Tag Archives: US EConomics

Apparently, JD Vance thinks so.*Not to go all anecdotal here, but in 1981, I bought my first car, a brand-new Mazda GLC hatchback, for $5770. In 2024 dollars, that’s $20,000. It had no radio, no air conditioning and no passenger-side sun visor. My most recent car purchase was a 2013 Honda Fit four-door, which I bought for $15,000. It has a radio and CD player, cruise control, air conditioning, front and side-door air bags and both driver- and...

by Heather Cox Richardson Letters from an American AB: More dialogue on the less than 3% increase in inflation. The July report for consumer prices from the Bureau of Labor Statistics, which came out today, showed that prices rose less than 3% in the previous twelve months. Core inflation has fallen to its lowest rate since April 2021. For well over a year, wages have grown faster than inflation. President Joe Biden cheered the news but...

Workers are getting $3/hour. Usually, we tip well beyond 20% of the bill. Maybe it is just because we struggled at times. Some of AZ’s legislators should be working for $3/hour and getting tips if they do a good job in the legislature. It does not appear they are representing people. The last go around I sat through was a House Committee meeting on HOAs which in Arizona are big business. One Rep did not like it when I said during the meeting his...

Consumer Price Index – July 2024 (bls.gov) The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent on a seasonally adjusted basis, after declining 0.1 percent in June, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the All items index increased 2.9 percent before seasonal adjustment. The index for shelter rose 0.4 percent in July, accounting for nearly 90 percent of the monthly increase in...

– by New Deal democrat The CPI for July continued all of the trends I have been writing about for the past year or more:  – Headline and core CPI continue to slowly decelerate.   – energy inflation is non-existent  – shelter inflation remains very elevated but continues to declerate, following house prices.  – all prices except for shelter coming in near or below the Fed’s 2% target  – there are a few other problem children that...

About ten years ago, we had 22 solar panels installed on the roof of our St. Louis house. Half the cost was paid by Ameren, the electric utility, and we got a 30% tax rebate on the balance. But even with reversible metering, we hadn’t made back our cost when we sold the house two years ago. At that time, ours was among only about a half-dozen homes in our neighborhood with rooftop solar. Here in Rumford RI, there are at least twice as many.California...

 – by New Deal democrat In the paradigm popularized by Prof. Edward Leamer 20 years ago, motor vehicle sales are the 2nd domino to fall, after housing, in the procession of sectors that turn down prior to recessions. I haven’t updated this in a while, so let’s take a look. As an initial matter, the cycle in this sector was particularly hard hit by supply chain kinks during the pandemic, as electronic parts in particular were not produced at...

It Doesn’t have to.” make people sick. Elizabeth Allen of Vera Institute of Justice talks to one prison head Michael Capers. To get visitors, meant a prisoner would have a chance to buy snacks out of the visitor vending machines. If you ever go, bring a couple of rolls of quarters to feed the machines. The prisoner will be grateful. At level ones and twos, a prisoner can stand on the line and point to a treat they might want. A smart level 4...

Producer prices remain tame  – by New Deal democrat Producer prices for final demand (blue) rose 0.1% in July, while upstream raw commodity prices (red) rose 0.7%, close to their highest monthly increases in the past two years: In the larger pre-pandemic scheme of things, the one month rise in commodity prices is not a matter of concern at this point. On a YoY basis, final demand producer prices are up 2.2%, while raw commodity prices...

It is a common trope that university faculty don’t understand or live in “the real world.” This always tickled me. The unemployment rate for college grads has always been lower than for those without a degree, I guess university faculty do know a thing or two about the real world, since they can train students who are prepared for it. Yes, I know about Bill Gates, but you have to get into Harvard before you can drop out from it.Yesterday, I wrote...