Average and aggregate non-supervisory wages for February
– by a New Deal Democrat There’s no major economic news today, so let’s update a few income metrics important to the average working American household. Namely, since we now…
Industrial production ‘meh’ in February but down sharply from last summer; real manufacturing and trade sales are expected to decline in February
– by a New Deal Democrat Industrial production was unchanged for the month of February, while industrial production rose by +0.1%. But the bad news is that both have been…
Housing: good news and bad news
– by a New Deal Democrat This morning’s housing report contained both good and bad news. First, the good news. Both permits (gold in the chart below) and starts (blue)…
Jobless claims: no one (yet!) has been laid off
– by a New Deal Democrat Initial jobless claims fell -20,000 this week, back below 200,000 to 192,000. The 4-week average fell from -750 to 196,500. Continuing claims, delayed by…
Correctly measured, consumer prices have been in *deflation* since last June
– by a New Deal Democrat The majority wisdom is that the Fed will go ahead and raise interest rates again when it meets next week. I’ve been arguing for…
Jobless claims, such as JOLTS, correspond to a softening within a strong labor market
– by a New Deal Democrat Initial jobless claims rose by 21,000 last week to 211,000, still a very small number, even if it was the highest since early January.…