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Still decelerating on a year over year basis: United States Consumer Credit ChangeConsumer credit in the United States increased by $18.56 billion in May 2016 following a downwardly revised $13.4 billion rise in April and above market expectations of a $16 billion gain. This was decelerating and below stall speed when the boom in oil capex reversed that trend early in 2014. Then in late 2014 oil capex collapsed and bank lending growth reversed and resumed its deceleration:...

Nice rebound as Verizon workers return to work, but the year over year deceleration continues and, of course, this number will be revised next month. And the lower average hourly earnings gains could put off fears of the US turning into Zimbabwe and Weimar for several hours: The payroll gain in June is what is striking in this report. Yet smoothing the big ups and downs, second-quarter payroll growth averaged a monthly 147,300 vs a more substantial 195,700 in the first...

Record lows, particularly population adjusted, for record periods of time, and no one even suggests it might be because they’ve become that much harder to get? Meanwhile, the consequence is less govt. spending than otherwise potentially making this recession that much worse: Note the peak was just after oil capital expenditures collapsed: The Italian bank crisis isn’t going away. There is no way under current policy to recapitalize. The EU considers any funds from the...

More weakness: HighlightsThere is some weakness in the May trade report as the nation’s trade deficit widened sharply to $41.1 billion from April’s $37.4 billion. The net deficit for goods widened to $62.2 billion from April’s $58.6 billion while the net surplus for services narrowed slightly to $21.1 billion. In a negative indication on global demand, exports of both goods and services fell slightly in the month. But in a positive indication on domestic demand, imports rose...

Worse than expected as another April gain reverts in May: US Factory Orders Fall More Than Expected New orders for manufactured goods shrank 1% mom in May, compared to a downwardly revised 1.8% gain in April. Figures came slightly worse than market expectations of a 0.9% drop. Meanwhile, orders for non-defense capital goods excluding aircraft fell 0.4%, lower than a 0.7% drop in April and excluding transportation, factory orders edged up 0.1%.HighlightsMay was a weak month...

Voters of all stripes have recognized the Trans-Pacific Partnership (TPP) as another betrayal of working people, and they have resoundingly rejected it. Despite that, President Obama continues to push it, to the extent of possibly seeking passage in a “lame duck” session of Congress. President Obama’s pushing of the TPP is recklessly irresponsible politics that [...]

The UK environmental accounts.“Energy consumption from renewable and waste sources has been increasing since 1990; reaching a record high of 14.4 million tonnes of oil equivalent in 2014. These sources contributed 7.1% of total energy consumption.Emissions of greenhouse gases have decreased since 1990; peaking in 1991 at 845.2 million tonnes of carbon dioxide equivalent and falling to 608.6 million tonnes of carbon dioxide equivalent in 2014. This is the lowest level since 1990. The...

Looks like prices a bit higher for Europe and lower for the rest? Market price action over the next few weeks will tell us if this works to lower prices:This was before the Brexit vote:

from David Ruccio We need to fundamentally reject our “free trade” policies and move to fair trade. Americans should not have to compete against workers in low-wage countries who earn pennies an hour. We must defeat the Trans-Pacific Partnership. We must help poor countries develop sustainable economic models. Sanders’s critique is buttressed by the conclusion of the latest report from the Economic Policy Institute, that the gaps between the richest and poorest families have grown in...

from David Ruccio Mainstream economics has clearly had a great fall. Just two days ago, I argued that—after the crash of 2007-08 and, now, Brexit—mainstream economists have had “nothing to offer, either in terms of insight or a path moving forward.” Also recently, Antonio Callari challenged Brad DeLong’s attempt to reduce economics to the mainstream debate between supply-siders and demand-siders and his argument that there’s no room for economists as public intellectuals. Now, Mark Thoma...