Employment in the U.S. has made substantial gains since the end of the Great Recession. The headline unemployment rate continues to decline, and so does the “underemployment” rate, which adds in discouraged workers who have quit the job hunt, as well as those who want to work full-time but can only find a part-time position.
Public opposition to hydraulic fracturing — better known as “fracking” — is nothing new. The 2010 documentary “Gasland” energized the nascent anti-fracking movement, with its depiction of tap water that caught on fire and once-healthy people who became chronically ill after fracking operations began nearby.
The Philly Fed's Business Outlook Survey is a monthly report for the Third Federal Reserve District, covers eastern Pennsylvania, southern New Jersey, and Delaware. The latest gauge of General Activity came in at 23.9, an increase from last month's 17.8.
U.S. housing starts in June collapsed. The 9.3% decline contrasts with expectations for a 1.9% increase, according to a Bloomberg survey. Adding insult to injury the May series was revised down to show a decline of 7.3% rather than 6.5% as initially reported. And worse, the building permits fell 4.2%. They were expected to have risen by 3.0%.
Once an economic recovery picks up steam and inflationary pressures begin to rise, the market's reaction function "switches polarity" and incoming economic data is now interpreted as a negative market signal because it means there is a greater chance the Fed will be raising interest rates in the near future. This is where we find ourselves now.
Earnings remain front and center in today’s session, with the finance-heavy results thus far largely in the “positive and reassuring” category. Continuation of this favorable trend over the next couple of weeks will likely do more for this market than any other factor.
A generally dovish performance by Yellen yesterday consistent with current expectations. But notice her acknowledgement of her critics, and watch for the "considerable period" debate to heat up as October approaches.
In an age when governments of every political leaning and ideological stripe distort economic data to promote their parties’ interests, it is hardly surprising that the nation’s inflation rate is reported in a manner that best suits their political needs.
The minutes of the most recent FOMC meeting, released last week, have gotten much attention. This is in part because of details the Committee provided regarding its discussions about framing the processes and procedures for returning interest rates to a level consistent with its statutory mandate of stable inflation and maximum employment.
In a recent interview with Financial Sense Newshour, the widely followed gold analyst—once named 2nd most accurate by Bloomberg—provides an excellent view into the mental hopes and fears of most precious metals investors right now.