EconCurrents

Weekly Crop Report April 29, 2023 – It looks like a good start but it is very early in season so too early to draw conclusions.

By Sig Silber April 29, 2023agriculture, weatherNo Comments

Updated at 3:52 a.m. EDT Sunday, April 30, 2023 to add the March Agriculture Cost and Price Report

This is the April 25, 2023, USFA Crop Bulletin which covers the Period April 16 – 22 for some information and April 17 – 23 for other information. The report becomes available on Tuesdays but I plan to present it on Saturdays as it will be featured all day on Saturday. I may later decide to publish this report on Tuesday nights. I might add additional information. For those who need the information as soon as possible, the links to the information are provided at the end of the article.

It is early in the season so we are just beginning to have information on most crops. Moisture is not the issue but some areas have to get a bit warmer.

Weather: Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted April 29, 2023

By Sig Silber April 29, 2023weatherNo Comments

Here is what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term outlooks and a five-day World weather forecast.

We start with the U.S. Information.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
344 PM EDT Sat Apr 29 2023

Valid 00Z Sun Apr 30 2023 – 00Z Tue May 02 2023

…Heavy rainfall and severe thunderstorms possible across the East Coast
through Sunday…

…Locally significant and long-duration snowfall event forecast across
the U.P. of Michigan and northern Wisconsin through early next week…

…Below average temperatures to enter the West Coast and much of the
Great Lakes, Ohio Valley, and Northeast; while much warmer temperatures
spread throughout the Intermountain West, northern Rockies, and northern
High Plains…

The battle hymn of the tiger father

By Frank Li April 28, 2023UncategorizedNo Comments

In 2011, Amy Chua published a book entitled “Battle Hymn of the Tiger Mother“. As a tiger dad, I felt obligated to speak out and I did, with an article entitled The Battle Hymn of The Tiger Dad. Below is the conclusion:

There are many ways to do the same thing. In parenting, between the Chinese way and the American way, I chose the latter and am very happy about it!

Now, twelve years later, I have more complete results to report:

My elder son Dan (Yale, Economics, Class 2009) is now the CEO of a start-up named “The Real Seat” (https://www.therealseat.com/). It is intended to rival Ticket Master or Stub Hub (his last employer).
My younger son Ben (Michigan, Business, Class 2011) is now the CFO of a major line of business within GE.

28 April 2023 Market Close & Major Financial Headlines: Wall Street Opens Higher Continues To Trend Upward As Markets Close In The Green

By Gary Hall April 28, 2023marketsNo Comments

Summary Of the Markets Today:

The Dow closed up 272 points or 0.80%,
Nasdaq closed up 0.69%,
S&P 500 closed up 0.83%,
Gold $1,998 down $1.30,
WTI crude oil settled at $77 up $1.88,
10-year U.S. Treasury 3.422% down 0.104 points,
EUR/USD $1.102 down $0.001,
Bitcoin $29,381 down $325,
Baker Hughes Rig Count: U.S. +2 to 755 Canada -12 to 93

*Stock data, cryptocurrency, and commodity prices at the market closing.

Click here to read our Economic Forecast for May 2023

Today’s Economic Releases:

Inflation-adjusted disposable personal income increased 4.0 percent year-over-year (blue line on the graph below) while inflation-adjusted consumer spending increased 1.9% year-over-year (red line on the graph below). The important price indices (which reflect the amount of inflation) is 4.2% year-over-year (green line on the graph below) – 4.6% excluding food and energy).t). This data is not recessionary.

The University of Michigan’s April 2023 Consumer Sentiment Index was 63.5, and it was below the consensus forecast of 65.0. The decline in consumer sentiment was driven by a sharp drop in expectations for the future. The Index of Consumer Expectations fell to 64.7 from 70.7 in March. This was the lowest reading since December 2021. The Index of Current Economic Conditions was also lower in April, falling to 70.7 from 73.0 in March. This was the lowest reading since January 2022. This data is considered recessionary.

Chicago Purchasing Managers Index (PMI) increased to 48.6 – a reading below 50 implies a contraction of the manufacturing sector. The manufacturing sector has been in contraction for over 6 months.

A summary of headlines we are reading today:

U.S. House To Vote To Repeal Biden’s Solar Panel Tariff Waivers
Chevron Beats Profit Estimates As Refining Margins Jump
Permian Rig Count Inches Higher As WTI Recoups Some Losses
Analysts See Oil Prices Rising To $90 By End-2023
Oil Set For Sixth Straight Monthly Loss
Senators Call For Seizure Of Iran Oil Cargos
Dow gains more than 250 points Friday as index finishes best month since January: Live updates
Key inflation gauge for the Fed rose 0.3% in March as expected
Cybersecurity stocks are getting battered. Here’s how the Silicon Valley Bank failure is to blame.

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

May 2023 Economic Forecast: Inflation Moderated Little And Fed Rate Hikes Will Slow The Economy

By admin April 28, 2023economics, economy, macroeconomicsNo Comments

Authored by Steven Hansen

EconCurrent‘s Economic Index modestly improved but remains in positive territory. Are more bank failures on the horizon? Read on to understand the currents affecting our economic growth.