Morning Journal--More dishonest government accounting

Economics

   This Week’s Data

            November existing home sales rose 5.9% versus expectations of a 2.9% increase.

            http://scottgrannis.blogspot.com/2012/12/housing-update-more-evidence-of-rebound.html

            The December Philadelphia Fed manufacturing index came in at +8.1 versus estimates of -2.0 and November’s reading of -10.7.

            http://advisorperspectives.com/dshort/updates/Philly-Fed-Business-Outlook.php

            November leading economic indicators fell 0.2%, in line with forecasts.

            http://advisorperspectives.com/dshort/updates/Conference-Board-Leading-Economic-Index.php

                November durable goods orders were up 0.7% versus forecasts of up 0.5%; ex transportation, they were up 1.6% versus expectations of up 0.2%.

            November personal income came in up 0.6% versus estimates of up 0.3%; personal spending rose 0.4%, in line.

           

            The November Chicago National Activity Index increased to 0.1 versus October’s reading of -.64.

   Other

            More dishonest government (inflation) math (medium):

            http://www.zerohedge.com/news/2012-12-20/guest-post-why-reported-inflation-seems-different-reality