Tag Archives: US EConomics

January JOLTS report: during the wintertime pandemic surge, hiring hit a brick wall Yesterday morning’s JOLTS report for January was confirmatory of the weak jobs report for that month, showing a largely paused recovery. Further, for the second month in a row, hires were down sharply. Let’s examine this in accord with the data from the prior two recoveries covered by this report, which has only a 20-year history. In the two past recoveries:...

Pandemic job losses: when should we begin a see a real improvement back towards “full employment”? Let’s take a deeper look at where employment stands as we begin to see the end of the pandemic in sight. As I and many others noted last Friday, although with the exception of one month there have been job gains every month starting last May, at the pace of the last few months it would take 2 years or more just to get back to the level of...

Commenter R.J.S. Discuses CPI Rising led by Food, Energy, and Medical The consumer price index rose 0.4% in February, as higher prices for fuel, groceries, utilities, and medical services were only partly offset by lower prices for clothing, used vehicles, and airline fares…the Consumer Price Index Summary from the Bureau of Labor Statistics indicated that seasonally adjusted prices averaged 0.4% higher in February, after rising by 0.3% in...

Coronavirus dashboard for March 8: Update on the effect of vaccinations My first post on the coronavirus was almost exactly one year ago, on March 10, 2020, “This is what exponential growth looks like,” warning that exponential spread was exactly what had started to happen in the US. We are now finally averaging the administration of over 2 million doses of vaccine per day, and according to the CDC almost 60 million people constituting nearly 20%...

Initial jobless claims make further progress towards November lows Last week I “pre-debunked” the idea that a lack of reporting in Texas skewed the big decline in claims, concluding that “being very generous, the ‘real’ seasonally adjusted number of initial claims at worst probably would have been only about 30,000 higher – I.e., 760,000 – but for Texas issues.”  That observation was validated this week, as last week’s 730,000 number was only...

Commenter RJS, MarketWatch 666 on the Goods and Services Trade Deficit. International Trade in Goods and Services, March 5, 2021 Our trade deficit rose 1.9% in January, as both the value of our exports and our imports increased, but the value of our imports increased by more…the Commerce Dept report on our international trade in goods and services for January indicated that our seasonally adjusted goods and services trade deficit rose by a...

Usually, lies are told for purpose. So, in most cases, if we can determine whose purpose is being served, we will know who is behind the lie. Whose interests were being served by the Confederacy during the American Civil War? Sure as heck wasn’t those of the yeomen farmers who did most of the fighting and dying. There’s a good chance that it was the planters who told the lies that got so many killed. Heady stuff; people knowingly and willingly...

Household debt and the pandemic This is something I used to pay a lot more attention to back around the time of the Great Recession. How stretched were American households in paying their monthly bills? The Federal Reserve publishes a quarterly update tracking this issue. Two of the metrics in that quarterly update are debt service payments and financial obligations, respectively, as percents of household disposable income. The last update was in...

I saw this bit of news on Steven Colbert’s show last night. Seems Nevada’s Democratic Governor thinks tech companies need to be their own town. The thinking is that this is a way to attract business development without spending money. What could go wrong? From the AP news: “Democratic Gov. Steve Sisolak announced a plan to launch so-called Innovation Zones in Nevada to jumpstart the state’s economy by attracting technology firms, Las Vegas...

Commenter R.J.S.: Record drops in US oil output, US oil exports, distillates’ output on Texas freeze as US burns 15% of natural gas inventories in one week . . US oil data from the US Energy Information Administration for the week ending February 19th indicated that because the big drops in our oil exports and our oil refining associated with last week’s freeze off were greater than the big drops in our oil production and oil imports. We had a...