July new home sales down nearly 30% from peak, as prices perhaps start to plateau Unlike yesterday’s existing home sales, today’s report on new home sales is much more economically significant. The reason I prefer single-family housing permits as a measure is that the sales data is extremely volatile, and heavily revised over the next […]
Socially Ambivalent Labour Time XIV: Capital volume III, chapters 38 and 49 I thought this was going to be the final instalment of my review of Marx’s writing on socially necessary labour time but then I discovered, as I was going through my posts that I haven’t done the draft “chapter six” that contains the […]
Oil in longest losing streak since 2019; global oil shortage at 2,540,000 barrels per day; DUC well backlog at 7.1 months, Focus on Fracking, Commenter and Blogger, R,J.S. Thursday of last week saw the release of OPEC’s August Oil Market Report, which covers OPEC & global oil data for July, and hence it gives us a […]
As others have said in print and in the Fox broadcasts; “everything is going terrible.” Yeah kinda, there are issues. I do not believe anyone thought about the rapid collapse of Afghanistan happening. The die was cast when Trump and Pompeo bumbled their way through conversations with the Taliban. Someone was laughing afterwards. In spite […]
As Taken from Modern Healthcare: Scientists say Biden jumped the gun with booster plan | Modern Healthcare Scientists believe President Biden is jumping the gun by claiming people should be seeking a third shot, a booster shot of Covid vaccine. I am not sure which scientists the Modern Healthcare article is referring to; but, there […]
Erik Loomis points to this AP story on ShotSpotter, a system that police and prosecutors use to identify gunshots, react to potential crimes, and prosecute suspects. The AP story raises serious questions about the accuracy and integrity of the system. You can click through for their story, which is gripping and definitely worth a read. […]
A note on existing home sales Existing home sales are the least noteworthy of the housing data, because of the very limited economic activity moving into or out of an existing home provokes compared with the construction, furnishing, and landscaping of a new home. But it’s worth a brief look, so let’s note this month’s […]
July industrial production (good news) and retail sales (bad news still being pretty good news) – by New Deal democrat This morning brought the July report for the King of Coincident Indicators, industrial production, as well as one of my favorite consumer side indicators, retail sales. Let’s take a look at each. Industrial sales increased strongly […]
Retail Sales Fell 1.1% in July After May and June Sales were Revised Higher, R.J.S, MarketWatch 666 Seasonally adjusted retail sales were 1.1% lower in July after retail sales for May and June were revised higher . . . the Advance Retail Sales Report for July (pdf) from the Census Bureau estimated that our seasonally adjusted retail […]