US GDP only includes legal activities. It really should include black-market activities like illegal drug sales, prostitution, theft, gambling, and so on. If it did, GDP would be about 1%, or $210 billion larger; the GDP of Alabama. In 1980,…
November housing starts came in at an annualized rate of 1.365 million, up a strong 13.6% Y-o-Y. Single-family starts were up 16.7% Y-o-Y; multifamily was up 4.4% Y-o-Y. Despite these seemingly strong Y-o-Y numbers, YTD starts are up a scant…
Last month, women comprised exactly 50% of employed persons in the US. The last and only other time this occurred was in 2009-2010, when male employment collapsed due to the massive loss of manufacturing and construction jobs during the Great…
While the average price of a Christmas tree in 2018 was $76.35, there was great variation over time. On 11/23/18, Black Friday, the first major tree buying day, the average price was $79.11. It then peaked at $83.92 on 11/26/18,…
In an effort to boost the value of Aramco (Saudi Arabian Oil Company) to $2 trillion, the Saudis reduced the offering size to just 1.5% from 5%, listed it on the Saudi stock exchange and not in NY or London,…
At 24.3% of GDP, the US tax burden is lower than all but three OECD (36 western democracies) nations; Chile, Ireland and Mexico. The US tax rate is exactly 10 percentage points lower than the OECD average rate. In 2000,…
This past Sunday, former Fed Chairman extraordinaire Paul Volker died. During his helm (1979-1987), he unequivocally changed economic history. He not only fought relentlessly for central bank independence but slayed runaway 1970s inflation. Because of the latter, he was one…
Net jobs growth of 266,000 in November, along with upward revisions to September and October totaling 41,000, and a slight decline in the unemployment rate to 3.5% makes this a solid job report. Better yet, average job growth over the…
The Friday File: In October 2019, a bottle of whisky sold at auction for $1.9 million, breaking the previous record of $1.5 million set in 2018. Both bottles come from Macallan cask 263 (European Oak) distilled in 1926 and bottled…
In 2018, US CO2 emissions rose 2.7% to 5.27 billion metric tons. However, CO2 emissions have declined in six of the past 10 years and remain 12% lower than their 2005 peak despite the economy being 25% larger in inflation-adjusted…