I bid you good day, and welcome to another underwhelming Nonfarm Friday. US unemployment data came in poor again, ending a data-rich week which continues to muddy the puddle that is the economic outlook. Crude has continued its adventures in the $80 range, with its fickle-folly flipping between equities, currencies or economic data, yet with little emphasis on its own fundamentals. US natural gas has been shoe-gazing all week, as heat and hurricanes are viewed (for now) as temporary bullish influences in a broader bearish trend. Moving on, let’s whet our appetites on this week’s burrito bites:
–Amazing blow by blow graphic of the Gulf oil spill.
–1,500 environmental laws broken at Marcellus Shale since the start of 2008.
–Globally, fossil fuels get more subsidies than renewable fuels.
–Shale: the good news on energy.
–Excellent piece on why ex Fed Chairman Alan Greenspan is worse at forecasting than a certain British weatherman.
–Buy a condo for less than a car.
–Biofuels didn’t cause grain price boom.
–Toyota recall caused by cosmic rays?! (h/t LB)
–Why can’t we be friends? Renewables and natural gas should work together.
–Why A-Rod’s 600th home run may cause tax problems.
–Paul Krugman answers ‘why is deflation bad?’.
–Last week the laziest, this week the fattest states in America.
–While 4 states get more than 10% of their electricity from wind power.
–European smart grid to reach $25bln by 2020.
–World’s largest lederhosen record broken.
The Burrito Deluxe Award of the week goes to global manufacturing data. Although it is showing slowing expansion, it is showing expansion nonetheless – from China to Europe to the US.
The Burnt Burrito Award of the week goes to US Nonfarm Payrolls for July for a double whammy of dodgy data. Not only was the 131,000 jobs lost mucho worse than the consensus of -65,000, but the previous month saw a downward revision from -125,000 to -221,000. Not great numbers for an economy which is supposed to be showing early-cycle economic expansion.
Have a glorious weekend!
p.s. I’m on CNBC Squawk Box again on Monday - bright and breezy in the US at 7.30 ET, also on in Europe at 12.30 GMT.