Heterodox
Housing and car sales, oh my! [If last week was a slow week for economic data, this week is a virtual wasteland until Thursday, so I took yesterday off.] Last month I wrote that typically it has taken at least a 20% decline in housing construction to be consistent with an oncoming recession and that we weren’t there yet. As of the most recent housing permits report, single-family permits were down 17% from their recent peak: One...
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