To glimpse the pain developing nations are suffering due to the Chinese economic slowdown, look no further than Ghana. Their biggest exports, gold, oil and cocoa are all down. As a result, they are running a huge budget deficit of…
While today’s report shows residential construction improving, economically it’s largely irrelevant. In 2005, single-family construction was single-handedly 3.4% of GDP and all new residential spending was 6.7%. Now, single-family activity is 1.3% of GDP and all residential activity is 3.3%.…
Fear that the US might not raise the debt ceiling is making itself felt. Yields on Treasury bills maturing 11/5/15 and 11/12/15, the date falling immediately after the government runs out of money on 11/3/15, rose slightly, with other maturities…
The Friday File: Four weeks into Stephen Colbert’s new late-night TV show, he is running neck-and-neck with Jimmy Fallon with 3.9 million viewers, compared to Fallon’s 4.0 million. Colbert has 1.2 million 18-49 year-olds while Fallon has 1.5 million. They…
Prices at the factory gate fell for the 43rd straight month in China as the manufacturing sector continues to battle massive overcapacity and weak global and domestic demand. At the same time, Chinese imports fell for the 11th straight month…
When the local unemployment rate rises by one percentage point, the share of jobs requiring a bachelor’s rises by 0.44% and 2+ years of experience by 0.79%. Call this “opportunistic upskilling.” When the reverse occurs, there’s a 0.2% decrease in…
The federal government ran a deficit of $435 billion in FY15, $48 billion less than in FY14. The deficit in FY15 was 2.4% of GDP, its sixth consecutive yearly decline, and slightly below the average of the past 50 years.…
The 2015 Nobel Prize in Economic Sciences has been awarded to Angus Deaton of Princeton University. His work focuses on the individual, not the economy. He concerns himself with consumption (not incomes), including caloric intake, education, discrimination and healthcare and…
The Friday File: Being on the cover of Sports Illustrated has been a jinx to many. The cover isn’t the culprit. Rather, the individual or team chosen has enjoyed a particularly good run of recent success, necessarily abetted by luck,…
This past Monday, twelve Pacific Rim nations (excluding China) that comprise 40% of world trade closed the Trans-Pacific Partnership free trade agreement. Assuming it’s ratified by all twelve nations, it should, by the year 2025, raise global GDP by 1%,…