Econ. Data Falls Most in 10 Months to 4-Month Lows

Despite the fact that stocks have been going gangbusters for the past two weeks, the U.S. economy is far from recovered. In fact, based on recent misses in major macro-economic reports, things don’t look very encouraging.

"The last ten days have seen miss-after-miss in macro economic data -- in fact this is the biggest plunge in macro data in 10 months," Zero Hedge reports.

Consider the following economic reports:

• Markit US PMI    Miss
• ISM Manufacturing    Miss
• ISM New York    Miss
• Vehicle Sales    Miss
• ADP Employment    Miss
• ISM Services    Miss
• Challenger Job Cuts     Miss
• Initial Claims    Miss
• Trade Balance    Beat
• Non-Farm Payrolls    Miss
• Hourly Earnings    Miss
• NFIB Small Business    Miss
• Wholesale Inventories    Miss
• MBA Mortgage Apps   Miss
• Import Prices    Miss
• Initial Claims    Beat
• Retail Sales    Miss
• PPI    Miss
• UMich Confidence    Miss
• Business Inventories    Miss

And this is what the decline in macro data looks like compared to stocks:

Courtesy Bloomberg/Zero Hedge

And here:

Courtesy Bloomberg/Zero Hedge

“[T]his is the biggest plunge in macro data in 10 months. Despite the stock market's exuberance (at all-time highs), macro data has rolled over dramatically to 4-month lows,” Zero Hedge notes. “Of the major economic data points we have missed 18 of the last 20.”

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