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The Weekly Report & Event Calendar is available through the link in the right hand column. This is a revised calendar with updated government bond auction details, so we suggest a read even if you saw yesterday’s edition. This week’s Summary Perspective is also now available there as well.
Yet there is also a continuing anomaly in the fundamental influences: relatively positive indications in quite a bit of the US economic data versus the additional headwinds which are so obviously going to impact the economy and markets into 2013. And one clear expression of that is in the important NFIB (National Federation of Independent Business) Small Business Confidence Survey that is very weak again this month after a disastrous November reading. The improvement to 88.00 from 87.50 masks some of the truly troubling aspects of this poll.
Still very negative after November plunge. Click to view Dunkelberg interview
And we likely do not need to inform our readers that the Capital Spending indication is wholly inconsistent with the abysmal readings in the balance of the survey. Click on the table to see the CNBC video where Steve Leisman notes how minor this month’s improvement is compared to a November that was worse than 9/11 and almost as bad as the Lehman Brothers collapse response.
Dunkelberg was happy to share the small business owners’ primary reasons for such downbeat sentiment on the US economy and lack of any interest in hiring or expansion (in order of importance): Taxes, Weak Sales, Regulations. In other words, albeit with no mention of ‘protectionism’ this is a clear reflection of the continued drags from Taxulationism1.
1Taxulationism © 2010 Alan Rohrbach & Jack Bouroudjian. All rights reserved unless explicitly waived
Def.: Combined impact of taxation, regulation and protectionism to an oppressive degree as official policy
Yet there is even more reason to suspect the December economic indications are an anomaly on the way into weaker tendencies from a very well-informed source…