The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Monday, February 6, 2012

Stunningly positive global economic data overnight...

From UBS:

* US: Nonfarm payrolls rose a much stronger than expected 243k (mkt: 140k) in Jan (after +203k), prior two months revised up 60k. The unemployment rate fell 0.2pt to 8.3%. We revise our Q1 GDP forecast up from 1.5% to 2.3%.

* US: Average hourly earnings and hours worked rose 0.2%, beginning to put wages and salaries back on an uptrend. The workweek was unchanged at 34.5, after an upward revised 34.5 (was 34.4), which is roughly equivalent to adding 300k jobs.

* US: The nonmanufacturing ISM index rose 3.8pts to 56.8 (cons: 53.2) in January—the highest level since Feb 2011. The details were strong, with rises in new orders and employment (to highest since Feb 2006).

* US: Factory orders rose 1.1% (cons: 1.5%, UBSe: 2.0%) in Dec after a revised 2.2% (was 1.8%) in Nov. Durables were unrevised at 3.0%.

* UK: The services PMI rose to 56.0 in Jan, from 54.0 (mkt: 53.5).