Fourth quarter GDP was revised lower this week to 2.2 percent from 2.6 percent previously estimated.
In 2006-2007 I called for a recession. We got a big one. I called for another one in 2011, as did the ECRI. That recession never happened. 50% is not a very good recession predicting track record , but consensus opinion is batting a perfect 0.00%
Right-to-Work legislation is sweeping the Midwest. It's one of many reforms needed to makes states more competitive, reduce cost pressures on infrastructure projects, and hold down the necessity of tax hikes.
Wal-Mart decided on its own accord it could not attract the quality of people it needs at $7.25. That says nothing about Costco or McDonald's.
In what may be a first (otherwise an extreme rarity), a substantial force within a union has mobilized against a pay hike to $9.00 per hour from essentially nothing.
On Friday, Prime Minister Alexis Tsipras backed down on nearly every promise made to the Greek electorate except one, to stay on the euro. After so much tough rhetoric, the question is why?
If there's really a deal, then Greece bought time to speed up tax collections. In turn, that would strengthen its hand four months from now when this process starts all over.
It's likely make-or-break for Greece in the next two days.
Talks between Greece and eurozone officials were expected to last through the night. Instead Greece Bailout Talks Collapsed in Acrimony after a mere four hours.
Right now, there are virtually no incentives anywhere in the system for people to lower costs. Put incentives in to lower costs, and costs will come down.
In spite of the "recovery" in Spain, close to 24% are still unemployed. That statistic explains Pessimism in the Streets.
At midnight, Greece turns into a pumpkin. The clock is clearly ticking but is this the 10th or 11th hour?
The Illinois Chamber of Commerce recently took interesting, as well as contradictory, positions regarding the minimum wage and Right-to-Work legislation.
By forcing down interest rates and encouraging more lending, debts of all sorts keep piling up with no realistic way of paying those debts off.
In regards to spending, if consumers really do slow spending, it will be yet another knock on the 1st quarter 2015 GDP report.
Reuters notes that China is expected to lower its GDP target to around 7 percent this year, after posting 7.4 percent in 2014 - the slowest pace in 24 years. I will take the "under".
Wages rebounded from the dip last month (but don't get too excited as per details below). Also, there were big upward revisions to many prior numbers.
Just as Detroit is coming out of bankruptcy, the entire county is about to go under.
It's difficult keeping up with the news. As soon as I finished Germany's "Time Pressure" Thesis; Noose Tightens on Europe, significant news on the debt standoff hit the press.
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