More good news from Case-Shiller today, with both composite indices and the national index showing solid year-over-year increases.
Latest Case-Shiller home price data shows solidifying market
Category: Economics
Does Black Friday have to become Black Thanksgiving?
I write a lot about Savannah’s retail landscape, but I’m not much of a shopper. My last batch of shirts — both casual and “work” — came from Goodwill. Last week, I needed some new shoes; I bought three pair at Payless in 15 minutes for $37.
I’d never dream of going out super-early on the Friday after Thanksgiving to buy anything, but I get it — some of those markdowns on major items can make a huge difference for many Americans.
Americans still driving less than 5 years ago, despite increased population
The unevenness of the recovery and the squeeze on the middle class might also be limiting elective trips. I haven’t seen any data on it, but families that might have added another car to the driveway for their children might have delayed those purchases.
But it looks like some other factors are coming into play. Despite the facts of an increasing population, an improving economy, and moderating gas prices, Americans are still driving about the same number of total miles as they were five years ago.
Calculated Risk: “this is the most optimistic I’ve been since the 90s”
Joe Weisenthal has a great interview with Bill McBride today at Business Insider: The Genius Who Invented Economics Blogging Reveals How He Got Everything Right And What’s Coming Next.
Homebuilder confidence and the housing rebound
I’m generally skeptical of measures of confidence in predicting future economic conditions, but the recent rebound of the National Association of Home Builders’ housing market index (HMI) can’t be discounted too much.
Notes from an improving economy: California
From Calculated Risk: “Recently I’ve been talking to a few friends from around the country, and they all seemed unaware that the California economy is clearly improving. California is seeing a pickup in employment, the delinquency rate is falling, and I wouldn’t be surprised if California reports a balanced budget soon.”
Gov. Deal: Ga. will give up state control, let federal government run insurance exchange
Governor Deal is also likely to reject the expansion of Medicaid in the state. That’s a key part of the law, too, but the Supreme Court allowed states to opt out of that. At first, the Medicaid expansion would be 100 percent federally funded, and then funded later at 90 percent (if I have my numbers right). So the state government would have to pay relatively little for the dramatic expansion of insurance to low income Georgians. But if we reject that expansion out of principle, keep in mind that Georgia taxpayers’ federal taxes will at the same time be supporting Medicaid expansion in other states.
Latest on Savannah River dredging: Corps of Engineers sent letters to Biden, Boehner, others in attempt to bypass S.C. objections
By going directly to key members of Congress, the Corps has potentially opened a can of worms. Not only will groups like the Southern Environmental Law Center know whom to lobby, but members of Congress would seem likely to engage directly — and behind the scenes — with the South Carolina delegation before pushing for strong action.
Bill McBride at Calculated Risk on the “fiscal cliff” — or “fiscal hillock” or “fiscal bluff”
“Given that the top marginal tax rate will increase – and that certain politicians can’t vote for any bill with a tax increase – the agreement will probably be voted on in January after the Bush tax cuts expire.”
S.C. Supreme Court revokes key environmental permit for Savannah River dredging
OK, folks, this is yet another small drama interrupting the timeline that’s likely to end with eventual completion of the Savannah Harbor Expansion Project, a $652 million plan to dredge the Savannah River from 42 to 47 feet to accommodate…
A few employment graphs — key trends
As I’ve said many times before, we’d all like to see these graphs looking stronger, but there was really no plausible scenario for that to happen given the dynamics of the financial crisis, the housing bust, and the collapse in new construction. More stimulus efforts from governments at all levels would have helped, for sure, but any serious effort was politically impossible.
The latest jobs report (171,000 jobs, 7.9% unemployment) and what it should mean for the election
Moments ago, the Bureau of Labor Statistics estimated that the nation added 171,000 jobs in October. That number (like all of those is here) is adjusted for seasonality. And that’s a pretty good number — it suggests that our recovery…
Home prices continue upward trend, but expect seasonal softness over the winter
S&P/Case-Shiller indices were released yesterday that showed a continued rebound in home prices off the post-recession lows. The prices for the 20-city composite index were up 2 percent in August 2012 from August 2011. From Case-Shiller: The 10- and 20-City…
Savannah Harbor Expansion Project gets official nod
An Assistant Secretary of the Army signed the Record of Decision on October 26th authorizing the massive, $650+ million dredging project for the Savannah River.