America is by far the most violent country in human history. This is true both abroad (Jimmy Carter Lectures Trump: US ‘Most Warlike Nation in History of the World’) and at home. It is seen especially in terms of gun violence (List of countries by firearm-related death rate) and incarceration (U.S. has World’s Highest Incarceration Rate). And need I mention slavery in the old days and lynching in the South up to the 1960s?
The headline numbers for New Single Family homes sold in May 2022 show a 10.7% rise over last month which is good news. But in perspective, new home sales have been declining year-over-year for a year now – but in a historical sense, the volume of new homes sold monthly is on the high end of volumes since the Great Recession.
These and other headlines and news summaries moving the markets today are included below.
The four-week moving average for initial unemployment claims continues to modestly climb.
The Kansas City Tenth District Manufacturing Survey for June 2022 showed manufacturing slowed but remained in expansion.
These and other headlines and news summaries moving the markets today are included below.
CoreLogic released today its 2022 Hurricane Report – this is a very detailed illustrated product which you can download [here] for free. Their analysis suggests a 10% chance of an above normal Atlantic hurricane season, a 25% chance of a near-normal season, and a 65% chance of a below normal season.
Yesterday, CoreLogic released their Single-Family Rent Index (SFRI) for April 2022 showing rents have increased 14% year-over-year. Per said Molly Boesel, principal economist at CoreLogic:
Single-family rents continue to increase at record-level rates. In April, rent growth provided upward pressure on inflation, which rose at rates not seen in nearly 40 years. We expect single-family rent growth to continue to increase at a rapid pace throughout 2022.
These and other headlines and news summaries moving the markets today are included below.
The American version of “free market” is a big, fat lie! It’s time to denounce it as such!
The Chicago Fed National Activity Index 3 month average slowed in May 2022 but still shows that the national economy expanding above its historical trend (average) rate. of growth. The index is a weighted average of 85 indicators of growth in national economic activity drawn from four broad categories of data: 1) production and income; 2) employment, unemployment, and hours; 3) personal consumption and housing; and 4) sales, orders, and inventories.
Existing home sales for May 2022 declined 8.6% from one year ago – all while the median home price exceeded $400,000 for the first time. This is not economically good news.
These and other headlines and news summaries moving the markets today are included below.
The American version of “Human rights” is a big and fat lie! It’s time to denounce it as such!
Industrial Production grew 5.8% year-over-year in May 2022 – down slightly from last month’s 6.3% year-over-year growth. The manufacturing portion of industrial production growth likewise slowed.
The Philadelphia Fed’s Livingston Survey is published twice a year, in June and December – and is the oldest survey of economists’ expectations. The June 2022 survey forecasts a much lower rate of economic growth.
These and other headlines and news summaries moving the markets today are included below.
Today is the third Thursday of the month so right on schedule NOAA has issued what I describe as their Four-Season Outlook. The information released also includes the Early Outlook for the single month of July plus the drought outlook for the next three months. I summarize the information issued and provide links to additional maps.
Even though the IRI analysis issued last week seems to show the La Nina will end perhaps a bit sooner than previously forecast, the weather outlooks seem to show weather impacts lasting a month or two longer. Uncertainty in the ENSO forecast introduces greater than usual uncertainty in the Seasonal Outlook. But the decadal trends are strong so we see a lot of that in the longer-term outlooks.
For week ending 11 June 2022, the four week moving average for weekly unemployment insurance claims continues its modest growth.
New residential building permits and construction start growth for May 2022 continued to slow year-over-year. Permits show no growth whilst starts are slightly in contraction. New residential construction is not a good predictor of recessions – except that residential construction is normally in recession when a recession hits.
The Philadelphia Fed’s manufacturing survey for Jun 2022 is now in contraction – and this is the third consecutive month of decline.
These and other headlines and news summaries moving the markets today are included below.