Tomorrow should be an interesting time. It could be the start of a renewed rise in the inflation rate. After 12 consecutive months of a slowdown in the growth of inflation, the American people could see a jump. According to the Federal Reserve Bank of Cleveland’s Inflation Nowcasting model, the annual consumer price index (CPI) […]
Archives for August 2023
Another Biden-endorsed green company files for bankruptcy
Can green energy do anything right? Proterra, a maker of electric buses, chargers, and power systems, has filed for Chapter 11 bankruptcy protection. The 20-year-old firm filed for bankruptcy in the District of Delaware bankruptcy court on Monday, listing $819 million in assets and $610 million in debts. The company was celebrated at a recent […]
WTF? Jobs data revised down again in July
The U.S. labor market is showing signs of cooling off after the July numbers were the second weakest of the President Joe Biden era. Before we get into the nitty-gritty, here are the basic numbers from the July non-farm payroll report: The U.S. economy added 187,000 new jobs in July, falling short of economists’ expectations […]
Got stagnation? Services sector slows, price pressures tick up
Goodbye, recession forecasts. Hello, stagnation? This is the word on Wall Street today after the Institute for Supply Management (ISM) Services Purchasing Managers’ Index (PMI) slowed to 52.7 in July, down from 53.9 and below the consensus estimate of 53. One notable component of the monthly print is that services employment plummeted to 50.7, down […]
Janet Yellen blames Fitch’s ‘flawed assessment’ for U.S. credit downgrade
Treasury Secretary Janet Yellen is angry. You don’t like her when she’s angry. After Fitch Ratings downgraded the U.S. long-term foreign-currency issuer from AAA to AA+, the White House was furious, saying that it “defies reality.” Treasury Secretary Janet Yellen continued the outrage. Speaking at an Internal Revenue Service contractor office near Washington, Yellen called […]