70 Words
The Friday File: According to some astronomers, space begins at the exosphere, the outermost layer of the atmosphere, about 435 miles high. According to most, it’s the Karman Line, 62 miles above Earth, and beyond which lift from the air…
Two reasons for the worker shortage that get little attention include retirements and business formation. From 2012 through 2019, annual retirements averaged about 2 million/year. In 2020, 3.2 million workers retired! In 2018 and 2019, business applications were 3.5 million/year.…
While house price appreciation is blowing past wage appreciation, reducing affordability, there are countervailing forces. Rates remain low, and critically, US household wealth grew by a staggering $13.5 trillion in 2020, half from equities. However, stock and home ownership are…
While the official unemployment rate is 5.9%, that’s an underestimate. Adding up persons receiving regular unemployment insurance, pandemic extended benefits, and those collecting pandemic assistance, totals 15 million. That divided by the labor force of 161 million gives an unemployment…
A two-year suspension of the debt ceiling that passed in 2019 will expire on 7/31/21, 12 days from now. Congress must either extend the current suspension or pass a higher debt ceiling limit. If neither occurs, the Treasury will relatively…
The Friday File: While fluid dairy milk consumption has declined from 247 lbs/person in 1975 to 146 lbs/person in 2018, fattier milk is very popular. 38% of households have 2% milk in their refrigerator, followed closely by whole milk at…
While June annual inflation as measured by core CPI was 4.5%, the highest rate in decades, Treasuries were unmoved. Price increases for used cars and trucks singlehandedly drove one-third of the index rise. More generally, 90% of the items in…
YTD gaming revenue in Vegas is $4.06 billion, down just 5.2% from Jan-May 2019, and YTD auto traffic is up 5.6% compared to two years ago. However, deplaned passengers and room nights are both down 41%. But, comparing 5/21 to…
To keep very short-term interest rates above zero, the Fed recently boosted the rate it pays banks to lend money back to the Fed (you read correctly) overnight from zero to a whopping 0.05%. The first day after the increase,…
In June, construction employment fell 7,400 and totaled 7.42 million, 238,000 below its 2/20 pre-pandemic peak. Residential construction employment rose by 15,200 in June and it’s 3,051,000, 51,000 higher than in 2/20. Conversely, June nonresidential construction employment shrank by 22,600…