Why Energy Demand Grows with the Economy

Fellow Economonitor writer Ed Dolan posted some very good questions on a piece I wrote on the relationship between energy and agriculture that I want to address. His first question pertained to a broad statement I made about how we must assume energy demand will grow so long as the economy expands. He wondered if […]

Latest GDP Revision Carries a Mixed Message for the Election: Economy Weak, but Corporate Profits Strong

The revised third estimate of GDP for Q2 2012, released Thursday by the Bureau of Economic Analysis, carries a mixed message for the election campaign. The revised data show real GDP growing at an annual rate of just 1.3 percent in Q2, down from the already weak 1.7 percent of the previous estimate. The slowdown […]

Ten Observations as the Week Winds Down

The US dollar is going into month and quarter end on a soft note.  The greenback had been generally firm against most of the major foreign currencies, but the Japanese yen, since around mid-month, but the news stream appears to have turned against it.  Yesterday the euro traded in both sides of Wednesday’s range and […]

Benchmark Revisions and Nonfarm Payroll Employment since January 2009

The BLS released preliminary annual benchmark revisions for March 2012. Nonfarm payroll series and private nonfarm payroll series, in logs, normalized to 2009M01, are shown below; adding on the revised levels for March 2012 yields the series shown in red. Figure 1: Log nonfarm payroll employment (blue), and adjusted upward to account for benchmark revision at 2012M03 […]

How Long Can These Markets Run on QE ?

Today marks the end of the month and quarter. Hence, it is a good time to look over the key economic and market data, and try to assess where we are in the overall cycle. The data itself suggests several contradictory factors are driving markets. Durable goods orders — those big ticket items like autos, washers, and […]

Quote of the Day From The Economist’s Charlemagne: ‘Stitch by Stitch’

Speaking to ongoing tensions between the Bundesbank, Bundestag and EU, including Germany’s implicit discouragement of Spain using the ECB’s bailout fund, The Economist’s Charlemagne columnist writes that: Stitch by stitch, Germany is unravelling the carefully knitted deal that offered the euro zone the best chance yet of overcoming its crisis. Following the long-awaited German Constitutional Court […]

How Clearly Do We See the Rising Inequality in America? How Do We Feel About It?

Summary:  Among the serious problems eroding the Republic’s foundations, rising inequality of wealth & income must rank high. It’s the worst kind of problem, generating its own positive feedback (like a pebble thrown down a rocky hillside). Today we have the crack analysts of the Liscio Report look a seldom-discussed aspects of this national illness: […]

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