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During the first Trump impeachment, and the second, House Republicans strongly opposed subpoenaing any witness who might tell the world some of the more egregious things that Trump had done and said as President. During the Senate trials, Mitch McConnell used his position to ensure that no witnesses were called, no incriminating evidence was presented, […]

Scenes from last week’s June employment report

Scenes from last week’s June employment report With no significant economic data today, let’s take a look at some of the more salient numbers from the June employment report released one week ago. Starting with the headline employment numbers, both the Establishment Survey and the Household Survey, while diverging in any given month, are in […]

The virus remains in control in the unvaccinated States

Trend in new jobless claims flattens: the virus remains in control in the unvaccinated States New jobless claims are the most important weekly economic datapoint with regard to the effects of vaccination progress. Four weeks ago I wrote, “I think we are going to see two tracks going forward from here, as near-normalcy does return to […]

May JOLTS report continues to show a jobs market out of equilibrium

May JOLTS report continues to show a jobs market out of equilibrium This morning’s JOLTS report for May continued all of the trends we saw in April – a huge amount of unfilled job openings, a comparatively weak level of actual hiring, an enhanced number of people quitting their jobs, and record low layoffs and […]

Bad news and *relatively* “good” news about the Delta Wave

Coronavirus dashboard for July 6: bad news and *relatively* “good” news about the Delta Wave  In the near future, there appears to be bad news and *relatively* “good” news for the US. The bad news is that the “delta wave” is spreading, and we should expect a real outbreak on the order of last summer’s […]

850,000 Jobs Added in June, U-3 Rises to 5.9%

June’s jobs report, Marketwatch 666, Commenter RJS This week’s major agency issued economic releases included the Employment Situation Summary for June from the Bureau of Labor Statistics, and three May reports that will input into 2nd quarter GDP: the BEA’s report on International Trade for May, the May report on  Construction Spending and the Full Report on Manufacturers’ Shipments, Inventories and […]

Construction Spending Falls 0.3% in May after March and April Spending Revised

Construction Spending Falls 0.3% in May after March & April Spending Revised Higher, Commenter RJS, Marketwatch 666 The Census Bureau report on construction spending for May (pdf) estimated that May’s seasonally adjusted construction spending would work out to $1,545.3 billion annually if extrapolated over an entire year, which was 0.3 percent (±1.0 percent)* below the revised annualized estimate […]

June data starts out mixed: manufacturing strong, housing stalls

June data starts out mixed: manufacturing strong, housing stalls, New Deal democrat June data started out this morning with the ISM manufacturing report. There was no big change from last month’s torrid pace. The overall index declined a very slight -0.6% to 60.6, while the leading new orders component declined by 1 to 66:Any number […]

June jobs report: a tale of two very different surveys – but both far from full recovery

June jobs report: a tale of two very different surveys – but both far from full recovery  HEADLINES: 850,000 jobs added. Of these, 662,000 were private sector jobs, and 188,000 were government jobs, chiefly in education. The alternate, and more volatile measure in the household report indicated a gain of only 128,000 jobs, which factors […]

On the Farm – Agricultural Economics – Carbon Capture

Farmer-economist Michael Smith comments from More Random News Events of the Week post ________ My comment on the open thread, “what exactly does the federal government plan to do this is a little mind boggling. The USDA is limited in the resources they have. They can provide grants but it would need congress to fund […]