 97k w/o/w from 781k to 684k.
4. Consumer sentiment came in at 84.9 for March, above expectations.
5. PMI composite is at 59.1 for March, above expectations.
Negatives:
1. Infections in the USA are rising, due to complacency and new variants.
2. New home sales came in at an annual rate of 775k in February, below expectations.
3. Existing home sales fell 6.6% m/o/m, below previous increase of 0.2%.
4. Durable goods orders fell 1.1%, below expectations.
5. Personal income fell 7.1% m/o/m, below previous increase of 10.1%.
6. Corporate profits rose 4.1% y/o/y, below the previous increase of 10.3%.
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