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Miles Driven
Sales of cars and light trucks (the notch is the cars for clunkers program), H/t Calculated Risk
Yesterday was a mixed day for news.
On the plus side, we had:
- Institute for Supply Management’s Manufacturing index rose sharply.
- April auto sales Rose.
- Personal spending rose for the 6th straight month.
On the minus side:
- Private construction spending fell in March, though overall construction spending rose because of public spending (stimulus).
- The latest Fed survey shows weaker loan demand, even though banks were not tightening lending standards.
Additionally, we had US Treasurys falling, and their yields rising, but that is largely on reduced concerns about Greece following the successful implementation of a bailout package.