Mosler Economics

Headlines look good, chart not so good: Still depressed: Headlines look good, chart not so good:

Both imports and exports falling as per the global trade collapse. Falling imports are also an indication of consumer weakness: New orders heading south with tariffs: Familiar pattern: Fire related maybe: Australia Construction PMI Contracts Further The Ai Group Australian Performance of Construction Index declined to 38.9 in December 2019 from 40 in the previous month, falling to the lowest level since May 2013 and adding weight to calls for fiscal stimulus. The...

Got to give Trump credit, the assassination got us out of Iraq! Iraqi parliament calls for US troops to be expelled —coalition suspends operations against ISIS

Deeper into contraction: The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee: “The December PMI® registered 47.2 percent, a decrease of 0.9 percentage point from the November reading of 48.1 percent. This is the PMI®’s lowest reading since June 2009, when it registered 46.3 percent. The New Orders Index registered 46.8 percent, a decrease of 0.4 percentage point from the...

Last month’s reported increase reversed, as the downward slope continues:

Still in contraction:

So how has 2019 been vs 2018?Tariffs continue to take their toll,and all the voters seem to notice is the stock market?Whatever!Fed study finds Trump tariffs backfiredThis is only a partial list: (service sector)

Going south fast since the tariffs: Tiny blip up from rate cuts seems to have reversed as real estate lending growth remains depressed: This is best thought of as the ‘net money supply’ or ‘the equity that supports thecredit structure:’

The edge of recession? Fear and Greed Index Still contracting: