United States

China's membership in the WTO has been a disaster for Western manufacturing, employment and wages.

This report shows the US economy in a good way. In terms of things the Fed watches, both employment and inflation look good.

Note: This post first appeared on Patreon on 30 May 2018 After I wrote the last post, Kent Willard made a really good comment about service sector jobs versus goods-producing jobs that I want to expand upon. He said "there's a growing…

In December 2017 the US federal corporate tax rate on profits over $10 million was reduced from 35% to 21%. This column examines the plausibility of the Council of Economic Advisers’ estimates of how a cut in the corporate profit tax rate…

I want to make the case for thinking about the next recession now. And I lot of this goes back to what I wrote last November about now being the most dangerous period in the business cycle. Here's the basic framing.

Noah Smith notes that wages aren’t the only way Americans make money. Increasingly, income comes via nonwage compensation and government transfers.

We suspect some of the pressure on dollar-yen had been hedging activity ahead of the end of the fiscal year.  The end of the hedging operations may be sufficient to ease the pressure on the greenback.

Many consider the US and South Korea agreement the first success of President Trump's trade strategy. We are less sanguine. We do expect other countries to make concessions to the US grudgingly. But we are concerned the US will be…

James Montier reveals data showing everyone knows stocks are overvalued. But they act as if they believe they can get out before the bottom falls out. This will end badly when the market stalls out.

Low interest rates in the UK show how powerful expectations of future central bank policy action is on bond markets given rising inflation.