I've just about had it with the media. The obsession with negative news and scare stories about everything from dangerous tomatoes to the housing crisis is just about enough to drive us all nuts! If network morning television is your primary source of info, you would think that we've landed somewhere between End Times and the Great Depression. In fact, by conventional standards we are not even in a recession, and the chances are decent that we are will probably avoid one altogether (looking at the glass half full, of course).
So, let's start the week with a nice article in the New York Times this weekend pointing at several encouraging signs, such as:
1- Durable Goods orders unexpectedly jumped in June (+0.8%) lead by a jump in export orders. See, the cheap dollar does do some good!
2- Consumer Confidence jumped in June, again unexpectedly, perhaps thanks to a dip in prices in the pump or related to the fact that things are not as bad on a personal basis as the TV would lead you to believe.
3- The rate of decline in New Home Sales is slowing. June New Home Sales dipped on 6/10th of a percent, and sales in the Northeast and Midwest were up. Median Home Prices were up better than 1%, and inventories dropped.
Off to a good start, aren't we! Here is the full article: