Economy

Unemployment claims dropped dramatically to 466,000 this past week. This is the best data on the unemployment front we have seen in a long time. The prior week’s claims were also downwardly revised for the first time in a while. These…

The New York State Court of Appeals has ruled that the Atlantic Yards basketball project can go forward as planned, dislocating the residents in the Brooklyn, NY area where the stadium is to be built.  In essence, the decision means…

The Case-Shiller Home Price Index has increased yet again. This marks the fifth consecutive monthly increase in house prices in the United States. Prices are now only 11.3% lower in the Composite-10 cities and 9.3% lower in the more…

Remember the fabled Goldilocks economy that we had during the Great Moderation: A Goldilocks economy is a not too hot or cold economy, sustaining moderate economic growth and a low inflation allowing for a market friendly monetary…

Bonds like this. Let’s see how the stock market reacts to this. Pre-market data show no big moves. From the BEA: Real gross domestic product -- the output of goods and services produced by labor and property located in the United…

My post title is an ode to Yves Smith, who likes to feign surprise when the blindingly obvious finally comes into plain view for all to see. The latest sign that underneath the surface weakness remains at large financial institutions comes…

This story is on the front page of Business Week: Detroit Mayor Dave Bing is struggling to save his city from fiscal calamity. Unemployment is at a record 28% and rising, while home prices have plunged 39% since 2007. The 66-year-old…

Hat tip Prieur du Plessis.

This comes via Gallup: The latest Gallup Daily tracking results show 49% of Americans approving of the job Barack Obama is doing as president, putting him below the majority approval level for the first time in his presidency.…

Valero Energy has just announced it is shutting down its Delaware City Refinery.  This is a major news announcement because refiners should be seen as a canary in the coalmine for end-user demand and Valero is one company in the oil…