Econ70

Among the 31 NATO countries, the one spending the most on defense in 2024, as a percentage of GDP, at 4.12% was Poland, followed by Estonia at 3.43%. In third, the US at 3.38%, trailed by Latvia at 3.15%, then…

May existing home sales came in at a ho hum annualized rate of 4.03 million, up trivially from 3.95 million in 4/25 and down triflingly from 4.06 million in 5/24. Sales are flat as a hockey rink but inventory is…

In 2023, there were 291 hate crimes/million Jews, almost three times higher than the next most victimized group, the LGBTQ community at 111. In third, anti-Muslim hate crimes are at 79, then comes anti-Arab at 70, and rounding out the…

The Friday File: This past Father’s Day, Goliath, a 135-year-old tortoise at Zoo Miami, welcomed his first hatchling. He is believed to be the oldest first-time father in recorded animal history. The mother of the hatchling, Sweet Pea, is believed…

On 3/7/25, February net employment was initially reported as 151,000, but after multiple revisions the real number is 102,000. On 4/4/25, March employment was reported as 228,000, but now we know the number is 120,000. On 5/2/25, April employment was…

To the surprise of nobody, the Fed kept rates unchanged at today’s meeting. Powell deftly suggested that the Fed could adjust to what comes next, while simultaneously admitting it has no idea what to expect. As for the dot plots…

Unemployment claims came in at 248K for the week of 6/7, tied for the highest level in eight months. The four-week moving average of 240K is at the highest level since 8/23. As for continuing claims, they’re also rising. For…

US imports of goods total $3.7 trillion/year, 12.3% of GDP. Assuming a 10% across-the-board tariff and no behavioral changes, somewhat unrealistic, this would lead to $370 billion/year in tariffs. Assuming they are all passed on to consumers through higher prices,…

The Friday File: Since 1928, the stock market, on average, has returned a superbly spooky 0.09% on Fridays the 13th. On all other Fridays the return is still a ghostly strong 0.05%. That’s because on all trading days the return…

Yesterday, May CPI and core CPI both came in at 0.1% M-o-M, and today headline and core producer price inflation (PPI) came in at 0.1% M-o-M, all below expectations. Better yet, trade services inflation, a proxy for wholesaler/retailer markups, remained…