Friday, September 4, 2015
Some Friday news
Here's some reading:
FT Alphaville - the death cross is bullshit. Pretty simple, really: it has no predictive value because it's backward-looking.
Calculated Risk - the August jobs report. What's that? You want more? Well, how about:
New Deal Demoncrat - the August jobs report. Wage growth still stinks, because the fascist kleptocracy that you voted for keeps it that way.
WSJ RTE - the August jobs report in 10 charts.
Calculated Risk - the Fed's beige book. And the US economy is still doing fine, if you assume the people at the Fed are the most educated economists in the world who are doing their best to safeguard the US economy through adherence to their dual mandate. Of course, if you instead believe the Fed are Satan-worshippers in service to the Lizard People who are here to destroy America and bring about a one-world government headed by the Antichrist, you must have a different opinion. Like Peter Schiff.
Mark Thoma - the latest from GDPNow. It's 1.2% below the 2.7% consensus estimate; because Janet Yellen knows the guys at Atlanta Fed, she might take this into account at the rate discussions. Cuz y'know, the Fed mandate is not to crush GDP growth when there's no inflation. Then again, last quarter the GDPNow estimate stayed below consensus til we got closer and closer to the date: there might be a modelling problem.
FT Alphaville - China fx policy DOOOOOM. It is, honestly, scary when you read about it. Then again, you'd think China knows more than the Financial Times about how to manage China, right?
Mark Thoma - the divergence between productivity and pay. Hey Mark, what about conceptualizing the capital share of growth as a kind of rent? Certainly looks like companies are making profit above what they should in a monopolistic competition model, no? And not sharing with workers, right? And using their political power to encourage laws that eliminate worker bargaining power, no?