July’s Wholesale Sales Were Up 2.0%; Wholesale Inventories Were Up 0.6%, MarketWatch 666, RJS The July report on Wholesale Trade, Sales and Inventories (pdf) from the Census Bureau estimated that the seasonally adjusted value of wholesale sales was at $601.3 billion in July, up 2.0 percent (±0.4 percent) from the revised June level, and up 23.7 percent […]
Norway’s Climate Dilemma Carlos Joly, a finance-and-climate consultant, has a piece today on the upcoming election in Norway, one of the world’s major exporters of oil and gas. To its credit, Norway puts its earnings in a fund to support future generations after its deposits are exhausted, known to economists as the Hartwick Rule. That’s great for […]
Libertarians criticize covid policy in broad, uncompromising terms. These arguments are unproductive at best; at worst they are divisive and potentially destructive. Many are just propaganda. This does not mean that criticism of the government response to covid is off limits. The alternative to the libertarian approach is policy analysis: evaluating specific policies on their […]
August Producer Price Index Sets New YoY Record Increases for Final Demand Goods, Final Demand Services, and a 46 year High for Prices of Intermediate Goods; MarketWatch 666, Commenter RJS The seasonally adjusted Producer Price Index (PPI) for final demand rose 0.7% in August, as prices for finished wholesale goods rose 1.0% while margins of final services […]
Beware of “The Narrative”! Back in 1979 philosopher Jean-François Lyotard was commissioned to do a report for the province of Quebec that turned into a book, The Postmodern Condition. I remember that book well because I read it during my graduate studies that focused on narrative analysis. A central theme of Lyotard’s book was the “death of […]
July JOLTS report shows market still out of equilibrium, no additional hiring from early termination of benefits This morning’s JOLTS report for July is particularly important, because July was the first full month after a number of GOP-controlled States terminated enhanced unemployment benefits, on the theory that they were excessive and were coddling idle workers. […]
Jobless claims blow away the Delta wave (but beware Labor Day seasonality) This morning’s initial jobless claims report makes it shockingly evident that the Delta wave has had no appreciable effect on at least the “firing” side of the jobs market (vs. the “hiring” side, where it might have). Initial claims declined 35,000 to 310,000, […]
A little-noticed part of Biden’s covid address last night covered testing. He promised to use the Defense Production Act to ramp up production of rapid tests, to make at-home tests available through retailers at cost, and to increase the availability of free pharmacy-based tests. (A few details here.) Making testing faster, cheaper, and easily accessible […]
MarketWatch 666’s RJS: 5th record in a row; job openings have risen 62% so far this year . . . Here is the Fred graph. Despite record highs, hiring is down and layoffs are up . . . Something is clearly broken. July Job Openings at Record High after June Record Revised Higher; Hiring Down, Job Quitting and Layoffs […]
The unemployment rate is not *uniquely* overestimating the “true” employment situation Bill McBride a/k/a Calculated Risk put up an entry over the weekend positing that the employment situation is worse than the unemployment rate indicates. He bases this on the expectation that the overall labor force was expected to grow by 100,000 a month in 2020 […]