Econ70

Consumer spending increased 0.4% in November, the ninth straight monthly rise. From 11/1/18-12/24/18 sales rose 5.1% Y-o-Y. Wages are up 3%/year, the fastest pace in over a decade. Moreover, capital expenditures by firms, while not growing, are not meaningfully declining.…

I wish to take this opportunity to thank you all for your ongoing interest in my daily economics blog. All of you enrich my life in many ways; I am deeply appreciative. I wish you and yours the best year…

The Friday File: In only Wisconsin, West Virginia and South Carolina is it legal to own a kangaroo without a permit. 10 states including Maine, New Jersey, Pennsylvania, Ohio, Illinois, Texas, New Mexico, Idaho, Nevada and Washington, the last two…

Homelessness rose in 2018 to 552,830, up from 550,996 in 2017, and the trough of 549,928 in 2016. That said, as recently as 2007, homelessness totaled 647,258. The long run decline and recent rise are due to changes in unsheltered…

Each day the unfunded portion of government is closed, GDP will decline by $1.25 billion; a bit more than a twentieth of a percent a week; unfortunate but manageable. A big concern: Will those laid off get paid for the…

Inflation, as measured by the Christmas Price Index, based on purchasing each day’s items once in “The Twelve Days of Christmas,” rose a scant 1.2% in 2018 to $39,094.93. Excluding the costliest item, seven swans-a-swimming at $13,125, will reduce the…

The Friday File: In 2017, the wealthiest 1% of the global population, 77 million people, was estimated to hold 50% of world wealth. Due to better data and estimates, it’s now estimated that they only hold 47% of global wealth;…

During the year ending 7/1/18, the US population grew by 2.02 million or 0.6%, the slowest pace since 1937, and now totals 327.2 million. The excess of births over deaths resulted in an increase of 1.04 million persons, while immigration…

Over the past year, the number of job openings has grown by 1.02 million. Over a third of these job vacancies are in accommodation and food service (200,000 more open jobs) and retail (147,000 more), both typically suited for entry-level…

Last week, British Prime Minister Theresa May survived a vote of no-confidence by a painfully lackluster score of 200 to 117. Worse, she promised not to lead the Tories into the next election, due no later than 2022. To now…