Last week the Bureau of Labor Statistics published its preliminary second-quarter report on labor productivity and labor costs. The headline numbers were worrisome — showing the second quarter in a row of sharp declines in non-farm labor productivity. The decline improved a little month-over-month, but year-over-year it was the sharpest Read more…
Another week brings another set of inflation-related data to report on. In the past few days, we have seen consumer (CPI) and producer (PPI) inflation data from the U.S., Europe, and China. (When our October data are complete next week, we’ll give you an update on our in-house real-world inflation Read more…
Productivity growth is one the critical economic variables for investors to watch. For the economy as a whole, it is a key driver of GDP growth, and therefore of broad earnings growth. But within particular sectors and industries, and within particular companies, it drives margin improvements in a way that Read more…
The trajectory of markets in 2020 has been extraordinary and unexpected. Looking back, both the depth of the pandemic crash and the strength of the rally that has followed it make sense. They were the product, on the one hand, of severe lockdowns, economic closures, and uncertainty; and on the Read more…
2020 has been the year of the “unprecedented.” Even the word “unprecedented” is receiving unprecedented use in Google searches. The coronacrisis resulted in a recession so short, and so deep, that even though all its consequences have yet to play out, it seems likely to be very different from any Read more…
Near the height of pandemic lockdowns and workplace closures, on April 20, 52% of American workers were working from home, according to Morgan Stanley Research. But the work-from-home trend has been rising over the past two decades as internet connectivity, real estate costs, and the desire for better work-life balance Read more…
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