Last week the Bureau of Economic Analysis released their report on Personal Income and Outlays for November, which in addition to the important personal income data, also reports the monthly data on our personal consumption expenditures (PCE), which as you all know is the major component of GDP. From that data, the BEA also computes personal savings and the national savings rate, as well as a price index for PCE,
If anyone believes offshore outsourcing jobs is passé and not impacting U.S. labor markets think again. The Economic Policy Institute has published a new study showing America has lost millions of jobs to China's cheap labor market. From 2001 to 2013, the massive trade deficit with China has cost the United States 3.2 million jobs.
When I recently read an article on the Mayo Clinic web site, I saw a declaration I've never noticed before: "Mayo Clinic is a not-for-profit organization."
Third quarter 2014 real GDP was revised up even further to a whopping 5.0%. Merry Christmas Wall Street as the Dow closed above 18,000, a record high. This is the highest quarterly GDP since Q3 2003, a full eleven years ago. The reason for the revision blow out was consumer spending and investment. Real consumer spending was revised up almost 3/4th of a percentage point more than the first revision previously reported.
The Baldwin Piano Company was once the largest US-based manufacturer of pianos. The company can trace its origins back to 1857 by Dwight Hamilton Baldwin. By 1913, business had become brisk, with Baldwin exporting pianos to thirty-two countries. By 1953 the company had doubled production.
The monthly Consumer Price Indexdropped -0.3% for November. That's some serious deflation but not to worry, it's all about falling oil prices. Gasoline prices declined the steepest since December 2008. Inflation with gas and food removed increased a very tame 0.1%. CPI measures inflation, or price increases.
Nine million unemployed Americans and six million others who are "not in the labor force" but also want a job will soon see what the new Congress will propose next year as their first "jobs bill" (Hint: It won't be for government jobs or public infrastructure investment — and it will be the GOP's very first bill).
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