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US Economy: IF JP Morgan couldn't help the street, trade won't either | Banking Insight

10:37 AM And  now you won’t ever trust the UMich Consumer Sentiment again!

Last month the UMich index jumped to 69, the Bloomberg consumer comfort index also movfed significantly to -47. Now when the Bloomberg consumer comfort number is stil 47 albeit 1/10 higher from November, the U Mich sentiment has jumped to 74, not making any sense with limited retail growth and the $19 bln JP Morgan profit ignored by the street and the Economists and the trade deficit jumping $5 bln , though on increased investment heads in Capital goods and industrial supplies

Prices on both imports and exports ticked up to a lower yet mean 3.6% higher prices on Exports and 8.5% higher on imports while the trade deficit took a nosedive to $47.9 bln in November after a $43 bln October..

As you can see, the Exports are no longer humoring our import requirements with imports rising faster even as the good number was in prices of imports dipping 0.1% and staying flat ex Petroleum numbers, the trade deficit running to a $47.9 bln in November on way to a $500 bln hole for the year, just like that despite reduced gas consumption.

The JP Morgan data brought widespread jeers in early reports on Q4 performance deterioration, Expect more from Jamie Dimon on how the regulators have got him in a place he does not want to be.

Bloomberg gives the extraordinary break up between goods and services, likely an aberration in a services jump for November to a surplus of $15 bln

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total November exports of $177.8 billion and imports of $225.6 billion resulted in a goods and services deficit of $47.8 billion, up from $43.3 billion in October, revised. November exports were $1.5 billion less than October exports of $179.4 billion. November imports were $2.9 billion more than October imports of $222.6 billion.

In November, the goods deficit increased $4.6 billion from October to $63.2 billion, and the services surplus increased $0.1 billion from October to $15.4 billion. Exports of goods decreased $1.5 billion to $126.6 billion, and imports of goods increased $3.1 billion to $189.7 billion. Exports of services were virtually unchanged at $51.3 billion, and imports of services decreased $0.2 billion to $35.9 billion.

Increase in Industrial supplies and Capital goods account for $10 bln of the increase in imports over last November. and $2.7 bln over October. Aiutomotive accounts for 41.6 bln exports increase since last nov and $800 mln since October

Bloomberg L.P., London

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