Seems a global thing: No recovery here: Another price reversal: GC Newcastle coal futures tumbled by over 30% to $150 per metric ton, the lowest in three months, and are more than 40% below a record high of $269.5 hit on October 5th, as China stepped up policies to boost output ahead of the winter season. China’s average daily output increased by over 1.2 million tonnes to a record at above 11.6 million tonnes on October 18th. As a result, Chinese power plants now have...
Read More »GDP, Unemployment claims, China coal
Deficit spending as a % of GDP heading south fast: US GDP Growth Disappoints The American economy expanded an annualized 2% on quarter in Q3 2021, well below market forecasts of 2.7% and slowing sharply from 6.7% in Q2. It is the weakest growth of pandemic recovery as an infusion of government stimulus continued to fade and a surge in COVID-19 cases and global supply constraints weighted on consumption and production. Gov’s saving money as claims fall: Transitory?...
Read More »Trade, durable goods orders, iron ore
More reason for a fiscal adjustment that’s not happening: These are new orders so the slowing isn’t about supply issues: Lots of commodity charts looking something like this- post covid spikes fading most everywhere:
Read More »Chicago Fed, gasoline consumption, miles driven, new home sales
This seems to be holding up, though not yet back to pre covid levels: Up a bit from last month, but still looking weak:
Read More »Q3 GDP forecast, federal benefits, existing home sales
Not good. GDP heading toward recession: Now down vs same month last year:
Read More »Industrial production, home builders index, housing starts, real estate loans
Weak again: A bit of improvement but still looking weak: No growth here: No sign that low rates have caused excess lending:
Read More »Consumer sentiment, oil prices, federal debt/GPD
Not looking good: Russians and Saudis now cooperating to set crude oil prices.Not good: Post covid fiscal contraction is underway and debt/gdp is forecast to fall a lot further.Most of the Federal assistance was the likes of unemployment benefits which havenow expired and new spending programs from Congress seem to be not happening,at least any time soon. Also, higher prices mean the inflation adjusted value of theoutstanding public debt falls which is a drag on private...
Read More »Tennis
Unemployment claims, employment, shipping costs, oil prices
Down a bit since Federal benefits expired. This materially cuts gov. spending: A lot worse than expected. They thought the end of Federal benefits would send people back to work.However, a cut in Federal spending cools down aggregate demand: Transitory comes to mind: Saudis and Russians are working together to set price. What could go wrong???:(
Read More »Unemployment claims, personal income and consumption, total vehicle sales
Who would have thought? This is through August which included Federal unemployment benefits that have subsequently expired.Income is now weaker than it was at the time of this report: Without transfer receipts income continues to lag pre covid levels: This is likely to go down in September with expiring Federal benefits:
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