The first revision of GDP growth for the
second quarter rose at a (seasonally adjusted) 3.3% annual rate. This was below expectations of 3.4%, and the revised Q1 GDP data of 3.8%. (recall that GDP data for Q1 was revised due to the specious theory that new home prices had dropped for that quarter).
Meanwhile, the Chicago PMI utterly collapsed below the magic 50 level to 49.2 in August, down from 63.5 in July. This was well short of consensus expectations of 61.0, and was the weakest level since April 2003.
Chicago PMI components showing the largest declines were:
new orders (46.5 from 69.6 in July)
production (56.2 from 70.5 in July).
Order backlogs (45.7 from 56.1 in July).
Three of seven PMI components are now below the 50.0 boom/bust line: order backlogs (45.7), new orders (46.5) and supplier deliveries (48.7).
It appears the damage to New Orleans region is far worse than originally expected. As we did with the Tsunami, here are numerous resources that you may find helpful in keeping informed about the damage, and making donations to help survivors:
1) Relief Organizations
Known as the most efficient relief charity in the U.S. (and Non-denominational also)
88 Hamilton Avenue, Stamford, CT USA 06902
Toll Free: 1-800-486-HELP (4357) Phone: 01-203-658-9500
see below for complete list of charities
2) News Coverage
Google Groups katrina relief aid
The KatrinaHelp Wiki relief page
3) Weather Related Resources
National Hurricane Center
Actual Water Level Measurements, at New Orleans, LA
USGS 073802338 IWW @ I-510 Bridge (Paris Rd) http://waterdata.usgs.gov/nwis/uv/?site_no=073802338
See this Google Map for location:
National Weather Service
Hydrologic Information Center (river flooding)
4) Government Resources
Federal Emergency Management Agency
City of New Orleans
Louisiana Governor’s Office
Mississippi Emergency Management
Louisiana Homeland Security
5) State Government Resources
Louisiana Emergency Road Closures
Mississippi Emergency Road Closures
Alabama Emergency Road Closures
Florida Emergency Road Closures
New Orleans Convention and Visitors Bureau Update
There is a terrific Dow Jones Chart (1900-2004) for sale at the Minyanville.com gallery. Its along the same concept of a chart we did back in 2003 — only this one includes P/E ratios, which is a very instructive addition to the graph: click for an enormous chart: “Officially licensed and designed by Minyanville’s own…Read More
AppleInsider: Apple Computer plans to host a special event on September 7th to
introduce new music-related products.
Monday the iPod maker began distributing e-mail invites to the event, which will
take place at 10:00am on Sept. 7th at San Francisco’s Moscone
"1000 songs in your pocket changed everything. Here we go again,"
the invite reads, in part. The slogan "1000 songs in your pocket" was
originally used by the Apple when it introduced the the very first 5GB iPod
digital music player in 2001.