Take Aways from US Data Dump

From marctomarket.com

News that weekly initial jobless claims fell to their lowest level in six years and new cyclical lows in the 4-week moving average has overwhelmed the other US data reported today. A recent Bloomberg poll found a little more than 2/3 expect the Fed to begin tapering next month. The risk is that many are putting too much emphasis some indications of improvement in the labor market and not giving due the broader economic context, and, just as importantly, the lack of price pressures. Indeed outside of the weekly jobless claims report the other economic reports were as expected, like the July CPI, or weaker than ... (full story)