Econ70

The Friday File: Used first by Queen Puabi of Ur approximately 4500 years ago, global lipstick sales totaled $11.2 billion in 2017. Outside of the $14 million H. Couture Beauty Diamond Lipstick, that comes in a diamond encrusted case, the…

Since 1/1/2008, US public debt has risen from $5.1 trillion to $15.9 trillion. Luckily, rates have been low. In 2017, interest costs were $263 billion, 6.6% of government spending and 1.4% of GDP; very manageable. However, by 2028, and assuming…

With oil prices down 25% due to rapidly rising supply, slowing world growth, and more waivers than expected for Iranian oil purchases by nations such as China and India, OPEC has two unpleasant choices. Cut production to keep prices up…

The price gap between new and used vehicles is as wide as it’s been in years, pushing buyers towards used cars. New cars are bigger, come packed with fancy technology, and average almost $37,000. Conversely, a used 3-year-old car costs…

World War I ended on November 11th at 11:00am, making yesterday the 100th anniversary of the armistice. It’s known as the Great War, as the number killed and wounded was unfathomably high. The last soldier killed; American Henry Gunter at…

The Friday File: This week, Michigan became the 10th state to legalize recreational weed. In 1969, 12% of Americans favored legalization, it hit 50% in 2011, and it’s now 66%. 75% of Democrats favor legalization, it’s 71% for Independents, and…

According to the Conference Board, consumer confidence rose to 137.9 in October, its highest level since 9/00. According to the University of Michigan, consumer confidence is at 98.60, down slightly from the 3/18 reading of 101.4, the best reading since…

With Republicans holding the Senate and Democrats taking the House, expect meaningful economic policy changes to take a break through 2020. Congress must ratify NAFTA 2.0 and the debt ceiling must be raised, and those will undoubtedly be accompanied by…

Last week, the Employment-Cost Index, which looks quarterly at wages and benefits paid to civilian workers, and another survey that looks at hourly earnings/month both showed wages rising at an annual rate of 3.1%, the fastest since 08Q3 and 9/09,…

Following a weak September in which job creation totaled a mere 118,000, October’s 250,000 was a pleasant surprise. Job growth over the last three months has averaged a robust 218,000. Moreover, every sector gained employment. Better yet, the unemployment rate…