News
Early Benchmark Revisions of State Payroll Employment
Estimates by the Federal Reserve Bank of Philadelphia indicate that the employment changes from March through June 2022 were significantly different in 33 states and the District of Columbia compared with current state estimates from the Bureau of Labor Statistics’ (BLS) Current Employment Statistics (CES). Early benchmark estimates indicated higher changes in four states, lower changes in 29 states and the District of Columbia, and lesser changes in the remaining 17 states.
The Myth of Income Stagnation by Michael R. Strain
According to the conventional wisdom, income stagnation and inequality are large and growing threats to broad-based prosperity in the United States. Many economists, journalists, business leaders, and elected leaders (from both parties) believe that for a large share of households, real (inflation-adjusted) income has not increased for decades, and that income inequality – the gap between higher- and lower-income households – has grown substantially in recent years.
Don’t Fight the Fed, But Don’t Lose the Thread
his is my first installment of a series of essays exploring global economic and financial themes. While many of these essays (including today’s) will focus on the U.S. Federal Reserve as one of the world’s major monetary policymakers, in future essays I will also offer my perspectives on the global economy and financial markets more broadly. My aim is to help readers extract signal from noise and spot emerging trends hidden in the gusher of economic and financial data that flood our inboxes and fill our screens every day.
US retailers’ unusual request to suppliers: Stop sending new products
US retailers have so much extra stuff in their stores and warehouses this holiday season that they are telling some of their suppliers to stop sending them products — even if those items are selling well. The unusual move highlights the magnitude of the excess merchandise that US retail companies are struggling to sell. The average amount of inventory held by the 20 biggest public apparel companies in the US was up 26% to $2.1 billion in the third quarter of this year versus pre-pandemic levels in 2019, according to an analysis by consultancy AlixPartners of S&P Capital IQ data. The figures are unadjusted for inflation. And the average inventory held was up 30% versus the same period last year.
From Joe
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