When Hurricane Maria knocked out 90% of Puerto Rico's power, the populace found it necessary to revert to a cash economy. In the first month after the storm hit, all around the island there are still many places where credit cards don't work, debit cards don't work, ATMs don't work, bank wires don't work, electronic fund transfers don't work.
Sales of existing homes jumped 2.0 percent in October according to the National Association of Realtors. Increasing 110,000 units to 5.48 million on a seasonally adjusted annualized basis, this monthly uptick is the best since May of this year. However, the year-over-year statistic remained negative (down 0.9 percent) for a second consecutive month.
Economic activity continued advancing in October 2017 according to the Chicago Fed National Activity Index (CFNAI). This indicator, which represents a comprehensive look at the economy, increased to +0.65 after an upwardly revised advance of +0.36 in September (originally 0.17). For some context, October’s reading is the highest level of the current expansion! Additional
Economic output is poised to continue growing according to the latest data from the Conference Board’s Leading Economic Index (LEI). After the positively revised tally of 0.1 percent in September (initially minus 0.2 percent), this forward-looking indicator jumped 1.2 percent in October 2017. Nearly all of the LEI’s components supported this latest uptick.
America’s output of physically made goods continued growing in October 2017 according to the latest data from the Federal Reserve’s measure of Industrial Production. After two months of suppression caused by Hurricanes Harvey and Irma, this cyclically sensitive indicator maintains its positive trend. Notwithstanding the upward trajectory of the headline tally, details we
Some of you may be aware that Christopher is a strict vegetarian. But he wasn't always such. In fact, he remembers In-N-Out being his favorite purveyor of hamburgers back in his more carnivorous days. But that was then and this is now, and it turns out his current dietary habits are more favorable to our planet's well-being than are mine. Way more, really.
I am thankful for the opportunity to know you. You allow me to work in a fascinating field during a riveting time in history, and your friendship makes it even more rewarding. I wish you a meaningful Thanksgiving. We all have plenty for which to be thankful. ~Christopher Cox
Retail sales gained in October 2017 according to the Census Bureau. After an upwardly revised tally of 1.9 percent (originally 1.6 percent) in September, receipts grew 0.2 percent. This slowdown was anticipated because the prior month’s tally was influenced by post-hurricane vehicle replacement which caused auto sales to jump 4.6 percent as the third-quarter came to a close.
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Prices Americans pay for goods and services increased in October 2017 according to the latest Consumer Price Index (CPI) data from the Bureau of Labor Statistics. After jumping 0.5 percent in September, inflation decelerated to 0.1 percent. Additionally, the year-over-year trend for this indicator eased to 2.0 percent from 2.2 percent. Core-CPI, which excludes food and energy
According to anecdotal evidence, slacklining is gaining popularity. I have seen participants engaged in the balancing act more frequently lately. Slacklining is an activity requiring stability and various levels of tension. Essentially, a line is suspended between two trees with a modest amount of “slack” creating a dynamic line which will stretch and bounce while
Inflationary pressures continued their recent advance according to the October 2017 Producer Price Index data from the Bureau of Labor Statistics. For a second consecutive month, the headline figure increased 0.4 percent. On a year-over-year basis, the trend accelerated to 2.8 percent from 2.6 percent in September.
America’s fiscal year 2018 is underway, and the Department of Treasury celebrated the New Year with a larger deficit than in October 2016 (the beginning of last fiscal year). Our nation’s budget shortfall was $63.2 billion, an increase of 37.9 percent compared to a year ago. Although receipts grew versus the same period a year ago, spending accelerated more.
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