…were at the same relative levels as they are now: At the bubble peak, house prices were about 15% higher relative to earnings and income as they are now. But…

…share of the labor force. Meanwhile, nonsupervisory wages remained at an expansion high YoY at +3.5% (except for one month, and still below peak YoY changes in the past 3…

…past 20 years: The recent peak in YoY employment gains followed the recent peak in real retail sales by roughly 6 months, and the downturn in real retail sales at…

…profits adjusted by unit labor costs give a mixed result. Both are lower then their peak, from way back in 2012. But only one version has declined enough to be…

…Next, the average manufacturing workweek is now down a full 1.0 hour per week YoY from its peak. Although I only show data from 1983 onward below, going back 70…

…Next, the average manufacturing workweek is now down a full 1.0 hour per week YoY from its peak. Although I only show data from 1983 onward below, going back 70…

…September 2005 Quits peaked next, in September 2005 Layoffs and Discharges peaked next, from October 2005 through September 2006 Openings peaked last, in April 2007 I’ll treat these in that…

…the above graph. It would still take one more month of a reading below the August peak for me to flip this to neutral. For now it remains a very…

…the recent peak:   As of December, this threshold was breached. Although real personal income improved by +0.6% in January, once transfer receipts are subtracted the monthly gain shrank to…

…new infections, adjusted for testing, appears to have peaked one to two weeks ago. The number of daily new deaths also appears to have peaked about one week ago. The…