U.S. productivity

More Diversified Financial Market Movements

February 4, 2016

At least for today, it’s no longer a matter of risk-on or risk-off for all assets.  Some of this differentiation stems from more blatant currency warfare. Yesteday’s revealed sharp decline in the U.S. non-manufacturing purchasing managers index triggered a dollar sell-off.  The U.S. currency today has fallen by an additional 0.7% against the euro and […] More

An Informing Day with Some Surprises

November 5, 2015

U.S. labor productivity unexpectedly rose last quarter and substantially so at that.  A gain of 1.6% on top of a 3.5% second-quarter increase resulted in a significantly smaller quarter-over-quarter 1.4% climb in unit labor costs.  Nonetheless, the big productivity picture remains soft, with a rise of just 0.4% between 3Q14 and 3Q15 versus 0.8% in […] More

Musings on Midyear and the Greek Crisis

July 1, 2015

What is it about the cusp that separates the first and second half of the calendar year?  The Greek government’s failure to meet its debt payment to the IMF on June 30th brings to mind the devaluation of the Thai bhat on July 1, 1997 that lit the match and ignited a devastating Asian debt […] More

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