From today’s BLS release: “Real average weekly earnings fell by 0.5 percent from July to August after seasonal adjustment “. The core CPI was up 2.8% y-o-y, the most in 5 years. That should be worrisome. But of course the market is being jammed anyway. .

Oh and by the way Daimler-Chrysler reduced its forecast (now planning to lose a mere €5 billion) - “difficult US market and high costs” - and Ford announced massive job cuts - one third of salaried workers and a buyout offer to all UAW members. Industrial output fell 0.1%. And did I mention that foreclosures were up 24% between August and July? One month? (And over 50% y-o-y). I guess everything is hunky-dory.

Commodities prices - metals, energies, etc. - are falling fast, down over 13% (CRB index) since the beginning of August. The bulish view is this is good for inflation - the bearish view is this is another indicator of economic slowdown.