With a Fed rate hike a forgone conclusion, the next three issues of concern are: how gradually will the Fed raise rates, when does the Fed stop reinvesting interest and principal from their $4 trillion portfolio of Treasuries and agency…
Since bailing out Fannie and Freddie to the tune of $188 billion, the Treasury has taken all their profit and is slowly taking all their capital. By 2018, F&F will have none. Unfortunately, F&F are becoming less profitable as they…
Friday’s labor numbers were excellent! 211,000 net new jobs, upward revisions totaling 35,000 for September and October, an increase in the labor force participation rate from 62.4% to 62.5%, and decent year-over-year wage growth of 2.3%. Better yet, construction added…
The Friday File: After closely observing three pre-agricultural groups, one from Tanzania, one from southern Africa and one from Bolivia, researchers learned that these peoples averaged 6.5 hours of sleep/day. Moreover, the groups stayed awake for an average of 3.3…
To boost European economic activity, the ECB lowered the rate it pays banks that have deposits with it from -0.2% to -0.3%! These negative returns may encourage more lending, but I’m skeptical. It will, however, weaken the euro, boosting exports…
US manufacturing activity contracted in November, the first monthly decline since 11/12, the second since 07/09. Manufacturing is sputtering due to the strengthening dollar, anemic global growth, low commodity prices and poor capital spending due to lousy corporate profit growth.…
Between 1970 and 2009, US retail space grew 54% and peaked at 49.8 square feet/person. Since then, it’s fallen for six straight years and is now 48.3 square feet/person. Only one mall of at least a million square feet has…
Happy Hoteliers 2015 is shaping up to be the best year ever for hotels, better than the record year of 2000. Occupancy rates then were 66.9% YTD, they are now 67.9%. Year-to-date the average daily rate for an occupied room…
The Friday File: The busiest airport travel day of 2015 was August 7th, with 2.91 million sold seats. The day before Thanksgiving was the 121st busiest airport travel day of 2015. That said, November 29th, the Sunday after Thanksgiving will…
In 1960, the average weight of a commercial turkey was 16.8 pounds. By 1996 it was 23.7 pounds and today, thanks to the miracle of selective breeding, it’s 30.4 pounds. Because of the enormous rise in average weight, the number…