Is it time to say hello (again) to $100 this summer? Russia announced on Friday that it would slash production levels by 500,000 barrels per day (bpd) in March following Western bans on Moscow’s crude oil and petroleum products. This will represent approximately five percent of Russia’s total volumes. Deputy Prime Minister Alexander Novak stated […]
Money
University of Michigan: Consumer sentiment jumps, inflation expectations surge
The monthly University of Michigan consumer report was mixed in February. First, on the sentiment side, UMich’s Consumer Sentiment Index (CSI) climbed to 66.4 this month, up from 64.9 in January. This also topped market estimates of 65. The Consumer Expectations Index fell to 62.3, while the Current Conditions Index increased to 72.6. Second, here […]
Robert Reich or Wrong? Tax Cuts Did Not Fuel Debt Explosion
By: Andrew Moran The US is embroiled in another political theater of the absurd. This time it is the debt ceiling: Republicans are politely asking to enact spending reforms, Democrats are demanding to raise it, and former Labor Secretary Robert Reich is blaming everything on tax cuts. Like fellow Keynesian economist Paul Krugman, Reich is on […]
A look at this week’s labor data ahead of key January NFP report
Here is a look at the labor numbers before the January jobs report from the Bureau of Labor Statistics (BLS): Employment Cost Index (ECI) Q4: +1 percent ADP Employment Change: +106,000 JOLTs Job Openings: 11.012 million JOLTs Job Quits: 4.087 million Institute for Supply Management’s (ISM) Manufacturing Employment: 50.6, down from 50.8 Job Cuts: 102,943 […]
Study: IRS five times more likely to target black tax filers
President Joe Biden and the Democrats have stated that the reason why the IRS needs 87,000 new agents is to go after billionaires. However, numerous studies have found that the tax-collecting agency actually targets everyone but wealthy Americans. It makes sense. It is easier to go after people who don’t possess the same resources as […]