Real wage growth continued to improve in February

Real wage growth continued to improve in February    Now that we have February’s CPI (up +0.2%), let’s update nominal and real wage growth. First, here is a graph of nominal wage growth YoY vs. consumer inflation YoY since the beginning of this expansion almost 10 years ago: First of all, … [Read More...]

Two economic notes on the shutdown

Two economic notes on the shutdown The government shutdown is the economic equivalent of sustaining -800,000, or -0.5%, layoffs. The last time we saw that was in the Panic of 2008. So needless to say, it is very surprising that last week saw fewer official layoffs than at any time since November 1969. … [Read More...]

Industrial production: strong finish to 2018

Industrial production: strong finish to 2018 Industrial production for December was reported this morning at +0.3%, slightly better than estimates. But what was really surprising is how strong the manufacturing component was, up over 1%: With this reading, YoY industrial production for manufacturing improved to +3.4%, and overall production … [Read More...]

Notes on the government shutdown

Notes on the government shutdown I have a post on the housing market pending at Seeking Alpha. If and when it goes up there, I will link to it here. In the meantime, here are a few important notes on the shutdown. I can’t find the quote now, but about … [Read More...]

Final thoughts on the 2018 midterms

Final thoughts on the 2018 midterms Here are six takeaways from last night’s results: 1. It *was* a wave election in the popular vote, but it was blunted by gerrymandering: Here’s a tweet by Sam Wang: Even though Democrats won the popular vote by 9.2%, they only eked out 12 seats … [Read More...]

On the rise of German militarism

On the rise of German militarism The long-term rise of Japanese militarism that culminated in the Pacific War in World War 2 was painstakingly documented in Meirion and Susie Harries’ excellent “Soldiers of the Sun,” a template that ought to give pause to Americans today.  Briefly, the Meigi … [Read More...]

Decelerating trends in 5 long leading indicators

 by New Deal democrat Decelerating trends in 5 long leading indicators I have a new post up at Seeking Alpha, “Five Long Leading Indicators ‘On the Cusp’.” The post follows up on my “Weekly Indicators” paradigm with graphs showing what the trends look like for aforesaid five… [Read More...]