Illinois Loses 1,000 More Union Jobs, and Another Manufacturing Plant to Right-to-Work Mississippi
Professor Mark J. Perry's Blog for Economics and Finance
158 companies have left California this year to relocate to other states, and here's a new story about another one that is seriously considering leaving after evaluating six key issues of concern.
Some highlights from the NY Fed's quarterly report on "Household Debt and Credit," released today with third quarter updates:
The land area of Africa would include the entire U.S., China, India, Japan, U.K., Eastern Europe and much of Western Europe, see chart above (click to enlarge), link here.
The MSCI World Stock Market Index closed at a 25-month high on Friday of 1,264.73, which was the highest level for world stock markets since late September 2008. Emerging markets have been doing especially well lately, with one-year returns 72.5% in Thailand, 67% in Colombia, 56% in Chile, 57.5% in Turkey, 48% in Indonesia, and 47.8% in the Philippines.
In October, overall vehicle sales increased by 13.4% compared to October 2009, but that increase was largely because light truck sales increased by 23.5%, more than six times the 3.9% increase in passenger car sales. Year-to-date, truck sales are up by 16.7%, more than three times the 5.3% increase in passenger car sales so far this year.
In the month of September, 1,958,511 passengers traveled through Dulles Airport, which was 4.5% above passenger traffic in the same month last year, and marked the highest monthly passenger count for the month of September since 2006. Cargo traffic at Dulles in September was 5.6% above last year.
"The U.S. Monster Employment Index annual growth rate continued to be positive with a 13 percent increase year-over-year, although at a slower rate compared to early summer (see chart above). The Index dropped two points (1 percent) on a monthly basis, as online job demand continued to fluctuate within a two-point margin for the fourth consecutive month.
|1.||The Conscience of a Liberal|
|2.||The Big Picture|
|3.||DealBook - New York Times blog|
|6.||Grasping Reality with Both Hands: Brad DeLong's Se|
|9.||Company Town - L.A. Times|
|10.||Seth Godin's Blog|
|12.||Freakonomics - New York Times Blog|
|14.||Greg Mankiw's Blog|
|17.||Mish's Global Economic Trend Analysis|
|18.||The Baseline Scenario|
Don Boudreaux explains how the immense strengths behind freedom and the human spirit provide the power to triumph over all obstacles - both those obstacles that result from natural disasters like earthquakes, and man-made obstacles like taxes and regulation. Call it a "Ganesha-like" power of freedom to overcome all obstacles:
We're now in the fifth quarter of economic expansion since the recession officially ended in June 2009. How does this economic expansion compare to the last two? Most reports describe the recovery as "sub-par," "weak," "fragile," and "anemic," etc.
The BEA reported today that real GDP grew at 2.0% in the third quarter, boosted by a 2.6% rise in inflation-adjusted consumer spending, the highest quarterly increase since the 4.1% growth in the fourth quarter of 2006, 15 quarters ago. This healthy growth in consumer spending from July through September is consistent with: a) the many states that have been reporting increases in tax revenues in the third quarter from sales, individual income and corporate income taxes, and b) the stronger-than-expected retail sales report for September (7.2% annual growth).
About 20 food trucks are currently operating in the Washington, D.C. area, with another five coming soon, according to the Food Truck Fiesta blog, which also provides a daily, real-time automated "DC Food Truck Tracker" map and updated Twitter feeds with information about where the trucks are located on a given day. The trucks typically move around each day, and about three locate daily at Farragut Square (conveniently located just down the block from AEI), often with blankets for a full picnic experience (see top picture), and often with ridiculously long lines at the Lobster Truck (see bottom picture), which currently ranks #1 among DC food trucks for having the most Twitter followers.
Charles Campbell, retired senior VP of Gulf Oil, cooks up quite "a stew of errors, misunderstandings, and non sequiturs" about free trade, according to Don Boudreaux, in this Baltimore Sun editorial "Free Trade Has Failed the U.S."
1. "The Conference Board's Leading Economic Index (LEI) for Europe remains on an upward trend, and increased 0.3 percent in September, following a 0.7 percent increase in August, and a 0.9 percent increase in July. After increasing in September, the LEI for the Euro Area is 18.4 percent above its March 2009 trough."
It's not exactly a "market," but here's a free website (donations are accepted) that helps you when you're saying "I Can't Find My Phone."
New orders for durable manufactured goods in September reached the highest level ($199.1 billion) since September 2008, two years ago (see top chart above). The 12.2% increase in durable goods orders in September compared to the same month last year was the ninth consecutive double-digit increase starting in January of this year. From the cyclical low of $160 billion in March 2009, new orders for manufactured goods have increased by about 25% to almost $200 billion last month.