The Bowtie Economist's Daily Dose of 70-Word Wisdom

The Architectural Billing Index slid to 44.8, the lowest reading since 12/20. The Index is a 9-to-12-month leading indicator of construction activity. Reduced billings were reported in all regions. Multifamily billings are the weakest, followed by commercial/industrial billings while institutional…

While September M-o-M retail sales jumped a more than expected 0.7% and August sales were revised up from 0.6% to 0.8%, there is less here than meets the eye. After inflation, August sales were up 0.16% M-o-M and September was…

Exxon’s recent announcement to buy Pioneer Natural Resources for $60 billion is the largest corporate transaction this year, Exxon’s largest deal since its late 1990s $75 billion merger with Mobile, and the largest oil-and-gas deal in decades. It’s a bet…

The tax gap, the sum of failed payments through non-filing, underreporting and underpayments, is rising. In 2020, it is estimated to be $601 billion and in 2021, $688 billion. During the 2017-2019 period, the gap averaged $550 billion and $496…

While September CPI rose 3.7% Y-o-Y, unchanged from August, it’s up from 3.2% in July and 3% in June. However, core inflation rose 4.1%, down from 4.3% in August, its lowest reading since 9/21, and the 11th decline in the…

From 1/16 through today, the average interest rate on newly issued junk bonds has been 5.99%. While there were brief rate spikes to 10% in early 2016 and early 2020, they were short lived. Now things are different. Rates first…

The 2023 Nobel Prize in Economic Sciences was awarded to Claudia Goldin, the third woman to win the award since it was first awarded in 1969 and the second in the last five years. Her groundbreaking research is focused on…

September payrolls rose by a surprising 336,000 and July and August were revised up 119,000. Moreover, job growth was widespread, the participation rate is rising, and wage growth slowed to 4.2% Y-o-Y and to an annualized rate of 3.4% over…

The Friday File: 11% of Americans have one tattoo and 22% have more than one. 38% of women have at least one, while 27% of men do. There are no major differences by political party, or whether you live in…