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Sales to inventory ratios still looking way high to me, as happens entering a recession: Wholesale Trade Highlights Wholesale inventories look to be pulling down on third-quarter GDP, up only 0.1 percent in August following a downwardly revised 0.3 percent decline in July. But relative to sales, which fell 1.0 percent in August and fell 0.3 percent in July, inventories are looking heavy. The stock-to-sales ratio rose to 1.31 in September from July’s 1.30. Inventories relative to...

Their price cuts reported yesterday indicate they’d like to pump more: Gap widening as previously suspected, even with lower oil prices: International Trade Highlights A surge in imports of new iPhones helped feed what was an unusually wide trade gap in August of $48.3 billion, well up from July’s revised $41.8 billion. But cell phones, at $2.1 billion, make up only a portion of the gap with a drop in exports the most salient factor. Exports were down nearly across the board...

Even the city is turning south: The post NY ISM index appeared first on The Center of the Universe.

Advancing the Frontiers of Heterodox Economics: Essays in Honor of Frederic S. Lee Edited by Tae-Hee Jo and Zdravka Todorova Series in the Routledge Advances in Heterodox Economics ISBN: 978-0-415-73031-0 (hardback), 358 pages, $160. August 2015, Routledge. (20% Discount code: FLR40) For more information visit:http://www .taylorandfrancis.com/books/details/9780415730310 Contents Foreword by Sheila C. Dow Foreword by John F. Henry Introduction: Frederic S. Lee’s contributions to heterodox...

Marx said that history does not repeat itself. But sometimes, history does. This may be particularly true in the domain of economics and economic knowledge. Economics is a complex subject. It is the study of a series of abstractions (markets, firms, governments) built upon abstractions (money) built upon abstractions (value), a great metaphysical muddle stacked up to the sky like a wobbly Jenga tower. At a simpler level, economics is the study of human behaviour, or as von Mises put it,...