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US Economy & Liquidity
Posted on May 16, 2008
The $ value of industrial output edged lower in April, declining to4.1% measured yr / yr. Growth below 5% normally signalsdevelopment of pressure on profit margins and often lowerdomestic profits. Since the value of production is increasing fasterthan retail sales yr / yr, further weakness in production mayresult as inventories may be pared down more. Retail inventoriesare in decent shape, but 6% plus 12 month rates of increase forwholesalers' and manufacturers' stocks stand out. The largenumber of unsold homes remains dauntingly high, particularlysingle family units.Broad, credit driven liqui...
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