Stock

Revisiting Demographics and GDP

Five years ago I wrote Demographics and GDP: 2% is the new 4%. I started that post with an excerpt from a WSJ opinion piece: “The fourth quarter report means that growth for all of 2014 clocked in at 2.4%, which is the best since 2.5% in 2010. It also means another year, an astonishing […]

Investing

Energy bonds: Unloved, out of favor, and potentially attractive

Energy equities and credit underperformed the broader markets in 2019, and within energy credit, high yield bonds underperformed investment grade bonds. At Invesco Fixed Income, we believe these performance discrepancies may create interesting investment opportunities in 2020. In investment grade, we favor midstream companies focused on corporate actions to improve credit fundamentals. In high yield, […]

Stock

Off-Topic: Iraq War and Impeachment

Several times on this blog I’ve written about my experiences in the run-up to the Iraq war. I wrote earlier: “I opposed the Iraq war, and was shouted down and called names like “Saddam lover” for questioning the veracity of the information.” It wasn’t in my interest to speak out in early 2003, but it […]

Stock

ISM Non-Manufacturing Index increased to 55.5% in January

The January ISM Non-manufacturing index was at 55.5%, up from 54.9% in December. The employment index decreased to 53.1%, from 54.8%. Note: Above 50 indicates expansion, below 50 contraction. From the Institute for Supply Management: January 2020 Non-Manufacturing ISM Report On Business® Economic activity in the non-manufacturing sector grew in January for the 120th consecutive […]

Stock

Trade Deficit increased to $48.9 Billion in December

From the Department of Commerce reported: The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $48.9 billion in December, up $5.2 billion from $43.7 billion in November, revised. December exports were $209.6 billion, $1.6 billion more than November exports. December imports were $258.5 billion, […]

Stock

ADP: Private Employment increased 291,000 in January

From ADP: Private sector employment increased by 291,000 jobs from December to January according to the January ADP National Employment Report®. … The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.…“The labor market experienced expanded payrolls in January,” said Ahu […]

Tax

The Mail never saw that coming

This is from the editorial column of the Mail today: Of course there’s a load of nonsense in there: this is the Mail. And equally there is a message worth noting. It is that the Mail no longer trusts this government with freedom of the press. Even the Tories’ natural allies now think that they […]

Tax

Getting the NHS ready for a bout of private capital

The FT has reported that: Hospitals in England are becoming increasingly dependent on short-term handouts to maintain day-to-day services, putting a question mark over the long-term sustainability of the National Health Service, parliament’s spending watchdog said on Wednesday. A National Audit Office report also suggested that capital funding shortfalls at hospitals and other parts of […]

Investing

Investing in the prospect of drug pricing reforms

The Trump Administration is considering reforms in the payment for prescription drugs covered under Medicare Part B. The changes include ones that could be accomplished without the need to pass legislation through Congress. The reforms could have significant implications for the companies that manufacture the drugs covered under Part B. Medicare Part B covers drugs […]