News To Read On The Fourth of July 2023

July 4, 2023Posted inUncategorizedNo Comments

Markets are closed today, but here are the headlines we are reading:

  • EU Climate Boss Raises Concerns Over China’s Coal Expansion
  • Saudi Arabia Sets The Stage For Big OPEC Production Cuts
  • Saudi Arabia And Iran To Jointly Exploit Oil & Gas Fields
  • China’s Bid For Energy Security Fuels Long-Term LNG Buying Spree
  • What China’s Solar Dominance Means For Global Trade
  • Canadian West Coast ports negotiation reaches impasse as port owners say ‘course change’ required
  • Britain is now the only major economy where inflation is still rising
  • Fireworks cause $59 million of property damage a year. Your insurance policy may cover it
  • El Niño has officially begun. UN says phenomenon likely to threaten lives, break temperature records
  • I spent 5 years interviewing 233 millionaires—here are 5 things they never waste money on
  • German retail sales seen falling more than expected in 2023 as inflation bites
  • Spain breaks record for international tourists in May

Click on the “Read More” below to access these, other headlines, and the associated news summaries.

The State of Joe Sixpack in 1Q2023: The Average Joe Is Even Worse Off Than Last Quarter

June 11, 2023Posted ineconomics, economy, macroeconomicsNo Comments

Written by Steven Hansen

The Federal Reserve data release (Z.1 Flow of Funds) – which provides insight into the finances of the average household – shows a decline in average household net worth and an improvement in income. Our modeled “Joe Sixpack” – who owns a house and has a job, but essentially no other asset – is worse off than he was last quarter.

20May2023 Saturday Headlines & A Summary Of Economic Releases This Past Week

May 20, 2023Posted ineconomy, marketsNo Comments

Here are the economic releases we viewed this week:

  • Conference Board Leading Economic Index
  • Federal Reserve Bank of Philadelphia’s May Manufacturing Business Outlook Survey
  • April 2023 CEO Turnover Report
  • Existing-home sales
  • Initial unemployment claims
  • Ports of Los Angeles and Long Beach container shipments
  • New Residential Construction
  • Federal Reserve’s Industrial Production
  • Advance estimates of U.S. retail and food services sales
  • Empire State Manufacturing Index

Here is a summary of headlines we are reading today:

  • U.S. Drilling Rigs Swing To Annual Loss For First Time In Years
  • G7 Urged To Take The Lead In Phasing Out Fossil Fuels
  • Oil Prices Climb As Bullish Sentiment Builds
  • White House, Republican team say no progress in debt ceiling talks
  • Ford, GM and Toyota push into midsize pickup trucks, the latest battleground for U.S. automakers
  • Five takeaways about the consumer from Walmart, other retailers after a big week of earnings
  • Self-Checkout Machines Are Now Begging For Tips

Click on the “Read More” below to access the economic releases and headlines, with their associated summaries..

The Double-Edged Sword – The US Dollar As The World’s Primary Reserve Currency

April 19, 2023Posted ineconomics, economy, macroeconomicsNo Comments

The Congressional Budget Office has produced a paper entitled “The U.S. Dollar as an International Currency and Its Economic Effects” which they summarized as follows:

The U.S. dollar plays an important role as the most widely used currency in global goods, services, and financial markets. Strong international demand for U.S. dollars and dollar-denominated assets associated with the dollar’s status as an international currency has increased the value of the dollar in foreign exchange markets and the value of dollar-denominated assets in financial markets. As a result, the dollar’s status has contributed to persistent U.S. trade deficits and, by lowering interest rates, to increased access to credit for U.S. households, businesses, and the federal government. Over the next decade, the dollar’s international use is expected to decline very gradually, in the Congressional Budget Office’s assessment, but it will not be overtaken by either of its closest competitors, the euro or the Chinese renminbi. 

The State of Joe Sixpack in 4Q2022: The Average Joe Is Worse Off

March 12, 2023Posted ineconomics, economy, macroeconomicsNo Comments

Written by Steven Hansen

The Federal Reserve data release (Z.1 Flow of Funds) – which provides insight into the finances of the average household – shows improvement in average household net worth. Our modeled “Joe Sixpack” – who owns a house and has a job, but essentially no other asset – is worse off than he was last quarter.

March 2023 Economic Forecast: Data Improves But Inflation Uncertainties May Be A Monkey Wrench

February 27, 2023Posted inUncategorizedNo Comments

Authored by Steven Hansen

EconCurrent‘s Economic Index continues to improve but remains slightly in negative territory. Interestingly, there continues to be improvement in the economic releases we view. Even industrial production and retail sales insignificantly gained. Yet, there is a potential chill in the air caused by inflation uncertainties. Read on to understand the currents affecting our economic growth.