Everyone agrees market slowing and Fed data shows unemployment stable to increasing and they (or at least, Bernanke reported yesterday) predict GDP will decrease by 1/2 pt.  But in the last month, I’ve driven to Cleveland 3 times and Chicago once and 3-4 times a week to and fro East Lansing; traffic heavier, trucks holding up cars (good sign) and many wierd things being moved (I’ve seen 4 aluminum tubes that resemble airplane wings.)  Mortgage rates 3.6% and supply has fallen and median price is up 7.9% and sellers are holding-on thinking prices are on the rise.

Mixed message!

From Bloomberg.com:  http://www.bloomberg.com/news/2012-06-21/u-s-stock-index-futures-fall-on-china-pmi-index-decline.html

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“The economy has lost momentum,” said James Dunigan, who helps oversee $112 billion as chief investment officer in Philadelphia for PNC Wealth Management. He spoke in a telephone interview. “It feels like those patches where we’ve stalled a bit. We may come back out of it, but we’ll have to wait.”

Equities fell amid concern about an economic slowdown as manufacturing in the Philadelphia region shrank in June at the fastest pace in almost a year. Sales of previously owned U.S. homes declined in May, while more Americans than forecast filed applications for unemployment benefits last week.

The Federal Reserve yesterday cut its estimates for growth amid a slowdown in hiring. Chairman Ben S. Bernanke is signaling the Fed will probably add to its record stimulus should the economy fail to make sufficient progress in creating jobs for 12.7 million unemployed Americans.