The Rise and Fall of the Roman Republic: part 3 of 4: the final hammer-blows “The Republic is nothing, a mere name without body or form.” – Julius Caesar This is part 3 of my four part look at why the Roman Republic, which was successful and stable for nearly 4 centuries, ultimately fell into tyranny. […]
The Rise and Fall of the Roman Republic: part 2 of 4: the first hammer-blows This is part 2 of my four part look at the Roman Republic and subsequent Empire. In part 1, I described the structure of the Republic, and its several centuries of stability and success, as well as the underlying causes […]
The rise and fall of the Roman Republic: part 1 of 4: Structure and Background “Mortal Republic: How Rome Fell into Tyranny,” by Edward J. Watts “The Storm Before the Storm,: The Beginning of the End of the Roman Republic” by Mike Duncan “Ten Emperors: Roman Emperors from Augustus to Constantine,” by Barry Strauss I’ve recently mentioned that […]
Positive housing, initial claims, and Philly Fed outweigh negative industrial production So, after a nearly empty week until now, there were four economic reports this morning. Three of them were good. First, although overall housing starts and permits declined, single family permits, the most forward looking and least volatile of the metrics, were only 3000 […]
Scenes from the September jobs report I shared the best good news from the September jobs report released last Friday: there’s a good argument that the economy has reached “full employment,” although we could do even better if real wages improved more. Today let’s look at the bad news, which comes from examining the leading […]
August JOLTS report: nearly all employment measures now neutral The JOLTS report for August showed a decline in all metrics m/m as well as a slowing trend overall. To review, because this series is only 20 years old, we only have one full business cycle to compare. During the 2000s expansion: Hires peaked first, from December […]
Real average and aggregate wages for September Now that we have the September inflation reading, let’s take a look at real wage growth. First of all, nominal average hourly wages in September increased +0.2%, while consumer prices were unchanged. As a result, after rounding, real average hourly wages for non-managerial personnel increased +0.1%. This translates […]
Have we finally reached “full employment”? As I noted on Friday, the household report – the one that tells us about unemployment, underemployment, and labor force participation – was particularly good. In fact, the last two months together have been so good that, at least by some measures, we may finally have arrived at “full […]
September jobs report: excellent in coincident and lagging sectors, cautionary in leading sectors HEADLINES: +136,000 jobs added (+135,000 ex-Census) U3 unemployment rate declined -0.2% from 3.7% to 3.5% (NEW LOW) U6 underemployment rate declined -0.3% from 7.2% to 6.9% (NEW LOW) Leading employment indicators of a slowdown or recession I am highlighting these because many […]
Once again, two sharply contrasting reports to start the month One month ago, I wrote that the first reports in September, construction spending and the ISM manufacturing index, showed two contrasting views of the economy. That was again the case today. As in last month, residential construction spending increased for the month. Below I show […]