1
Wednesday: ADP Employment, ISM non-Mfg Index, Beige Book
Wednesday:
• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the
results for the *mortgage purchase applications index*.
• At 8:15 AM, The *ADP Employment Report* for May. This report is for
private payrolls only (no government). The consensus is for 175,000 payroll
jobs added in May, down from 175,000 added in April.
• At 10:00 AM, the *ISM non-Manufacturing Index* for May. The consensus
is for a reading of 55.7, up from 55.5.
• At 2:00 PM, the *Federal Reserve Beige Book*, an informal review by the
Federal Reserve Banks of current economic conditions in their... more »
2
Senate Republicans Warn White House Against Mexico Tariffs
In a contentious meeting at the Capitol, Senate Republicans told senior
White House officials that they are prepared to resist tariffs on Mexico if
President Trump pushes forward.
Trump has doubled down on Mexican tariffs.
There should be a fight.
3
Fact-Checking Trump in London
President Trump, at two events in London on Tuesday, made inaccurate claims
about trade, protests against him, Brexit and his approval rating.
Trump does not know how to speak diplomatically.
4
In Shift, U.S. Vows to More Aggressively Deport Migrant Families
Mark Morgan, the acting director of Immigration and Customs Enforcement,
said the stepped-up deportations were necessary to deter migrants at the
southwestern border.
This is more trouble.
5
Senate Republicans Warn White House Against Mexico Tariffs
In a contentious meeting at the Capitol, Senate Republicans told senior
White House officials that they are prepared to resist tariffs on Mexico if
President Trump pushes forward.
Trump has his foot in his mouth.
6
Russia Could Unleash Fake Videos During Election, Schiff Says
The House Intelligence Committee chairman said Russia may have concluded
that it needs to use new tactics in the next presidential race.
Russia may try.
7
Update: Real Estate Agent Boom and Bust
Way back in 2005, I posted a graph of the Real Estate Agent Boom. Here is
another update to the graph.
The graph shows the number of real estate licensees in California.
The number of agents peaked at the end of 2007 (housing activity peaked in
2005, and prices in 2006).
The number of salesperson's licenses is off 27% from the peak, and is
increasing again (up 9.7% from low). The number of salesperson's licenses
has increased to October 2004 levels.
Brokers' licenses are off 14.3% from the peak and have fallen to December
2005 levels, and are still slowly declining (down 1% year-o... more »
Houses are not selling well.
8
Open Thread
Use this thread to discuss topics not relevant to current posts.
9
F.B.I., Pushing to Stop Domestic Terrorists, Grapples With Limits on Its Power
A debate has emerged over whether federal law enforcement has enough tools
to fight racially motivated mass shootings and other attacks.
The F.B.I. is properly limited to investigation.
The fear of a national secret police is well founded.
10
Kids Sued the Government Over Climate Change. A Key Day in Court Has Arrived.
A federal appeals court will hear a closely watched lawsuit brought by
young people to compel the federal government to take action on climate
change
I wish the suit success.
The government must struggle against global heating.
11
Justice Dept. Offers to Renew Talks With Democrats if Contempt Vote Is Deferred
House Democrats planned a vote next week to hold the attorney general in
contempt over his refusal to provide lawmakers the Mueller report’s full
text and underlying evidence.
There is nothing to talk about. The Justice department must yeild.
12
Trump’s U.K. Visit in Pictures: Protests and Diplomacy
On Day 2 of President Trump’s state visit to Britain, he set aside the
royal pomp and turned his focus to diplomacy and trade.
Trump is not appeased.
13
BEA: May Vehicles Sales increase to 17.3 Million SAAR
The BEA released their estimate of May vehicle sales this morning. The BEA
estimated sales of 17.31 million SAAR in May 2019 (Seasonally Adjusted
Annual Rate), up 5.9% from the April sales rate, and up slightly from May
2018.
Sales in 2019 are averaging 16.8 million (average of seasonally adjusted
rate), down 1.9% compared to the same period in 2018.
[image: Vehicle Sales]*Click on graph for larger image.*
This graph shows light vehicle sales since 2006 from the BEA (blue) and an
estimate for May (red).
This was below the consensus forecast for April.
A small decline in sales to d... more »
The trend is downward.
14
Mexico Will Face Tariffs Next Week, Trump Vows
At a news conference in London, the president says Republican senators
would be “foolish” to try to stop him.
Silly.
15
White House Tells Two More Witnesses, Including Hope Hicks, Not To Cooperate With Congress
Hope Hicks, a former White House communications director, and Annie F.
Donaldson, the chief of staff to a former White House counsel, were told
not to cooperate with a House inquiry.
It is not working.
16
For Trump, London Visit Is a (Royal) Family Affair
The president’s children seemed to materialize overnight in London. But
their appearance with the British royals was the culmination of a month’s
planning.
Yes.
17
Trump Meets Farage and May in London
NYT > Politics - 7 hours ago
On the second day of his three-day state visit to Britain, the president
spoke with Prime Minister Theresa May while protesters mobilized in London.
Empty words.
18
Stocks Jump as Fed’s Powell Suggests Rates Could Come Down
Jerome H. Powell, the Federal Reserve chairman, said the central bank was
“closely monitoring” trade and “as always, we will act as appropriate” to
sustain the expansion.
Paul KrugmanVerified account @paulkrugman
10 hours ago
Unclear how much any of this matters. But today would really have been a good day for Powell to develop laryngitis. 3/
19
For Trump, U.K. State Visit Is a (Royal) Family Affair
The president’s children seemed to materialize overnight in London. But
their appearance with the British royals was the culmination of a month’s
planning.
Selfies.
20
Elizabeth Warren Proposes ‘Aggressive Intervention’ to Create Jobs
Ms. Warren laid out a theme of “economic patriotism,” pledging to intervene
in markets and invest $2 trillion in climate-friendly industries over a
decade.
It would be better than a tax cut.
||
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