Free Markets, Free People

Economy

Being “wonderful” with other people’s money

Or, the definition of politics today (and how Margret Thatcher defined socialism).  Today’s “wonderful” people?  Well they’re all in California.  Example one:

San Francisco on Tuesday became the first city in the United States to approve six weeks of fully paid leave for new parents — mothers and fathers, including same-sex couples, who either bear or adopt a child.

California is already one of only a few states that offer paid parental leave, with workers receiving 55 percent of their pay for six weeks, paid for by employee-financed public disability insurance. The new law in San Francisco, passed unanimously by the city’s Board of Supervisors, mandates full pay, with the 45 percent difference being paid by employers.

That’s right friends, the price of being nice means charging employers 45% more for paid family leave just for the privilege of doing business in San Francisco. Isn’t that just “wonderful”?

Well of course it is … just ask the clueless:

The United States, which guarantees up to 12 weeks of unpaid parental leave, is the only developed country that does not guarantee all new parents paid parental leave. Expectant mothers get 18 weeks of paid leave in Australia, 39 weeks in the UK, and 480 days in Sweden.

That’s right, they do it in … say it with me, Europe!  You know, the group of countries, all of which were they states in the US, would be poorer than Mississippi.  That’s what we want, isn’t it boys and girls!

It is the responsibility of others to pay for our choices! Because, you know, it’s the fault of the employer its employees get pregnant and miss work.  They should pay them for that time.  And what the heck, they can just socialize the payment by raising their prices, can’t they?

And, of course, they can socialize even more with California’s new $15 minimum wage.  Because everyone knows that employers ‘owe’ employees a “living wage”.  However, don’t forget members of California’s various governments up to their necks in giving away other people’s money – employers still have choices, and you can believe when they are feasible and affordable, they will exercise them.

When that happens, Cal Pols, you can hold a math quiz with everyone who finds themselves looking for work because employers took their business elsewhere or automated.

The question?

“What’s $15 dollars times zero hours?

Oh, wait, I forgot  … government run schools.

Never mind.

~McQ

Economic Statistics for 5 Apr 16

Imports rose 1.3%, while exports rose only 1.0% in February, widening the International Trade gap to $-47.1 billion for the month.

The Gallup Economic Confidence Index rose to -10 from -13 in March.

Redbook reports that last week’s retail sales increase fell to 0.6% on a year-ago basis, from the previous week’s 1.5%.

The PMI Services Index rose 1.6 points to 51.3 in March.

The ISM non-manufacturing index rose a sharp 1.1 points in March to a 54.5.

The Labor Department’s Job Openings and Labor Turnover Survey fell to 5.445 million in February, from January’s 5.541 million.


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Economic Statistics for 4 Apr 16

Factory orders plunged -1.7% in February, with core capital goods dropping -2.5%, indicating trouble for business investment.

The Fed’s Labor Market Conditions Index rose slightly, but remained in negative territory for March at -2.1.

Gallup’s US Consumer Spending Measure reports that American’s self-reported daily spending rose from $84 to $89 in March.


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Economic Statistics for 31 Mar-1 Apr 16

31 Mar

The Gallup Good Jobs (GGJ) rate was 44.4 percent in March. 

Challenger reports that the number of layoff announcements fell to 48,207 in March.

The Chicago PMI rose from 47.6 to 53.6 in March.

Initial weekly jobless claims rose 11,000 to 276,000. The 4-week average rose 3,500 to 263,250. Continuing claims fell -7,000 to 2.173 million.

The Bloomberg Consumer Comfort Index fell -0.8 points to 42.8 in the latest week.

The Fed’s balance sheet fell $-10.0 billion last week, with total assets of $4.483 trillion. Reserve bank credit fell $-6.2 billion.

The Fed reports that M2 money supply rose by $37.5 billion in the latest week.

1 Apr

Motor vehicle sales slowed sharply in March, down -5.1% to a 16.6M annual rate.

215,000 net new jobs were created in March, as the unemployment rate rose to 5.0%. The labor force participation rate rose to 63.0%. Average hourly earnings rose 0.3%, while the average workweek remained unchanged at 34.4 hours.

The PMI Manufacturing Index was only slightly changed, up 0.2 points to 51.5.

The ISM Manufacturing Index rose from 49.5 to 51.8 in March.

The University of Michigan’s Consumer Sentiment Index rose 1.0 point to 91.0 in March.

Construction spending fell -0.5% in February, but the year-on-year rate of spending was up 10.3%.

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Economic Statistics for 29 Mar 16

The Conference Board’s Consumer Confidence Index rose 4 points in March to 96.2.

State Street’s Investor Confidence Index rose 8.1 points in March to 114.6.

The Case-Schiller Home Price Index rose 0.8% in January. On a year-over-year basis, the index is up 5.7%.

Redbook reports that last week’s retail sales rose to a lackluster 1.5% on a year-ago basis, from the previous week’s 0.8%.


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Economic Statistics for 28 Mar 16

Exports rose 2.0% and imports rose 1.6% in February, leaving a $-62.9 billion deficit for the month’s international trade in goods.

February personal income rose 0.2%, while consumer spending rose 0.1%. The PCE price index fell -0.2%, but the core rate rose 0.1%. On a year-over-year basis, the PCE Price Index is up 1.0% overall, and 1.7% at the core.

The Pending Home Sales Index rose 3.5% to 109.1 in February.

The Dallas Fed Manufacturing Survey rose strongly from -31.8, but remains deeply negative at -13.6 in March. The production index rose from -8.5 to 3.3.


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Economic Statistics for 24 Mar 16

Durable goods orders plunged -2.8% in February, with non-transportation orders down -1.0% and core capital goods down -1.8%. Even worse, on a year-over-year basis, while orders are up 1.8% overall, ex-transportation orders are down -0.5%, and core capital goods are down -0.1%. So, basically jumbo jet orders are the only things that are up.

The Kansas City Fed’s Manufacturing index rose from -12 to a still-negative -6.

The PMI Services Flash rose from 49.8 to 51.0 in March.

Initial weekly jobless claims were unchanged at 265,000. The 4-week average fell 8,250 to 259,750. Continuing claims fell 239,000 to 2.179 million.

The Bloomberg Consumer Comfort Index fell 0.7 points to 43.6 in the latest week.

The Fed’s balance sheet rose $6.5 billion last week, with total assets of $4.493 trillion. Reserve bank credit rose $4.5 billion.

The Fed reports that M2 money supply rose by $22.8 billion in the latest week.


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Economic Statistics for 22 Mar 16

The PMI Manufacturing Index Flash for March rose 0.4 points to 51.4.

The Richmond Fed Manufacturing Index for March rose strongly from -4 to 22.

The FHFA House Price Index rose 0.5% in January. On a year-over-year basis, the index is up 6.0%.

Redbook reports that last week’s retail sales rose slightly to 0.8% on a year-ago basis, from the previous week’s poor 0.6%.


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