Modest growth continues.The data keeps telling me the rate hikes are helping the economy rather than hurting it: This is nominal, not adjusted for inflation, and there is no evidence of rate hikes slowing anything down: Same here for inflation-adjusted consumption: Too soon to say it is turned up, but better than expected and not indicating a recession: “The University of Michigan consumer sentiment for the US was revised lower to 58.6 in September of 2022 from a...
Read More »Durable goods, housing permits, new home sales, consumer confidence
No recession here: Permits for new home construction are down from the post-Covid bounce but remain above pre-Covid levels: New home sales recovering from rate hike fears and returning to pre-Covid highs, as in fact rate hikes increase gov deficit spending on interest expense paid to the economy, adding to incomes and spending:
Read More »US manufacturing, bank loans
Stabilizing at modest expansion levels, helped by exports due to relatively low cost US energy: No sign yet the Fed rate hikes have worked to slow lending and demand as presumed they would:
Read More »Exports, multi-family housing starts, unemployment claims
US exports continue to grow rapidly as the US has the least expensive energy costs.It’s an indirect way to export energy and it works to keep the $US relatively strong: New highs and growing rapidly: No sign of stress here:
Read More »Existing home sales, architecture billing index, Biden response
Sales had leveled off pre-Covid, then took a Covid dip followed by a recovery bounce,and now seem to be maybe a touch below the pre-Covid range: Moderate growth in this leading indicator: I have no idea what this response means as we gravitate towards nuclear war:
Read More »Housing starts, consumer sentiment
Housing may be bouncing back as the fear of rate hikes is overtaken by the increase in incomes: Nice move up away from recession, though too soon to say things have reversed:
Read More »Industrial production, retail sales, unemployment claims, comments
This index is settling in to about a 3.5% annual rate of growth.No recession indication here: No recession here either: No sign of recession here: Markets are being driven by the understanding that the Fed will continue to raise rates until there is a recession, not realizing that rate increases, with debt/GDP as high as it is,result in a sufficiently large increase in government deficit spending on those interest payments to support both the growth of private sector total...
Read More »CPI, Restaurants and airlines, optimism index
Gone flat since oil prices broke, and means that the strong nominal personal income growth becomes strong real income growth: Still negative but making a comeback even with the rate hikes:
Read More »Unemployment claims, PMI services, mtg applications and lending
No sign of recession, and lots of indications the rate hikes that are adding to deficit spending as supporting the economy and prices, and not depressing them, and more rate hikes will only do more of same. And it doesn’t end until the Fed understands it has had it all backwards: This is about 85% of the economy. No recession yet. More and more the data is telling me debt/gdp is plenty high for rate hikes to be supportive of total spending in the economy: Housing has been...
Read More »Employment, durable goods orders
No recession here either: Asymptotically approaching pre-Covid levels: Wage growth continues to lag (not cause) the growth rate of the CPI: Government had more employees under President Trump vs Presidents Obama and Biden? ;) This doesn’t look like a recession either:
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