Morning Journal---Is China really passing the US as world's largest economic power?

   News on Stocks in Our Portfolios

 
Exxon Mobil beats by $0.22, misses on revenue

·         Exxon Mobil (XOM): Q1 EPS of $2.10 beats by $0.22.

·         Revenue of $106.77B (-1.4% Y/Y) misses by $2.99B.

Economics

   This Week’s Data

            The April ISM manufacturing index came in at 54.9 versus expectations of 54.3.

            http://www.calculatedriskblog.com/2014/05/ism-manufacturing-index-increased-in.html

            The April Markit PMI was reported at 55.4 versus estimates of 55.

            March construction spending was up 0.2% versus forecasts of up 0.6%; the February number was revised down from +0.1% to -0.2%

            http://www.calculatedriskblog.com/2014/05/construction-spending-increased-02-in.html

                April vehicle sales (12.8 million units) were in line.

                April nonfarm payrolls rose 288,000 versus consensus of 218,000; unemployment came in at 6.3% versus an anticipated rate of 6.5%.

                http://www.calculatedriskblog.com/2014/05/april-employment-report-288000-jobs-63.html

   Other

            Thoughts on the recent Financial Times article on China passing the US as the world’s leading economic power (medium):

            http://www.aei-ideas.org/2014/04/on-a-per-capita-basis-the-us-is-still-a-century-ahead-of-china/

Politics

  Domestic

Healthcare facts (medium):

http://www.coyoteblog.com/coyote_blog/2014/05/reminder-until-very-recently-the-left-was-touting-the-va-as-a-great-model-for-government-run-health-care-for-all.html

Quote of the day (short_:

http://cafehayek.com/2014/05/quotation-of-the-day-977.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+CafeHayek+%28Cafe+Hayek%29