The Angry Bear

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 (±8.9 percent)* below the revised June estimated annual rate of...

Coronavirus dashboard for August 25: is the Delta wave close to peaking? I’ve been writing for about a month that, if the US outbreak followed the cycle of India and the UK, in which the Delta wave hit its peak about 6 to 8 weeks after onset, in the US the peak would be about Labor Day. As the graph below (which is in log scale better to show accelerating and decelerating trends) shows, it looks like that is about to happen: For the US as a...

COVID Taking Center Stage, Rubio is Winning — DeSantis is Losing; “Political Interests,” The Listener Group In a recent poll of 1000 likely Florida voters, there has been a swing from previous polls 8 weeks earlier. With the new surge of Covid, U.S. Sen. Marco Rubio ( R) is maintaining his lead against democratic challenger Val Demmings (55%-45%). However, when it comes to the other races, we see a dramatic shift in the voters take on...

Susie Madrak at Crooks and Liars calls it; “SCOTUS is throwing down the gauntlet that this president’s (Biden, in case you forgot) power derives not from the law, but from the conservative majority’s feelz about what a Democratic executive should or should not be allowed to do. Just a bit of history, this was not a Trump Executive Order which Biden eliminated as he did many of Trump’s and Trump did with Barack Obama’s Executive orders. For the...

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 several months. But with those caveats, let’s take a look.New home sales (blue in the graph below) increased 1%...

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 fascinating discussion of formal and real subsumption. So there will be either one or two mores posts. Yay!! An index page of all 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 picture of the global oil supply & demand situation for the third month of the modest output easing policy initiated by OPEC...

As others have said in print and in the Fox broadcasts; “everything is going terrible.” Yeah kinda, there are issues. I do not believe anyone thought about the rapid collapse of Afghanistan happening. The die was cast when Trump and Pompeo bumbled their way through conversations with the Taliban. Someone was laughing afterwards. In spite of the collapse, the abandonment of Afghanistan is going rather well. As Kevin mentions the bloodshed is...

As Taken from Modern Healthcare: Scientists say Biden jumped the gun with booster plan | Modern Healthcare Scientists believe President Biden is jumping the gun by claiming people should be seeking a third shot, a booster shot of Covid vaccine. I am not sure which scientists the Modern Healthcare article is referring to; but, there are a bunch of doctors appearing to have issues with Biden’s booster plan. The issues require answering. Director...

Erik Loomis points to this AP story on ShotSpotter, a system that police and prosecutors use to identify gunshots, react to potential crimes, and prosecute suspects. The AP story raises serious questions about the accuracy and integrity of the system. You can click through for their story, which is gripping and definitely worth a read. The ShotSpotter story reminded me of an experience I had as a juror several years ago. The charges in the case...