Last month, new home sales fell a very steep 11.4 percent to a 481,000 annual rate. Given the volatile nature of this series one might have expected a bounce in May and sure enough we got one, albeit not enough to wipe out April's dismal performance.
Inquiring minds are reading Fed Chair Janet Yellen's Outlook for the Economy speech, delivered today at the Providence, Rhode Island Chamber of Commerce.
Economists overestimated existing home sales on Thursday, rounding out another impressive day of overoptimism.
In yet another triumph of stupidity over common sense, a triumph that is sure to cost jobs, slow growth, and encourage more robotic replacement of workers, Los Angeles' Minimum Wage on Track to go up to $15 by 2020.
Economists have bought into the transitory soft patch thesis of the Fed, hook line and sinker. Please consider Economists Forecast: Here We Grow Again.
The Fed is struggling like mad to produce inflation, with little success on some fronts. Of course the Fed ignores asset bubbles in its measures.
Economists were surprised by the dismal retail sales report this morning. That's not surprising because economists are nearly always surprised.
Greece said it would make its payment to the IMF on time and it did, one day early in fact. How?
Wednesday's BLS release on Productivity and Costs shows a back-to-back decline in productivity accompanied with rising wages. Productivity is up year-over year, but barely, at 0.6%.
I had a lot of fun yesterday morning on CNBC.
I have seen many grim predictions regarding robots taking away human jobs, but one of the most dire predictions comes from a study commissioned by ING-Diba.
Economists have been overly optimistic on the majority of economic reports for going on six months.
A BLS report out Thursday shows Compensation Costs up 0.7% December 2014-March 2015 and 2.6% over the year ending March.
Don't worry. The First Quarter GDP Disaster, released yesterday is transitory.
The Fed manufacturing surveys continue to disappoint. Today, the Richmond Fed reading came in at -3 matching the lowest guess on Bloomberg.
New orders in the Dallas Fed manufacturing survey came in negative for the sixth straight month today.
In a move 100% guaranteed to blow up at a later date, the ECB Said to Start Buying Covered Bonds With Negative Yields.
The Bloomberg consensus estimate for new homes sales was an overly-optimistic 518,000. Instead, it's bad news again as new home sales fell a very steep 11.4 percent to a 481,000 annual rate.
The amusing headline of the day comes from ECB Executive Board Member Benoit Coeure who told Greek newspaper Kathimerini on Wednesday in an interview ECB to Fund Greek Banks as Long as They Stay Solvent. Read more at http://globaleconomicanalysis.blogspot.com/#AQf5FjZIVOuiuzVI.99
Today a $295.7 million bond offering by the beleaguered Chicago Board of Education hit the market.