A hub for independent voices and hard truths
Bloomberg: "Canada edged into a technical recession as weak business and government spending drove a slight contraction in the first quarter…Real gross domestic product fell by 0.1% on an annualized basis during the first three months of the year…: That …
Nonfarm payrolls in February fell by 92,000, compared to the estimate for 50,000 and below the downwardly revised January total of 126,000. It was the third time in five months that the economy lost jobs. Health care, the primary growth …
An initial reading of third-quarter gross domestic product showed the US economy expanded at an inflation-adjusted annualized rate of 4.3%, a far faster pace than the 3.8% recorded in the second quarter, according to Commerce Department data released Tuesday. That’s …
In a surprise move, the Republican-led Senate quickly passed the “No Tax on Tips Act” on Tuesday, giving its official stamp of approval to an idea that has gained traction since President Donald Trump campaigned on it last year. The …
by Mike Shedlock Economists expected a $15.0 billion rise in consumer credit. The Fed reported -$0.8 billion. The Bloomberg Econoday consensus outlook “Expected up another strong $15.0 billion in February after rising by $18.1 billion in January.” January was revised …
Trump won and the global economy has "unexpectedly" gone into a tailspin https://t.co/W5lAAGM06Q pic.twitter.com/af02CAdEnx — zerohedge (@zerohedge) December 4, 2024 US executives are selling stock at extreme levels: The ratio of insider sellers to buyers hit nearly 6x, the most …
by confoundedinterest17 The Biden/Harris economy is a disaster. After last month’s catastrophic JOLTS report, which was a disaster across the board, and which was meant to give the Fed a green light to cut rates more after Biden won the …
by Mike Shedlock Industrial production declined 0.3 percent in September. Negative revisions lopped off another 0.5 percent. The Bloomberg consensus was a decline of 0.1 percent. Factoring in negative and positive revisions the decline was about 0.5 percent. Blame the …
Food-delivery apps have responded to cities’ new wage-increase requirements for gig workers by ratcheting up fees. Now, they are contending with frustrated consumers, plunging restaurant orders and an exodus of delivery drivers. Lawmakers in New York City, one of the …
Economists said the country’s property crisis continued to weigh on confidence among households and businesses, as non-manufacturing activity also slowed. The National Bureau of Statistics (NBS) said its official manufacturing purchasing managers’ index (PMI) fell to 49.5 in May from …
by confoundedinterest17 After (unexpectedly) tumbling in March, existing home sales were expected to rise modestly (+0.8% MoM) in April. Analysts were wrong as March’s data was revised marginally up from -4.3% MoM to -3.7% MoM and April printed -1.9% MoM …
via kmph: Employees at Fosters Freeze in Lemoore are out of a job. Assistant General Manager Monica Navarro says she was called Monday morning by her boss who was at the restaurant to open, only to find the locks were …
It might be the easiest answer on Jeopardy: Where is most economic growth in the United States happening? If you took “Red States” you win a cookie. The United States is experiencing rapid growth and job creation, with most of …
Hard landing? 👀 https://t.co/4WQwhJuON5 — The Macro Guy (@SagarSinghSetia) December 20, 2023 The fall in UK inflation below 4%, which no economist predicted, will make it very hard for the BOE to stick to its higher for longer stance on …
via businessinsider: “China held its annual Central Economic Work Conference, or CEWC, on Monday and Tuesday. It was attended by all of the country’s top leaders, including President Xi Jinping and Premier Li Qiang. A document released after the conference …
by confoundedinterest17 The Empire (State) Strikes Out! Contraction (or economic slowdown) is hitting New York State! After three strong ‘beats’ in a row, the Empire State Manufacturing Survey crashed back into contraction, well below expectations in December (from +9.1 to -14.5, …
The bank said that the business is “no longer viable” given their commitment to “increase overall returns.” This news comes just weeks after the company began layoffs that would impact 10,000+ employees. BREAKING: Citigroup, $C, to shut down its municipal …
via axios: House Democrats have rejected the White House’s months-long campaign to sell the term “Bidenomics.” Why it matters: Democrats are going into the 2024 election divided on how to communicate about the economy at a time when most voters are …
As oil prices face their fifth consecutive weekly loss, a trend not seen since December 2021, the market reacts with nearly a 5% decline attributed to OPEC’s decision to delay their meeting. The reported cause, “production disagreements,” marks a notable …
via washingtonexaminer: Gov. Gavin Newsom (D-CA) has embraced “dirty” energy for California as he looks to stave off blackouts threatening the state’s strained energy grid. While Newsom has pushed for a transition to renewable energy in California, the realities there have forced him to increasingly rely …
pic.twitter.com/uX9VoRGdXK — Genevieve Roch-Decter, CFA (@GRDecter) August 15, 2023 Does anyone remember August 2015 – Yuan deval? Well, it's about to be a lot worse this time as the Chinese government can't stimulate the economy and support the currency at …
via Yahoo: Bogged down by inflationary pressures, customers are opting for lower-priced animal protein over alternatives such as plant-based products. The ambiguity around the health benefits of plant-based meat is also weighing on growth, said CEO Ethan Brown in a …
via APNEWS: Two U.S. Navy sailors were charged Thursday with providing sensitive military information to China — including details on wartime exercises, naval operations and critical technical material. The two sailors, both based in California, were charged with similar moves …
Glad to announce that after the meeting I hosted with @RTErdogan & @SwedishPM, President Erdogan has agreed to forward #Sweden's accession protocol to the Grand National Assembly ASAP & ensure ratification. This is an historic step which makes all #NATO …
via aier.org: In 2022 Norway’s third richest man, Kjell Inge Røkke, announced in an open letter to shareholders he was moving to Lugano, Switzerland. “My capital will continue working in Norway,” wrote the fishing magnate turned industrialist who launched his …
by confoundedinterest17 I wonder if Biden’s proposed railroad from the Pacific to the Indian Ocean will generate massive industrial production growth? Is this more Bidenomics?? Industrial production unexpectedly dips in May. It peaked eight months ago. On a year-over-year basis, …
Saudi Arabia Plans To Cut Oil Production Again After No ‘Consequences’ From Biden. “The move comes almost one year after President Joe Biden’s trip to Saudi Arabia, during which he fist-bumped autocratic Crown Prince Mohammed bin Salman, prompting widespread criticism. Despite …
by confoundedinterest17 Sweet Home Chicago? After the unexpected resurgence in April, Chicago PMI plunged in May from 48.6 to 40.4 (against expectations of 47.3). That is the ninth straight month below 50 (in contraction)… Source: Bloomberg That is the longest …
