Der ECRI Weekly Leading Index ging gegenüber der Vorwoche um 0,1 auf 140,2 zurück.

Servus, J.B.
--------------------------------------------------
"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)

 

Die US Massenentlassungen nehmen in 2007 stark zu. Nachdem der Index im Januar schon um 19,5% zugelegt hatte, stiegen die Massenentlassung im Februar um weitere 30% zu, hauptverantwortlich hiefür ist das verarbeitende Gewerbe.

Servus, J.B.
--------------------------------------------------
"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)

 

Die Zahl der Hausverkäufe ist in den USA im Februar um 3,9 % auf 848.000 zurückgegangen. Erwartet wurden 995.000 bis 1,0 Mio. Hausverkäufe. Im Monat zuvor waren 882,000 Hausverkäufe registriert worden. Damit wurde die zuvor veröffentlichte Zahl von 937,000 deutlich nach unten revidiert.


patzi  

Pos.1000 existing houses ?
Pos.1003 new houses ?

 

 

wie krass die Zahlen erst im Nachhinein revidiert wurden, wieso nicht auch dieses Mal?!


patzi  

existing home sales Panikverkäufe und Zwangsversteigerungen wegen subprime-Krise
new home sales kein Käuferinteresse wegen subprime-Krise  

Veröffentlichung der Zahlen zu den US-amerikanischen Verkäufen neuer Häuser ("New Home Sales") für Februar 2007


aktuell:

Die Zahl der Hausverkäufe ist in den USA im Februar um 3,9 % auf 848.000 zurückgegangen. Erwartet wurden 995.000 bis 1,0 Mio. Hausverkäufe. Im Monat zuvor waren 882,000 Hausverkäufe registriert worden. Damit wurde die zuvor veröffentlichte Zahl von 937,000 deutlich nach unten revidiert.

Servus, J.B.
--------------------------------------------------
"I believe that the first test of a truly great man is his humility." (John Ruskin)

 

Chicago Fed National Activity Index

Der von der Chicagoer Fed veröffentlichte "National Activity Index" ist im Februar auf 0,03 Punkte gestiegen, nachdem er im Vormonat noch bei -0,72 Zählern (revidiert von -0,74 Punkten) gelegen hatte. Während die Subkomponenten für Produktion und Einkommen hohe positive Beiträge lieferten, rutschten die Komponenten für den Arbeitsmarkt, Konsum und Wohnen ins Minus.

Servus, J.B.
--------------------------------------------------
"I believe that the first test of a truly great man is his humility." (John Ruskin)

 

Die US-Filialumsätze sind in der Woche zum 24. März gegenüber dem Vergleichszeitraum des Vorjahres um 4,6 Prozent gestiegen, was dem stärksten Zuwachs seit 27. Januar entspricht. Dies meldete heute das International Council of Shopping Centers (ICSC). Gegenüber der Vorwoche ist ein Plus von 0,2 Prozent zu registrieren.

Laut ICSC-Chefökonom Mike Niemira hat sich eine tiefgreifende Änderung der Wetterbedingungen als stützender Faktor für die Einzelhändler erwiesen. Somit stellte sich nach einem langsamen Monatsbeginn eine spürbare Erholung ein.



Servus, J.B.
--------------------------------------------------
"I believe that the first test of a truly great man is his humility." (John Ruskin)  

Veröffentlichung der Zahlen zum Verbrauchervertrauen ("Consumer Confidence") des Conference Boards für März 2007


aktuell:

Der US-amerikanische Vertrauensindex notiert im März bei 107,2. Erwartet wurde er im Bereich 108,5 bis 109,0. Im Vormonat hatte er bei 111,2 notiert. Damit wurde die ursprüngliche Veröffentlichung von 112,5 nach unten revidiert.

Servus, J.B.
--------------------------------------------------
"I believe that the first test of a truly great man is his humility." (John Ruskin)

 

Manufacturing Conditions Survey

March 27, 2007

Manufacturing contraction persisted in March; Expectations edged lower

Manufacturing activity in the central Atlantic region continued to drift lower in March, according to the Richmond Fed’s latest survey. The pace of decline in factory shipments and employment moderated, while declines in new orders and backlogs were more pronounced. Capacity utilization expanded on pace, and delivery times continued to edge higher. In addition, manufacturers reported slightly quicker growth in finished goods inventories.

Looking ahead, manufacturers’ optimism about their business prospects edged lower in March. Firms anticipated that their shipments, new orders, employment, and capacity utilization would grow a bit less rapidly in the months ahead.

Both raw materials and finished goods grew at a more measured rate in March. Looking ahead, respondents expected raw materials prices to grow more slowly, although they expected finished goods to rise roughly on pace with February’s reading.

Current Activity

In March, the seasonally adjusted manufacturing index—our broadest measure of manufacturing activity—held steady at -10. Among the index’s components, shipments gained five points to -10, new orders pulled back seven points to -11, and the jobs index moved up four points to finish at -9.

Other indicators generally changed little. The capacity utilization index was virtually unchanged at -17, while vendor delivery times edged higher to 5. Inventory levels for finished goods grew at a slightly quicker pace in March when compared to February. The finished goods inventories index added two points to 28, while the raw materials inventories index eased one point to 18. The orders backlogs indicator showed the largest change, falling nine points to
-13.

Employment

Labor market conditions changed little at District plants in March. The employment index registered a -9 versus February’s reading of -13, and the average workweek edged up two points to -18. The wage index advanced at a slightly quicker pace, picking up two points to 4.

Expectations

In the March survey, our contacts remained generally confident, though a little less so about their business prospects for the coming six months. The index of expected shipments inched down four points to 26, and the new orders indicator nudged down one point to end at 31. The orders backlog index lost four points to 13; the vendor delivery times fell five points to 6; and capacity utilization declined five points to 12. Planned capital expenditures dropped four points to 15.

Hiring plans in March were slightly less optimistic as well. The expected manufacturing employment index declined four points to 15, and the average workweek slipped two points to finish at 11. In addition, the expected wage index registered a five-point loss to 37.

Prices

In March, District manufacturers reported that raw materials prices increased at an average annual rate of 2.44 percent—considerably lower than February’s reading of 3.52. Finished goods prices rose at a 1.24 percent pace compared to February’s reading of 1.58 percent. Looking ahead to the next six months, respondents expected the prices they pay will advance at a 2.36 percent pace compared to February’s reading of 2.85 percent. In addition, contacts looked for finished goods prices to advance at a 1.81 percent annual rate—a touch above last month’s 1.78 percent pace.

Servus, J.B.
--------------------------------------------------
"I believe that the first test of a truly great man is his humility." (John Ruskin)

 

Interpretation der US-Wirtschaftsdaten

Das Conference Board gab heute die Ergebnisse der monatlichen Umfrage zum amerikanischen Verbrauchervertrauen bekannt. Demnach ist der Headline Index im Berichtsmonat März auf 107,2 nach 112,5 Punkten gefallen. Während die Lagekomponente leicht ansteigen konnte, gab die Erwartungskomponente deutlich nach. „Die pessimistischen Prognosen wurden noch leicht unterboten“, interpretiert die Nord/LB die Daten. „Der Indikator gab letztendlich aber von einem 6-Jahreshoch nach und liegt weiterhin über dem Durchschnitt der letzten Jahre, so dass das Absacken keinesfalls überbewertet werden sollte.“ Die Analysten sehen vor allem die in den vergangenen Wochen zwischenzeitlich stark zugenommene Verunsicherung an den Aktienmärkten, die Diskussionen über die Labilität des amerikanischen Immobilienmarktes und den zwischenzeitlich gestiegene Ölpreis als Ursache für den Rückgang des Verbrauchervertrauens.

Quelle: www.boerse-go.de

Servus, J.B.
--------------------------------------------------
"I believe that the first test of a truly great man is his humility." (John Ruskin)

 

kommenden Berichtssaison ein erheblich gesunkenes Gewinnwachstum in den USA feststellen. In Europa wird es dagegen noch im zweistelligen Bereich liegen. Alles keine Überraschungen. In den USA soll es dann Ende des Jahres wieder aufwärts gehen.    

Was ich denke weißt Du eh....

Servus, J.B.
--------------------------------------------------
"I believe that the first test of a truly great man is his humility." (John Ruskin)

 

Veröffentlichung der Zahlen zu den US-amerikanischen Auftragseingängen für langlebige Wirtschaftsgüter ("Durable Goods Orders") für Februar 2007


aktuell:

Die US-amerikanischen Auftragseingänge für langlebige Wirtschaftsgüter sind im Februar um 2,5 % gestiegen. Erwartet wurde ein Plus von 3,0 bis 3,5 %. Im Vormonat waren die Auftragseingänge bei den langlebigen Wirtschaftsgütern noch um 9,3 % zurückgefallen.

Servus, J.B.
--------------------------------------------------
"The superior man is slow in his words and earnest in his conduct." (Confucius)

 

Veröffentlichung des wöchentlichen Ölmarktberichts der Energy Information Administration (EIA) zur US-amerikanischen Lagerhaltung


aktuell:

Die US-amerikanischen Rohölvorräte (Crude Oil Inventories) sind in der vorangegangenen Woche um 900.000 Barrel gesunken, nach zuvor +4,0 Mio. Barrel.

Die Benzinvorräte (Gasoline Inventories) haben sich in den USA im Wochenvergleich um 300.000 Barrel verringert, nach zuletzt Minus 3,4 Mio. Barrel.

Die Vorräte an Destillaten (Distillate Inventories), die auch das Heizöl beinhalten, sind gegenüber der Vorwoche in den Vereinigten Staaten um 700.000 Barrel geschrumpft, nach zuvor -1,7 Mio. Barrel.

Servus, J.B.
--------------------------------------------------
"The superior man is slow in his words and earnest in his conduct." (Confucius)

 

Kurz und Gut: Wenn Boeing nicht wäre, dann hätte es wieder ein Minus gesetzt!!

Durables Disappoint
Joshua Lipton  

Investors, already a bit jittery from U.S. economic news released Tuesday regarding the housing sector and consumer confidence, woke up on Wednesday morning to another disappointing headline: weaker-than-expected orders of durable goods.

Wall Street expected to see an increase of 3.5% after a 7.8% decline in January. Instead, the Commerce Department said orders for durable goods -- manufactured items meant to last at least 36 months -- climbed just 2.5% last month. Excluding the transportation sector, orders were down 0.1%.

There was a 9.6% increase in orders for transportation goods, driven by an 88.4% jump in orders for commercial aircraft. Orders in the auto industry climbed 1.3%.

On the flip side, orders for nondefense capital goods excluding aircraft decreased 1.2%. That's following a 7.4% decline in January.

Quelle: www.forbes.com



Servus, J.B.
--------------------------------------------------
"The superior man is slow in his words and earnest in his conduct." (Confucius)  

Veröffentlichung der endgültigen Zahlen zum US-amerikanischen Bruttoinlandsprodukt ("Gross Demestic Product", GDP) für das vierte Quartal 2006


aktuell:

Das US-amerikanische Bruttoinlandsprodukt (BIP) ist in der endgültigen Fassung zum vierten Quartal um 2,5 % gestiegen. Damit wurde das vorläufige Wachstum von 2,2 % nach oben revidiert. Erwartet wurde eine Bestätigung der zuvor veröffentlichten Daten.

Der Chain Deflator ist laut endgütliger Veröffentlichung um 1,7 % gestiegen.

Servus, J.B.
--------------------------------------------------
"I believe that the first test of a truly great man is his humility." (John Ruskin)

 

Veröffentlichung der Zahlen zu den US-amerikanischen Erstanträgen auf Arbeitslosenhilfe ("Initial Jobless Claims") für die Vorwoche


aktuell:

Die Zahl der Erstanträge ist in den USA auf 316.750 zurückgegangen. Erwartet wurden 320.000 neue Anträge nach zuvor 318.000 (revidiert von 316.000).

 

Hi,hi,hi: Jetzt wirds immer lustiger, 316.750......*kopfschüttel*

Servus, J.B.
--------------------------------------------------
"The superior man is slow in his words and earnest in his conduct." (Confucius)

 

Veröffentlichung des wöchentlichen Erdgasberichts der Energy Information Administration (EIA) zur US Lagerhaltung


aktuell:

Die US-amerikanischen Erdgasvorräte ("Nat Gas Inventories") sind in der letzten Woche um 22 Bcf auf 1.511 Bcf zurückgegangen. In der vorangegangenen Woche waren die Bestände in den USA um 17 Bcf gewachsen, im Vorjahr hatten sie bei 1.720 Bcf gelegen.

Servus, J.B.
--------------------------------------------------
"The superior man is slow in his words and earnest in his conduct." (Confucius)

 

schlechtere Daten kommen als ursprünglich veröffentlicht wurden, und jetzt ist es dir auch wieder nicht recht.

Sorry, aber egal wie es läuft. Eigentlich wärst du doch nur dann zufrieden, wenn alle Daten schlecht ausfallen und die Märkte mit starken Abschlägen darauf reagieren.


 

Help-Wanted Advertising Index

The Latest Press Release

The Conference Board Help-Wanted Index Dips One Point

March 29, 2007

The Conference Board Help-Wanted Advertising Index — a key barometer of America's job market — dipped one point in February. The Index now stands at 31. It was 39 one year ago.

In the last three months, help-wanted advertising increased in seven of the nine U.S. regions. The largest increases occurred in the East South Central (36.2%), Mountain (18.1%) and New England (16.9%) regions. Declines occurred in the Pacific (-4.7%) and Middle Atlantic (-2.3%) regions.

Says Conference Board Economist Ken Goldstein: "The forward indicators of labor market activity were positive at the end of 2006. But the picture is more mixed now. Print job advertising was lower in February. Online ad volume has maintained its pace. Unemployment claims edged higher in February and early March. And consumer expectations of job opportunities dipped in March. This suggests employment growth may continue, but probably at a more modest pace through spring and early summer."

The Conference Board surveys help-wanted advertising volume in 51 major newspapers across the country every month. Because ad volume has proven to be sensitive to labor market conditions, this measure provides a gauge of change in the local, regional and national supply of jobs.

Online Job Ads Increase

Total online job ads increased to 3,824,200 in February, up 22 percent from January, according to The Conference Board Help-Wanted OnLine Data Series™. There were 2.5 advertised vacancies online for every 100 persons in the labor force in February.

Latest seasonally-adjusted results follow:

	Feb 07	Jan 07	Dec 06	Feb 06
National Index	31	32	34	39
Proportion of Labor Markets With Rising Want-Ad Volume	31%	43%	80%	49%
Unemployment Rate	4.5%	4.6%	4.5%	4.8%

 

 

Servus, J.B.
--------------------------------------------------
"The superior man is slow in his words and earnest in his conduct." (Confucius)

 

Mir kann keiner erzählen, dass 0,3 % beim BIP vergessen wurden, weißt wieviel dass ist?? Nein, Nein......so nicht, ist jetzt eh egal......

Ja, mir wäre es lieber die Märkte würden auf einmal dorthin fallen, wo sie schon lange hingehören......Ich weiß dass Du gut investiert bist und wünsche Dir alles Gute, aber Du wirst es selbst erleben, da wird sich noch einiges tun müssen....


Servus, J.B.
--------------------------------------------------
"The superior man is slow in his words and earnest in his conduct." (Confucius)

 

zur BIP-Berechnung nicht einverstanden sein. Allerdings zu unterstellen, die Zahlen wären manipuliert ist etwas weltfremd. Auf diesem Gebiet sind Tausende tätig und ein großer Teil davon müsste bei einer Manipulierung dicht halten. Das gibt es nicht!  

letztes Monat noch konnte der Index auf 18 zulegen und wurde dementsprechend gefeiert, als Trendwende usw... Nun Heute setzte ein leichter Kater ein, denn der Rebound vom letzten Monat war anscheinend nur kleiner Abstecher nach oben, denn Heute brach der Index auf 8 ein......

 

Survey of Tenth District Manufacturing 

---

News Release Federal Reserve Bank of Kansas City Kansas City, Missouri 64198 Phone (816) 881-2683 Fax (816) 881-2569 FOR RELEASE Thursday, March 29, 2007 EMBARGOED FOR 11:00 A.M. EST EMBARGOED FOR 11:00 A.M. EST Tenth District manufacturing activity growth fell in March after last month’s strong rebound. However, expectations for future factory activity showed solid gains. Price indexes in the survey were mixed, with an overall increase in raw materials price pressures, but a decline in finished goods price pressures, particularly versus last month. A summary of the March survey is attached to this press release. Results from past surveys and release dates for future surveys can be found at: http://www.kc.frb.org/mfgsurv/mfgmain.htm. For further information about the survey, contact Tim Todd, Public Affairs Department, (816) 881-2308. The Tenth Federal Reserve District encompasses Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico, and western Missouri.

Survey of Tenth District Manufacturing Tenth District manufacturing activity growth fell in March after last month’s strong rebound. However, expectations for future factory activity showed solid gains. Price indexes in the survey were mixed, with an overall increase in raw materials price pressures, but a decline in finished goods price pressures, particularly versus last month. The net percentage of firms reporting month-over-month increases in production in March was 8, down from 18 in February, but up from 5 in January (Tables 1 & 2, Chart). Production decelerated at most durable-goods-producing plants in March, but especially among producers of machinery and high-tech equipment, which had posted strong gains in February. The overall year-over-year production index also decreased from 31 to 20, but the future production index jumped from 25 to 41 after remaining unchanged last month. The majority of other month-over-month indexes also decreased in March. The shipments index dropped sharply from 20 to 0, its lowest level in over a year, and the new orders, order backlog, and employment indexes also fell markedly. The new orders for exports index decreased from 7 to -2, a two-year low, and the average employee workweek index declined to its lowest level in over four years. The raw materials inventory index fell from 13 to 9, but the finished goods inventory index climbed to 7 after contracting for five straight months. Most other year-over-year indexes declined from the previous month. The shipments, new orders, and order backlog indexes all recorded their lowest levels in over three years, and the employment index also dropped considerably from 35 to 20. The supplier delivery time index decreased and the new orders for exports index fell from 12 to 3, a two-year low. On the other hand, the capital expenditures index increased for the second straight month, from 17 to 24. The raw materials inventory index decreased, but the finished goods inventory index rose to 27, an all-time high. In contrast, most other indexes of future factory activity increased. The future shipments index more than doubled, from 21 to 44, and the future new orders, order backlog, and employment indexes also recorded solid gains. On the other hand, the future capital expenditures index edged down from 30 to 23, and the future new orders for exports index reached a four-year low. Both future inventory indexes increased, with the finished goods index at its highest level in over a year. Price indexes in the survey were varied, with raw materials and finished goods prices moving in opposite directions. The month-over-month raw materials price index rose only slightly from 37 to 38, while the finished goods price index dropped from 15 to 3, a two-year low. The future raw materials price index increased from 52 to 66, and the finished goods price index edged down from 36 to 33. The year-over-year raw materials price index also jumped from 67 to 82, while the finished goods price index decreased slightly.

Table1       Summary of Tenth District Manufacturing Conditions, March 2007   March vs. February (percent)1 March vs. Year Ago (percent)1 Expected in Six Months (percent)1 Plant Level Indicators Increase No Change Decrease Diff Index2 SA Index3 Increase No Change Decrease Diff Index2 Increase No Change Decrease Diff Index2 SA Index3   Production 33 50 15 17 8 48 23 27 20 53 33 12 40 41 Volume of shipments 33 48 16 16 0 42 26 29 12 53 33 11 41 44 Volume of new orders 36 46 15 20 11 46 24 27 18 51 32 14 36 36 Backlog of orders 23 51 20 2 1 33 34 28 4 32 47 16 15 16 Number of employees 19 66 13 5 2 44 31 23 20 40 45 13 26 27 Average employee workweek 15 60 21 -5 -6 25 51 20 4 27 58 10 16 17 Prices received for finished product 12 79 7 4 3 56 32 8 47 37 55 5 31 33 Prices paid for raw materials 42 55 0 41 38 88 5 5 82 68 28 2 65 66 Capital expenditures   40 39 15 24 34 48 11 22 23 New orders for exports 8 74 8 0 -2 15 65 11 3 12 71 8 3 2 Supplier delivery time 10 85 2 7 7 16 73 8 7 11 81 6 4 4 Inventories:            Materials 24 59 14 9 9 35 44 18 16 24 52 20 3 1      Finished goods 23 57 13 9 7 41 40 13 27 27 52 15 11 10 1Percentage may not add to 100 due to rounding. 2Diffusion Index. The diffusion index is calculated as the percentage of total respondents reporting increases minus the percentage reporting declines. 3Seasonally Adjusted Diffusion Index. The month vs. month and expected-in-six-months diffusion indexes are seasonally adjusted using Census X-12. Note: The March survey included 101 responses from plants in Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico, and western Missouri.

Table2 Historical Manufacturing Survey Indexes   Mar'06 Apr'06 May'06 Jun'06 Jul'06 Aug'06 Sep'06 Oct'06 Nov'06 Dec'06 Jan'07 Feb'07 Mar'07 Versus a Month Ago (seasonally adjusted)   Production 22 16 31 22 13 16 10 10 8 7 5 18 8 Volume of shipments 9 8 27 19 9 15 6 10 10 8 16 20 0 Volume of new orders 19 23 27 20 8 20 14 12 2 13 9 20 11 Backlog of orders 3 8 8 10 7 3 10 -5 -13 -4 -4 9 1 Number of employees 14 17 15 20 10 -1 13 8 16 15 8 13 2 Average employee workweek 8 12 10 6 3 6 3 5 4 4 -4 7 -6 Prices received for finished product 14 17 17 24 20 17 15 12 10 7 11 15 3 Prices paid for raw materials 35 48 53 54 49 45 38 27 27 30 35 37 38 Capital expenditures n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a New orders for exports 6 6 7 5 4 4 2 4 0 9 -1 7 -2 Supplier delivery time 10 14 12 15 16 8 0 7 2 1 3 11 7 Inventories:      Materials 11 12 14 18 9 8 14 8 9 4 8 13 9 Inventories:      Finished goods 11 10 5 16 3 1 6 -1 -3 -3 -7 -7 7 Versus a Year Ago (not seasonally adjusted)   Production 39 39 54 47 35 33 33 35 35 25 19 31 20 Volume of shipments 33 33 43 42 37 32 37 34 38 34 23 32 12 Volume of new orders 35 43 46 40 34 34 33 39 28 35 26 36 18 Backlog of orders 24 28 24 29 27 22 22 19 15 19 7 23 4 Number of employees 24 24 25 28 27 17 14 25 29 27 25 35 20 Average employee workweek 19 15 17 14 20 10 2 14 13 9 10 13 4 Prices received for finished product 54 58 57 60 58 52 66 65 57 56 57 52 47 Prices paid for raw materials 78 83 80 83 82 74 79 80 76 67 71 67 82 Capital expenditures 30 25 35 25 20 23 21 20 22 28 13 17 24 New orders for exports 17 16 14 14 16 16 7 15 11 16 11 12 3 Supplier delivery time 13 16 15 29 26 14 11 11 9 4 8 9 7 Inventories:      Materials 24 24 27 35 17 21 22 14 22 23 31 27 16 Inventories:      Finished goods 19 14 21 25 4 15 14 10 0 7 11 25 27 Expected in Six Months (seasonally adjusted)   Production 42 36 34 24 35 28 26 23 18 29 25 25 41 Volume of shipments 34 31 36 17 44 30 30 23 24 31 20 21 44 Volume of new orders 30 31 40 9 34 23 26 14 20 21 21 23 36 Backlog of orders 9 14 16 0 22 13 9 4 6 14 8 13 16 Number of employees 23 23 19 18 29 12 13 6 7 19 18 25 27 Average employee workweek 7 3 5 0 4 9 1 0 4 2 9 12 17 Prices received for finished product 35 34 35 38 36 24 31 33 27 17 32 36 33 Prices paid for raw materials 58 66 64 69 61 57 49 48 46 31 50 52 66 Capital expenditures 19 16 11 10 22 22 24 23 16 24 20 30 23 New orders for exports 12 12 11 11 13 10 10 8 15 15 10 4 2 Supplier delivery time 8 3 0 19 10 8 2 4 9 11 11 8 4 Inventories:      Materials 3 3 5 10 8 2 2 -1 -2 2 -4 -5 1 Inventories:      Finished goods 3 2 5 6 3 -2 3 -2 -11 1 -2 -5 10

Federal Reserve Bank of Kansas City
Manufacturing Survey Home Page

 

 

Servus, J.B.
--------------------------------------------------
"The superior man is slow in his words and earnest in his conduct." (Confucius)