The crazy dueling data mean that absent consensus political considerations will play a bigger role.
More importantly, earnings estimates for 2012 are compressing with the consensus estimate (based on Bloomberg data) of 10.4% growth in 2012, versus 11.7% growth for 2011.
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Despite consensus readings of the latest PMI data as signaling a revival of demand, we believe stronger-than-expected numbers are driven by capital restocking, not consumer spending.
Meanwhile, he pointed out, readings such as Market Vane bullish consensus and net-long positioning data from the Commodity Futures Trading Commission have been at their lowest levels in several years.
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But five independent inquiries have since exonerated the researchers, and nothing was found in their e-mails or data to discredit the scientific consensus on global warming.
Less data was available to support consensus recommendations on some the less common syndromes with pacing indications and most did not rise to the level of Class I.
Overall, the December data was broadly in line with consensus forecasts, except for trade.
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The reported data should be consistent with market consensus that U.S. growth is improving.
For instance, even though retail sales and industrial production data in July were higher than consensus expectations, the previous values were revised lower.
Looking for consensus will help you identify key messages in the data.
After seeing this number, along with other data, the survey of economists lowered the consensus to 2.7 percent growth for the full year.
Real wage growth moderated to 10.2 percent year over year (consensus was 11.2 percent), while the initial June data was revised down to 10.2 percent from 12.9 percent.
In the U.S., next week brings retail sales data and Nomura analysts said they expect the figures to beat the consensus estimate, which is for a rise of 1.1%.
The December reading from Automatic Data Processing showed payrolls added 297, 000 workers, nearly three times the consensus estimate.
Triangulating data points, we believe there is likely upside to what looked liked aggressive consensus iPhone expectations of 45-46 million units for the December quarter.
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Based on data from the Newspapers Association of America, second quarter print ad growth came in below consensus at negative 8.9%.
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The Wall Street consensus is 62 cents per share, up 1.6% from a year ago when Automatic Data Processing reported earnings of 61 cents per share.
The formal job creation data (CAGED) for June came in today at 120, 440 jobs, well below market consensus (142, 166 jobs).
Meanwhile, the formal job creation data (CAGED) for June came in Monday at 120, 440 jobs, well below market consensus of 142, 166 jobs.
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