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AAR: November Rail Carloads down 7.5% YoY, Intermodal Down 7.4% YoY

From the Association of American Railroads (AAR) Rail Time Indicators. Graphs and excerpts reprinted with permission. Rail traffic continues to struggle because U.S. manufacturing is soft, trade disputes and the uncertainty they entail are ongoing, and economic growth abroad isn’t what it could be.…In November 2019, total U.S. rail carloads were down 7.5% and total […]

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Q4 GDP Forecasts: 0.6% to 2.0%

From Goldman Sachs: [W]e lowered our Q4 GDP tracking estimate by one tenth to +1.8% (qoq ar) [Dec 5 estimate]emphasis added From Merrill Lynch This week, our … 4Q GDP tracking estimate edged down by 0.1pp to 1.6% on weaker than expected residential spend in Oct. [Dec 6 estimate] From the NY Fed Nowcasting Report […]

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Comments on November Employment Report

The headline jobs number at 266 thousand for November was above consensus expectations of 180 thousand, and the previous two months were revised up 41 thousand, combined. The unemployment rate decreased to 3.5%. Earlier: November Employment Report: 266,000 Jobs Added, 3.5% Unemployment Rate In November, the year-over-year employment change was 2.204 million jobs including Census […]

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Sustainable cost accounting at the Local Authority Pension Fund Forum

I spoke at the Local Authority Pension Fund Forum conference yesterday on sustainable cost accounting : These were my slides: Sustainable cost accounting Richard Murphy Professor of Practice in International Political Economy, City University, London Director, Corporate Accountability Network ________ Climate change is a fact The Intergovernmental Panel on Climate Change says so The UK […]

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Friday: Employment Report

My November Employment Preview. Goldman’s November Payrolls preview. Friday:• At 8:30 AM ET, Employment Report for November.   The consensus is for 180,000 jobs added, and for the unemployment rate to be unchanged at 3.6%. • At 10:00 AM, University of Michigan’s Consumer sentiment index (Preliminary for December). • At 3:00 PM, Consumer Credit from […]