Historical Archives

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The War On Cash Intensifies

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Hanjin Shipping Co. Collapse Leaves $14 billion Worth of Goods Adrift

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What "Full Employment"? One-In-Six Prime Age Men Have No Job

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Curious Pattern in ISM Readings---But Still Getting Weaker

  Head Fake Theory Confirmed? This is a brief update on our last overview of economic data. Although we briefly discussed employment as well, the overview was as usual mainly focused on manufacturing, which is the largest sector of the economy by gross output.   Pepsi factory in Baltimore, 1956 Photo via pinterest.com   Readers […]

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July Factory Orders Didn't Rebound Strongly----More Misleading Spin

Factory orders rose in July in seasonally-adjusted terms from a downward revised June level. As has been the case with a number of economic data points this summer, that was a drastically different result than the unadjusted comparison. Since only the narrowest monthly interpretation makes it into most commentary about the economy, let alone manufacturing,...

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The Daily Data Dive: Bubbly Metros Show Heightened Housing Risks

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More Indications of Labor Slowing----Yellen's Favorite Index Hits The Skids

The Federal Reserve’s Labor Market Conditions Index (LMCI) fell to contraction again in August. After rebounding in July for the first positive reading of 2016, the LMCI dropped to -0.7 in the latest update. As usual, revisions have reshaped the levels of indicated problems throughout the past two years, but overall the trend remains. From...

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Eighty Years Later---JM Keynes' Muddled Ode To Statist Economics

  The “Scientific” Fig Leaf for Statism and Interventionism To the economic and political detriment of the Western world and those economies beyond which have adopted its precepts, 2016 marks the eightieth anniversary of the publication of one of, if not, the most influential economics books ever penned, John Maynard Keynes’ The General Theory of Employment, […]

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A Convocation of Interventionists – Part 1

  Modern Economics –  It’s All About Central Planning We are hereby delivering a somewhat belated comment on the meeting of monetary central planners and their courtier economists at Jackson Hole. Luckily timing is not really an issue in this context.   Central bank headquarters: the Fed’s Eccles building, the ECB’s hideously expensive new tower […]

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A Convocation of Interventionists, Part 2

  Pleas for More Deficit Spending We continue with our Jackson Hole post mortem – including remarks that were made by economists and monetary bureaucrats shortly before and after the pow-wow and seem to be connected to the discussions there.   Assembled central planners (we’re not sure if this picture was taken at the conference, […]

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