- by New Deal democrat
The CDC’s variant proportions data for this past week is out, and it shows that combined BA.4&5 made up slightly over 80% of all infections. BA.5 was at 65%, and BA.4 at 16%. BA.2.12.1 now only makes up 17% of all cases:
- by New Deal democrat
The CDC’s variant proportions data for this past week is out, and it shows that combined BA.4&5 made up slightly over 80% of all infections. BA.5 was at 65%, and BA.4 at 16%. BA.2.12.1 now only makes up 17% of all cases:
- by New Deal democrat
In that regard, Jared Bernstein, a member of Biden’s Council of Economic Advisors, posted two graphs over the weekend contra the panic about a potential negative Q2 GDP reading.
- by New Deal democrat
My Weekly Indicators post is up at Seeking Alpha.
The 10-2 year Treasury yield inverted again, with very little fanfare. And several other leading indicators deteriorated a little further as well. But as the jobs report showed, the nowcast is still positive.
As usual, clicking over and reading will bring you up to the virtual moment as to the economy, and reward me a little bit for my efforts.
- by New Deal democrat
Consumption leads employment. That’s true at bottoms, and it’s true at peaks as well. Since February, when consumption growth started to flag, I have been waiting for it to show up decisively in jobs numbers. In March through May, average growth decelerated from over 500,000/month to 400,000/month.
- by New Deal democrat
Initial jobless claims rose 4,000 to 235,000 last week, vs. the 50+ year low of 166,000 set in March. The 4 week average also rose by 750 to 232,500, compared with the all-time low of 170,500 three months ago. Continuing claims rose 51,000 to 1,375,000, which is 69,000 above their 50 year low set on May 6:
Initial claims have now been in an uptrend for 3 months, meaning they no longer qualify as a “positive” in my array of short leading indicators.
Last week I noted that, reviewing the entire 50+ year history of initial claims, “there are almost always one or two periods a year where the four week moving average of jobless claims rises between 5% and 10%. About once every other year for the past 50+ years, it rises over 10%. Typically (not always!) it has risen by 15% or more over its low before a recession has begun. And a longer term moving average of initial claims YoY has, with one exception, turned higher before a recession has begun.”
Both initial and continuing claims are continuing to drift higher, and since there is a very long history that initial claims lead the unemployment rate by several months, in tomorrow’s report it would not be surprising if there were a 0.1% increase in the latter:
But initial claims are not a “negative” yet either, since YoY they are still down almost 45%. So they are not signaling recession.
- by New Deal democrat
Late last year I introduced the idea that the jobs market was similar to a game of musical chairs, where employers added or took away chairs, and employees tried to best allocate themselves among the chairs.
- by New Deal democrat
I haven’t done a Coronavirus dashboard in a couple of weeks, and there have been a few developments, so let’s take a look.
- by New Deal democrat
The opening paragraph of the Declaration of Independence:
Lincoln’s acceptance of the Illinois US Senate nomination, 1858:
- by New Deal democrat
“our current reality [ ] will lead to conflict and litigation between states…. Partisan polarization will be exacerbated, and the risk of abortion-related violence will grow. Our precarious social fabric will be torn apart, further imperiling our already weakened sense of commonality and nationhood.
“[Further, w]ithout something close to a consensus, abortion laws [will] always be ripe for reversal if the next election.
“To avoid these consequences, lawmakers will have to meet in the middle.
“To be potentially viable, a national compromise would include four elements. First, it would permit abortion during a specified period of gestation, without restriction, during the few first months of pregnancy. Second, it would prohibit abortion later in pregnancy. Third, even after this point in pregnancy, there would be exceptions to the abortion prohibition. And fourth, the congressional compromise would be national in scope, with federal law controlling the issue of abortion and preempting state law to the contrary. The fourth element, federal preemption, bears emphasis.
“It means that the congressional compromise would displace and nullify state abortion policies. There would be the same right to abortion in red and blue states alike, subject to the same limitations”
“(a) For the stage prior to approximately the end of the first trimester, the abortion decision and its effectuation must be left to the medical judgment of the pregnant woman's attending physician.
“(b) For the stage subsequent to approximately the end of the first trimester, the State, in promoting its interest in the health of the mother, may, if it chooses, regulate the abortion procedure in ways that are reasonably related to maternal health.
“(c) For the stage subsequent to viability, the State in promoting its interest in the potentiality of human life may, if it chooses, regulate, and even proscribe, abortion except where it is necessary, in appropriate medical judgment, for the preservation of the life or health of the mother.”