Coronavirus Dashboard for February 8: Omicron declines sharply; did Delta provide protection against the worst outcomes? As I mentioned yesterday, I haven’t posted a Coronavirus dashboard in awhile, and with Omicron in rapid retreat, it’s time for an update. To begin with, deaths are presently peaking at roughly 2450 a day, while nationwide cases are […]
January jobs report: huge gain in wages, huge upward revisions to past few months, limited Omicron impact Here are the three issues I was looking to see addressed in this jobs report: 1. Would last month’s “poor” 199,000 number of new jobs be revised higher? 2. Is wage growth holding up? Is it accelerating?3. In December, big […]
December JOLTS report: with Omicron raging, the pool of potential employees refuses to fill, meaning more record wage gains The Census Bureau has started to release the JOLTS report earlier in the month. So we got December’s report yesterday as opposed to in a week or two. Last month I introduced the idea of […]
Manufacturing continues strong in January; construction continued to sag in December As usual, the first data for last month starts out with the ISM manufacturing report. This index, especially its new orders subindex, is an important short leading indicator for the production sector. In January the index declined from 58.8 to 57.6, as did the more […]
by New Deal democrat My long leading forecast through the end of 2022 My long leading forecast that goes 12 months out is now up at Seeking Alpha. I am as nerdy as can be, and follow the same indicators over and over, no matter what their message. And their message has been changing over the […]
On the retirement of Justice Breyer: is this any way to run a country? Long long ago I remember reading that Justices William Brennan and Thurgood Marshall, both about 70 years old at the time, decided not to retire during the Presidency of Jimmy Carter, because he was not liberal enough, preferring to wait for […]
Real personal income and spending both decline in December; no imminent worry but evidence of softening Nominal personal income rose 0.3% in December, while spending declined -0.6%. In real terms after inflation, personal income declined -0.1%, and personal consumption expenditures declined -1.0%. Nevertheless, both remain well above their pre-pandemic levels: Here is what the same […]
Real Q4 GDP completes the Boom of 2021, while long leading components warn of weaker 2022 to come Nominal GDP increased 6.9% in the 4th Quarter of 2021. After taking into account inflation, it increased 1.7% The last six economic quarters together have been the biggest economic Boom since 1983-84, as shown in the below […]
With seasonality over, it is clear that Omicron is responsible for increased layoffs With seasonality behind us, it is apparent that Omicron has resulted in increased layoffs. New claims declined 30,000 last week to 260,000 – still well above its pandemic low of 188,000 set early in December. The 4 week average of new claims […]
New home sales surge, while house price measures decelerate; expect deceleration or even downturns in each Since I didn’t post yesterday, let me catch up today with a note on both new home sales and prices.New home sales (blue in the graph below) for December rose sharply to 811,000 on an annualized basis. This is […]