Autodata reports in its preliminary reading for the month of September that light weight motor vehicle sales were at a seasonally adjusted annual rate of 16.43 million. This is a decrease from the final August reading of a SAAR of 17.45 million as reported by the U.S. Bureau of Economic Analysis.
The September sales rate is up 7.1% from the same period last year. The 3-month moving average of year over year growth is 7.2%.
Kerrisdale Capital has created a humorous video promoting its upcoming presentation.
Total U.S. construction spending during August was estimated at a seasonally adjusted annual rate of $960.9 billion. That is 0.8% below the revised July estimate, and 5.0% above the August 2013 estimate.
Private residential construction spending was at an annual rate of $351.7 billion, which is 0.1% below the prior month and 3.7% above the same month a year ago.
Private nonresidential construction was at an annual rate of $333.3 billion, which is 1.4% below the prior month and 9.2% above the same month a year ago.
Public construction spending was at a seasonally adjusted annual rate of $275.9 billion, which is 0.9% below the prior month and 1.9% above the same month a year ago.
ADP reports that U.S. nonfarm private sector employment increased by 213k in the month of September. This follows revised increases of 202k in August and 217k in July.
“September’s jobs added number marks the sixth straight month of employment gains above 200,000,” said Carlos Rodriguez, president and chief executive officer of ADP. “It’s a positive sign for the economy to see the 200,000-plus trend continue.”
Mark Zandi, chief economist of Moody’s Analytics, said, “Job gains remain strong and steady. The pace of job growth has been remarkably similar for the past several years. Especially encouraging most recently is the increasingly broad base nature of those gains. Nearly all industries and companies of all sizes are adding consistently to payrolls.”
Total nonfarm private employment by company size:
Change in total nonfarm private employment by industry:
The U.S. Bureau of Labor Statistics will release its employment situation report on Friday with much more detail about the labor market.
The Caribbean vacation-home market has seen an uneven recovery from the downturn. Sales volumes and prices for existing homes are rising in larger markets and those with direct flights to the U.S. But new construction of resorts and for-sale villas remains hobbled, especially in smaller nations eschewed by most conventional lenders.
One solution for islands such as St. Kitts, Nevis, Grenada and Antigua has been to grant citizenship to qualified investors who agree to spend several hundred thousand dollars buying home lots or investing in hotel projects there.
The infusions help the islands get tourist destinations constructed. The investors, for their part, receive Caribbean passports.
Caribbean Exchange: Invest in Property and Get Citizenship
The FCC dumped the sports blackout rule Tuesday, dealing a blow to the NFL at a time of growing scrutiny for the league in Washington.
In a unanimous 5-0 vote, the commission eliminated the decades-old regulation, which prevents cable and satellite TV from airing games that are blacked out locally when the team fails to sell enough tickets to fill its stadium. The NFL has defended the rule as a tool to ensure robust attendance, but a growing number of regulators and lawmakers say it unfairly punishes football fans.
“It’s a simple fact, the federal government should not be party to sports teams keeping their fans from viewing the games — period,” said Democratic FCC Chairman Tom Wheeler. “For 40 years these teams have hidden behind a rule of the FCC. No more. Everyone needs to be aware of who allows blackouts to exist, and it is not the Federal Communications Commission.”
FCC sacks NFL blackout rule
Employment levels in May 2014 finally surpassed those at the start of the Great Recession in December 2007. Although this news seems positive, the health of the labor market depends not only on the number of jobs created but also the types of jobs created. The labor market’s slow recovery from the Great Recession has prompted a variety of explanations. One is the growing trend of “job polarization.” Economist David Autor and coauthors showed that, over the past 30 years, demand for high-skill (high-wage) workers and low-skill (low-wage) workers increased, while opportunities for middle-skill (middle-wage) workers declined. 1 The shift toward this U-shaped employment distribution is known as job polarization. Autor shows that job polarization predated the Great Recession and was reinforced rather than reversed during the Great Recession. Has the picture changed five years later? Recent data suggest that U.S. job polarization persists after the Great Recession.
U.S. Job Polarization Persists