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As recently as 2010, cheap oil was great for the US as oil production was low. However, due to fracking, US production has doubled since 2010 to 11.6 million bbl/day. Lower prices reduce corporate investment which leads to reduced employment.…
In China, the key private sector index that looks at manufacturing showed activity shrinking in November, the first time since 5/17, and the official government index showed the same, the first time since 2/16. Here in the US, all five…
312,000 net new jobs in November, the biggest increase since 2/18, upward revisions totaling 58,000 for September and October, and Y-o-Y wage growth of 3.2%, the best in over a decade, make the November employment report outstanding. Moreover, the unemployment…
The Friday File: The leader of a cycling peloton experiences 88% of the wind resistance compared to riding alone. The two cyclists behind the leader face about 63% of the wind resistance, while the middle cyclist in the next row…
There have been 21 government shutdowns including this one. The first was in 1976 under President Ford. President Carter endured five shutdowns, while President Reagan experienced eight. There was one during President H.W. Bush’s term, and two during Clinton’s time…
Consumer spending increased 0.4% in November, the ninth straight monthly rise. From 11/1/18-12/24/18 sales rose 5.1% Y-o-Y. Wages are up 3%/year, the fastest pace in over a decade. Moreover, capital expenditures by firms, while not growing, are not meaningfully declining.…
I wish to take this opportunity to thank you all for your ongoing interest in my daily economics blog. All of you enrich my life in many ways; I am deeply appreciative. I wish you and yours the best year…
The Friday File: In only Wisconsin, West Virginia and South Carolina is it legal to own a kangaroo without a permit. 10 states including Maine, New Jersey, Pennsylvania, Ohio, Illinois, Texas, New Mexico, Idaho, Nevada and Washington, the last two…
Homelessness rose in 2018 to 552,830, up from 550,996 in 2017, and the trough of 549,928 in 2016. That said, as recently as 2007, homelessness totaled 647,258. The long run decline and recent rise are due to changes in unsheltered…
Each day the unfunded portion of government is closed, GDP will decline by $1.25 billion; a bit more than a twentieth of a percent a week; unfortunate but manageable. A big concern: Will those laid off get paid for the…