July Durable Goods: New Orders Down 0.1%, Shipments Up 2.2%, Inventories Up 0.6%, Commenter and also Blogger at MarketWatch 666 The Advance Report on Durable Goods Manufacturers’ Shipments, Inventories and Orders for July (pdf) from the Census Bureau reported the value of the widely watched new orders for manufactured durable goods fell by $0.4 billion or […]
Socially Ambivalent Labour Time XV: “Chapter Six” from the draft manuscripts of Capital The draft “Chapter Six” was preceded by an earlier version of the analysis of formal and real subsumption of labour under capital. That earlier version is 28 pages long in volume 34 of the Marx-Engels Collected Works. “Chapter Six,” proper, is 111 pages […]
By Steve Roth ( Steve Roth is a contributor to Angry Bear and is currently publisher of Evonomics. Originally published at Evonomics) April 14, 2021 You hear a lot about bottom-up and middle-out economics these days, as antidotes to a half-century of “trickle-down” theorizing and rhetoric. You’re even hearing it, prominently, from Joe Biden. They’re compelling […]
Initial and continuing jobless claims: the good news continues The good news for both initial and continued claims continued this week. Initial jobless claims rose 4,000 to 353,000 from last week’s pandemic low. The 4 week average of claims declined by 11,500 to 366,500, another new pandemic low: Significant progress in the decline of initial […]
MarketWatch 666: July’s retail sales, industrial production and new home construction; June’s business inventories, Commenter and Blogger RJS The July report on New Residential Construction (pdf) from the Census Bureau estimated that the widely watched manual count of new housing units started in July was at a seasonally adjusted annual rate of 1,534,000, which was 7.0 percent […]
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 […]
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 […]