Category: Economy

Hotels: Occupancy Rate Declined 30.2% Year-over-year

by Calculated Risk on 7/11/2020 02:12:00 PM From HotelNewsNow.com: STR: US hotel results for week ending 4 July U.S. hotel performance data for the week ending 4 July showed a slight decline in occupancy from the previous week, according to STR. 28 June through 4 July 2020 (percentage change from comparable week in 2019): • […]

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Schedule for Week of July 12, 2020

by Calculated Risk on 7/11/2020 08:11:00 AM The key reports this week are June CPI, housing starts and retail sales. For manufacturing, the June Industrial Production report and the July New York and Philly Fed manufacturing surveys will be released. —– Monday, July 13th —– No major economic releases scheduled. —– Tuesday, July 14th —– […]

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Links 7/11/2020

Hummingbirds Learn to Count to Find Their Favorite Flowers Smithsonian Country diary: mighty oaks have sprung from the work of the lively jay Guardian Famished NYC Rats Are Harassing Outdoor Diners Forbes From payments to armaments: the double life of Wirecard’s Jan Marsalek FT (Richard Smith). Quite a lead: “It was early 2018 when Jan […]

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Another Town Is Possible: Community Wealth Building in the Basque Country

Yves here. Readers sometimes ask for success stories to show that there are possible paths out our present economic and social morass. The Basque has long operated a collective ownership model centered around Mondragon. And it has been successful in protecting the community from economic crises. I was in Portugal and Spain, by happenstance doing […]

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Why Relentless Labor Rights Enforcement Will Make or Break the New NAFTA

Yves here. One of the reasons the so-called Nafta 2.0 was touted as better than its predecessor was that it contained protections for labor bargaining rights in Mexico. The argument was that stronger labor rights in Mexico would reduce the level of labor arbitrage and hence the harm to US workers. The deal has only […]

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The Two Sides of Biden’s Economic Plan

But the most eloquent part of Biden’s speech was this: “We must reward work as much as we’ve rewarded wealth.” I’m not sure Biden has put it exactly this way before; I couldn’t find an earlier instance on Google. But I hope he repeats that sentence a lot going forward. It’s an admirably simple expression […]

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2:00PM Water Cooler 7/10/2020

By Lambert Strether of Corrente. #COVID19 At reader request, I’ve added this daily chart. The data is the Johns Hopkins CSSE data. Here is the site. Our five problem states, with New York for comparison: I’ll just keep doing this one until I see a peak followed by a decline. (Seems like the “first wave” […]

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U.S. Stocks Mostly Higher In Mid-Day Trading

Stocks have moved mostly higher over the course of the trading session on Friday, regaining ground following the decrease seen in the previous session. Currently, the major averages are all in positive territory, although the Nasdaq is up just 9.26 points or 0.1 percent at 10,557.01. The Dow is up 178.54 points or 0.7 percent […]

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U.S. Producer Prices Unexpectedly Drop 0.2% In June

Producer prices in the U.S. unexpectedly decreased in the month of June, according to a report released by the Labor Department on Friday. The Labor Department said the producer price index for final demand fell by 0.2 percent in June following a 0.4 percent increase in May. Economists had expected prices to climb by another […]

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EU’s Michel Lays Out Long-term Budget & Recovery Plan

European Council President Charles Michel on Friday laid out a plan for long-term budget and recovery for the coronavirus-hit members of the European Union, one week ahead of a summit of the 27 leaders. In the revised proposal that Michel presented, the size of the European long-term budget called Multi-annual Financial Framework (MFF) is envisioned […]

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Biden Defends Undying Allegiance to For-Profit Healthcare During Interview With Dying Medicare for All Advocate Ady Barkan

Yves here. I suppose I should not be surprised to see that Biden is such a heartless pol that he could stare down someone who was dying and has had to spend too much of his precious remaining time fighting with insurance companies to defend private health insurance. And the bought and paid for loyalty of […]

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U.S. Producer Prices Unexpectedly Dip 0.2% In June

Producer prices in the U.S. unexpectedly decreased in the month of June, according to a report released by the Labor Department on Friday. The Labor Department said the producer price index for final demand fell by 0.2 percent in June following a 0.4 percent increase in May. Economists had expected prices to climb by another […]

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Bay Street May Open On Mixed Note

Canadian shares are likely to see a mixed start Friday morning, with investors reacting to fairly encouraging jobs data, and weighing the likely impact of surging coronavirus cases on economic recovery. Lower crude oil prices may also weigh on sentiment. In economic news, data released by Statistics Canada showed employment in the country rose by […]

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U.S. producer prices unexpectedly fall in June

Jaeden Milam makes clear acrylic safety shield dividers on a computer-controlled cutting machine at Screaming Images amid the spread of the coronavirus on May 18, 2020 in Las Vegas, Nevada. Ethan Miller | Getty Images U.S. producer prices unexpectedly fell in June as the economy battles depressed demand amid the Covid-19 pandemic. The Labor Department […]

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China’s Bank Lending Rises In June

China’s bank lending increased in June as lower borrowing costs helped to lift demand for credit, data from the People’s Bank of China showed Friday. Banks extended CNY 1.81 trillion loans in June. Economists had forecast bank lending to climb to CNY 1.8 trillion from CNY 1.48 trillion in May. The broad money supply M2 […]

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Slovakia Industrial Production Decline Slows In May

Slovakia industrial production declined at a softer pace in May, data from the Statistical Office of the Slovak Republic showed on Friday. Industrial production fell a working day adjusted 19.1 percent year-on-year in May, following a 32.5 percent decrease in April. The latest output was significantly affected by the annual drop in the production of […]

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Lithuania Producer Prices Fall For Fifth Month

Lithuania’s producer prices declined for the fifth month in a row in June, though at a softer pace, figures from Statistics Lithuania showed on Friday. The producer price index decreased 11.4 percent year-on-year in June, following an 16.1 percent decrease in May. The decline in prices was mainly due to an increase in prices for […]

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Romania Inflation Rises; Trade Deficit Narrows

Romania’s consumer price inflation rose in June after easing in the previous month, data from the National Institute of Statistics showed on Friday. Another report from the statistical office said trade deficit narrowed in May. The consumer price index rose 2.6 percent year-on-year in June, following a 2.3 percent increase in May. Economists had forecast […]

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Latvia Trade Deficit Narrows In May

Latvia’s trade deficit decreased in May amid a fall in both the exports and imports amid the coronavirus pandemic, data from the Central Statistical Bureau showed on Friday. The trade deficit narrowed to EUR 119.3 million in May from EUR 366.9 million in the same month last year. In April, the trade deficit was EUR […]

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Turkish Jobless Rate Falls In April

Turkey’s jobless rate fell in April, data from the Turkish Statistical Institute showed on Friday. The unemployment rate decreased to 12.8 percent in April from 13.0 percent in the same month last year. In March, the rate was 13.2 percent. The youth unemployment rate, which applies to the 15 to 24 age group, rose to […]

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Norway Inflation Highest In 5 Months

Norway’s consumer price inflation rose to the highest level in five months in June on clothing and fuel prices, data from Statistics Norway showed on Friday. The consumer price index rose 1.4 percent year-on-year in June, following a 1.3 percent increase in May. This was in line with economists’ expectations. The latest inflation was the […]

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Portugal Consumer Prices Rise In June

Portugal’s consumer prices rose less-than-estimated in June, final data from Statistics Portugal showed on Friday. The consumer price index rose 0.1 percent year-on-year in June, after a 0.7 percent fall in May. In the initial estimate, inflation was 0.2 percent. The core CPI, which excludes energy and unprocessed food products components, rose 0.27 percent in […]

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Greece Consumer Prices Fall For Third Month

Greece’s consumer prices declined for the third month in a row in June, data from the Hellenic Statistical Authority showed on Friday. The consumer price index fell 1.6 percent year-on-year in June, following a 1.1 percent decline in May. Prices for transportation declined 9.1 percent annually in June. Prices of housing decreased 4.5 percent and […]

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