While wages of men and women with at least a HS diploma are similar early in life, they diverge dramatically with age. The gap peaks at about age 50 with men earning about $76,000/year and women earning about $49,000/year. However, at all ages there is no gap between single women, single men and … [Read more...]

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. But due to productivity gains, oil field expenditures … [Read more...]

For the week ending 11/30/18, the US exported 3.2 million barrels/day of crude oil and 5.8 million barrels/day of gasoline, refined products. Those 9 million barrels/day of exports exceeded the 8.8 million barrels/day of imports, making the US a net oil exporter for the first time in decades! US oil … [Read more...]

According to the Conference Board, consumer confidence rose to 137.9 in October, its highest level since 9/00. According to the University of Michigan, consumer confidence is at 98.60, down slightly from the 3/18 reading of 101.4, the best reading since 1/04. While stock market declines and … [Read more...]

In 18Q3, the vendor most popularly expensed by business travelers in North America was Uber, accounting for 11% of all transactions. Starbucks followed with 4.09%, while Amazon was third at 4.05%. Delta, American Airlines, Lyft, United Airlines, Walmart, Shell and McDonald’s round out the top 10. … [Read more...]

The Friday File: In 2017, Americans spent $72 billion on pets. That is equal to the GDP of the 70th largest nation in the world, edging out Myanmar and Luxembourg. $30 billion went for food, $18 billion for veterinary care, $16 billion for supplies, $2 billion buying the pets, and $6 billion on … [Read more...]

With existing home sales flat in July, and August at a rate of 5.4 million/year (solidly down from a peak rate of 5.7 million/year last November), I think existing sales move sideways from here on. Rising prices, higher interest rates, and tight inventories make a meaningful rise unlikely despite a … [Read more...]

Here's how Hurricane Florence will impact economic data: initially, weekly first-time unemployment claims will rise, with the amount of the increase quickly telling us the hurricane severity. September auto sales will fall, but October sales will spike due to buyers replacing flood damaged cars. … [Read more...]

The Friday File: Yesterday legendary singer and songwriter Aretha Franklin died at 76. During her spectacular career, she won 18 Grammys, sold 75 million albums, had 17 Billboard pop chart top 10 songs, and quit flying in 1983 preferring a custom tour bus. Her best-selling album was Amazing Grace, … [Read more...]

CY2018 US GDP growth should average 3.1%, led by rising employment, strong income gains, tax cuts, increased defense spending and very strong consumer and small business confidence. During CY2019, growth is likely to steadily slow, yet still average a solid 2.6% as tax cut impacts fade, trade wars … [Read more...]