"MMMMMM.... Beeeeeeeer." - Homer Simpson
Molson Coors gives us the only economic data point we need to know this morning to evaluate the true state of the economy, emphasis mine:
"Molson Coors says its first-quarter profit climbed 38 percent on a tax-related gain. But consumers bought less of its beer and costs rose, causing adjusted results to miss Wall Street's expectations.
Molson Coors Brewing Co. sold 3.8 percent less beer worldwide. It blamed the decline on high unemployment and a slow recovery in consumer confidence."
Forget all the mumbo jumbo with super extended unemployment benefits, increasing retail sales, government dominated mortgage markets, ISM, PPI, etc etc etc.
You need to know one thing: consumers don't buy "3.8% less beer" if things are getting better.
note: no positions in beer company stocks. long 2 assorted six packs (not MolsonCoors) in my fridge