Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Arcanaut
novahockey
quarterback
ScottC
yellojktVital Statistics:
Stocks are lower after the United Auto Workers went on strike against all three big auto makers. Bonds and MBS are down.
Consumer sentiment fell in September, according to the University of Michigan Consumer sentiment Survey. Since consumer sentiment surveys are highly influenced by gasoline prices, this isn’t much of a surprise. Importantly, inflationary expectations for the next year declined from 3.5% in August to 3.1%. Long-run inflationary expectations also fell to 2.7%, which is below the 2.9% -3.1% range we have been stuck in.
Prior to the pandemic, year-ahead inflationary expectations were in the 2.3% – 3.0% range and long-run inflationary expectations were in the 2.2% – 2.6% range. This is good news for the Fed, and we know the Fed pays close attention to the UMich numbers.
ICE and Black Knight have completed their sale of Optimal Blue and Empower to Constellation Software. This sale was a required divestiture in order for the two companies to complete their merger. ICE will hold a conference call in two weeks to discuss their going-forward plan.
Homebuyers are canceling deals at the highest rate in a year as rising mortgage rates kill affordability. “I’ve seen more homebuyers cancel deals in the last six months than I’ve seen at any point during my 24 years of working in real estate. They’re getting cold feet,” said Jaime Moore, a Redfin Premier real estate agent in Reno, NV. “Buyers get sticker shock when they see their high rate on paper alongside extra expenses for maintenance, repairs and closing costs. Many of them would rather back out, even if it means losing their earnest money. A lot of sellers are also willing to let buyers slip away because they don’t want to concede to repair requests.”
Industrial production rose 0.4% MOM, according to the Fed. Manufacturing output rose 0.1%. As is typical these days, the prior month’s numbers were revised downward. Capacity Utilization increased. Separately, manufacturing activity picked up in New York State, according to the Empire State Manufacturing Survey.
Filed under: Economy |
All Things in Moderation 
Interesting piece on the UAW strike:
“The Real Issue in the UAW Strike
Unions fear that the auto industry is using the transition toward EVs to advance a second shift away from good-paying jobs.
By Ronald Brownstein
September 15, 2023, 10:08 AM ET”
https://www.theatlantic.com/politics/archive/2023/09/uaw-union-strike-biden-electric-vehicle-investment/675331/
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If private sector unions are ever going to get their way, it will be now. It doesn’t get any better than this.
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I would like some Republican to state that there will be no more bailouts if the automakers get their costs excessively high again.
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Well, it’s a “take” anyway.
https://x.com/danielsgoldman/status/1702702107869003867?s=46&t=vSGsUlnc4rLxcUf7zfUiHg
With defenders like this…
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That’s funny.
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The sad thing about this is I don’t think there is a Republican POTUS nominee that would end up resisting this.
https://justthenews.com/world/europe/pence-warns-us-troops-may-have-fight-russia-if-ukraine-loses-war?utm_source=mux&utm_medium=social&utm_campaign=tw
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Does he actually believe this?
https://x.com/steveschmidtses/status/1703031228390146114?s=46&t=vSGsUlnc4rLxcUf7zfUiHg
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Worth a read:
“CIA Official Questioned Over Wuhan Cover-Up Took Job at U.S.-China Consulting Firm
The claim that the CIA used bribes to bury findings supporting a COVID lab leak brings scrutiny of an influential D.C. consulting firm filled with former intelligence officials.
Lee Fang
Sep 17, 2023”
https://www.leefang.com/p/cia-official-questioned-over-wuhan
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It’s coming from a left perspective, but the analysis of “Bidenomics” seems on point to me:
“Strikes and Bidenomics
The White House is trying to sell ‘Bidenomics,’ but poll after poll shows that the public is extremely unhappy with the economy. What does the public see that the bureaucrats don’t?
Matt Stoller
Sep 16, 2023”
https://www.thebignewsletter.com/p/strikes-and-bidenomics
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Our costs have gone up by about 30% in 3 years would be one thing.
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jnc:
What does the public see that the bureaucrats don’t?
Nothing, I suspect. The bureaucrats are politicized liars.
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The government has trillions of liabilities that are indexed to the CPI. They have every incentive to understate it.
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What the bureaucrats don’t see is that you can’t always just snow the public with happy talk and catchphrases.
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Well, the left can lie to them about things they don’t actually experience (Trump, J6, Ukraine) but the left can’t bullshit them about their finances. No matter how much Dr. Cowbell says that things are great.
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