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Yesterday's rally fueled by better than expected Prelim GDP data has almost been erased and the futures are trading back below the psychological 1050 level. Investors are slamming U.S. equities again after Personal Spending and the Core PCE Price Index both came in below analyst expectations. On a positive note, today's Chicago PMI headed over 50, registering expansion (50+) for the first time since September 2008. Hence, manufacturing continues to benefit from the Dollar's recent round of depreciation. However, investors should keep in mind that this week's economic data has been very weak overall. Placing yesterday Prelim GDP number aside, we received weaker than expected unemployment, spending, housing, durable goods, and consumer sentiment data this week. Hence, the path to recovery is riddled with speed bumps, providing investors with enough incentive to take profits and place a downward pressure on equities. The sore thumb continues to be the U.S. Unemployment Rate. The decline in Unemployment Claims has been agonizingly slow and is leveling off again. The high level of unemployment is clearly weighing on consumer sentiment and consequently personal spending.
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