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With 195,000 new jobs in June, the average monthly gain in the first half of 2013 is 202,000 – way up from the 130,000/month pace when QE3 began. Moreover, the unemployment rate remained unchanged, because 177,000 people joined the labor…
Read MoreThe Friday File: Wonder why driving a new car off the lot reduces its value by 25% or more? One reason has to do with the retail showroom price versus the resale/used price. The other has to do with car…
Read MoreThe Revolutionary War, fought between 1775 and 1783 cost $101 million then or about $2.4 billion today. That number includes only the cost of military operations. If you include interest on borrowed money and veterans’ benefits, costs are higher. The…
Read MoreDespite a huge downward revision of Q1 GDP growth from 2.4% to 1.8%, data for Q2 look decent. Durable goods orders look OK, home sales are good and despite sequestration and the payroll tax increase, consumer spending is holding up…
Read MoreBy giving the Muslim Brotherhood Government of President Muhammad Morsi a 48 hour deadline to compromise with the opposition or else face an Army-imposed solution, the Army is forcing Morsi out. As a result, the opposition now has no incentive…
Read MoreThe Friday File: In 2012, the three most popular girls’ names in descending order were Sophia, Emma and Isabella. For boys, it was Jacob, Mason and Ethan. In 2012, the girl’s name most rapidly rising in popularity was Arya; for…
Read MoreOne reason the economy has been growing slowly is due to large productivity increases. GDP is 3% higher than before the bust, yet employment is down by 1.6%. Similarly, industrial production is 2% shy of its all-time high, yet capacity…
Read MoreDespite Case-Shiller showing a 12.1% rise in home prices for the year ending 4/13, it’s probably the end of big price increases. The recent jump in mortgage rates (which reduces demand) and the first sustained month-over-month increase in housing inventories…
Read MoreWhile rising long-term interest rates will hurt banks by reducing the value of their bond portfolios, that will be a one-time hit and banks are exceptionally well capitalized and will easily withstand the losses. Conversely, a widening spread between short-term…
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