Total international arms sales were $71.8 billion in 2014, up slightly from $70.1 billion in 2013. The US was the top arms exporter at $36.2 billion, followed by Russia at $10.2 billion, Sweden at $5.5 billion, France, $4.4 billion and…
The Powerball jackpot is $1.5 billion, the largest US lottery jackpot ever. If taken as a lump-sum, and assuming you don’t share the pot, the after-tax payout would be about $531 million. The odds of winning: 292.2 million to one.…
Friday’s job report was good! Payrolls grew by 292,000, and prior month numbers were upwardly revised by 50,000. Q4 was the best quarter for job growth in 2015, a year which averaged 221,000 new jobs/month, the second best since 1999.…
The Friday File: If you love chemistry, there is now more to love. Until recently there were 114 elements, now there are 118! These new “superheavy” elements exist very briefly. Ununtrium (atomic number 113) exists for less than a thousandth…
Chinese equity markets are declining because their economy is looking increasingly weak. Worse, the policy of chronically devaluing the yuan, despite a $600 billion trade surplus, has many convinced the government has simply run out of ideas. That, in turn,…
A combination of cheap financing, longer car notes (84 months), employment growth and an old fleet culminated in sales of 17.5 million cars in 2015, breaking the record of 17.3 million set in 2000 let alone the 2009 trough of…
While 2016 should be marginally better than 2015, there are several serious downside risks. The first is more rapid slowing than expected in China, followed closely by the deteriorating American manufacturing sector which is now in recession. The third is…
The Fed may experience increased dissention this year. It’s because the Fed bank presidents that vote change annually and this year’s group contains three interest rate hawks and one dove, replacing three doves and a hawk. However, it’s the seven…
I want to take this opportunity to thank you all for your interest in my daily economics blog. All of you enrich my life in many ways and I am profoundly appreciative. I wish you and yours the very best…
While forecasts are generally worth less than the paper they are printed on, if you want to try forecasting, read Daniel Kahneman’s Thinking Fast and Slow. A close second is Philip Tetlock and Dan Gardner’s Superforecasting: The Art and Science…