Econ70
Despite being better educated, in 2016 Millennial households had average net worth of $92,000; 40% less than Gen Xers and 20% less than Boomers (adjusted for inflation) at the same point in their respective lives. 33% of Millennials are homeowners,…
While the Trump administration ramps up its rhetoric about reforming housing finance, ignore it. Absent Congressional action, there is little that can meaningfully be done. The FHFA can allow Fannie and Freddie to keep their profits but that’s symbolic when…
The Friday File: In 1980, the top 1% of touring musicians/groups received 25% of ticket revenue; the next 4% of performers collected 35%. By 2017, the top 1% of musicians earned 60% of world-wide ticket revenues, while the next 4%…
The FDA has just approved the gene therapy Zolgensma (Latin for staggeringly expensive). It’s a treatment for an inherited disease called spinal muscular atrophy, a condition affecting 450 newborns/year in the US. If untreated, it typically kills its victims by…
When the Fed last met, economic data was looking good. Now, not so much. Manufacturing is probably in recession, inflation is weakening, the yield curve is inverted, the dollar is strong, and trade concerns are elevated. However, equities are near…
In April, the latest month for which data are available, there were 7.449 million unfilled jobs, a number that has been steady for a year. Meanwhile, the number of unemployed Americans was 5.824 million, the lowest level since 12/2000. For…
May Chinese industrial production rose 5% Y-o-Y, weakest since 1992, and fixed asset investment growth of 5.6% is near multi-decade lows. Moreover, not only is public-sector fixed-asset investment above private sector fixed-asset investment for the first time in 15 months,…
The Friday File: The 76% of the US population that plans to celebrate Father’s Day will spend a record $16 billion on dads this year, up from $15.3 billion last year. Average planned spending/person is expected to be $139, also…
Global manufacturing sentiment fell to 49.8 in May from 50.4 in April. Not only was this the 13th straight monthly decline in the index and the weakest reading since late 2012, but readings below 50 suggest declining activity! Closer to…
Credit card delinquency rates hit 8.1% in 19Q1, the highest rate in years. While rates are rising slowly for card holders over 30, rates are up sharply for those 18-29. Highest interest rates in decades are partly to blame, but…