The percentage of homes with a mortgage in foreclosure in 5/16 was 1%, compared to 1.3% in 5/15 and a peak of 4.5% in 2010. The current rate is the lowest since 10/07 but is still double the historic average.…
For the last 25 years, for statistical reasons not entirely understood but having to do with residual seasonality, Q1 GDP has usually been very weak. As a result, the other three quarters have been somewhat elevated with Q2 usually being…
While the 287,000 net new jobs created in June was spectacular, the 11,000 net new jobs created in May was dismal. And, both give a false reading of the labor market. YTD, job creation is averaging 171,500/month compared to 220,333/month…
The Friday File: In 2014/15, the NBA’s salary cap was $63 million/team, in 2015/16 it was $70 million. This coming season it will hit an eye-watering $94 million, and the year after that, a stratospheric $107 million! This means starting…
While Republicans could generally be counted on to (at least rhetorically) push to reduce debt, cut entitlements, lower taxes and boost trade, now, all bets are off. With Trump, the Republicans have a protectionist who wants to keep entitlements unchanged,…
While short-term rates are extremely low, the Fed Funds rate is at 0.375%; monetary policy isn’t all that expansionary! The real interest rate — the fed funds rate minus inflation -– is roughly -1.25%, yet the rate that is neither…
While Brexit has created more than ample turmoil and confusion, it’s made the USA the undisputed largest economy in the world. According to the World Bank, prior to Brexit the EU had a collective GDP of $18.5 trillion, but post…
The Friday File: 60 years ago, Eisenhower signed the US Interstate Highway System into law. Expected to take 12 years to complete, it officially took 35. Since 1956, the number of miles traveled/year has grown from 625 billion to 3…
Headline inflation, as measured by the personal consumption expenditure (PCE) price index, the Federal Reserve’s preferred inflation measure, was 0.2% in May and 0.9% Y-o-Y. Core inflation, which excludes food and energy, was also 0.2% in May and just 1.6%…
Total US revenues received by drug manufacturers in 2015 were $310 billion, up 8.5% from the 2014 level of $285 billion, which was, in turn, up 10.5% from 2013. These numbers exclude mark-ups and added costs associated with medicines reaching…