Morning Journal--David Stockman on Obamacare

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers up 0.2% versus the prior week and up 2.1% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales up 0.4% versus the similar time frame last month and up 3.8% on a year over year basis.

            The September Market PMI came in at 52.8 versus expectations of 52.9.

            The September Institute for Supply Management’s manufacturing index was reported at 56.2 versus estimates of 55.0.

            http://scottgrannis.blogspot.com/2013/10/manufacturing-conditions-are-improving.html

                September vehicle sales came in below forecasts.

            http://www.zerohedge.com/news/2013-10-01/domestic-vehicle-sales-plunge-miss-most-jan-2009

                Weekly mortgage applications fell 0.4% while purchase applications dropped 6.0%.

            http://www.calculatedriskblog.com/2013/10/mba-mortgage-applications-decrease-in.html

            The September ADP private payroll report showed an increase of 166,000 jobs versus expectations of 180,000; in addition, the August number was revised down.

                http://www.calculatedriskblog.com/2013/10/adp-private-employment-increased-166000.html

   Other

            Ten stealth economic trends (medium):

            http://www.theatlantic.com/business/archive/2013/09/the-10-stealth-economic-trends-that-rule-the-world-today/280107/

Politics

  Domestic

David Stockman on Obamacare (3 minute video):

http://www.zerohedge.com/news/2013-10-01/david-stockman-fears-intense-resentment-over-disaster-obamacare

  International War Against Radical Islam