Aug. 19-23 - Overreactions, Train Lockouts, & More
This should have been a slow week for economic news and data, but everyone overreacted to the BLS jobs revision on Wednesday, fueling a swarm of conspiracy theories, and then two Canadian railways locked out their workers on Thursday, threatening supply chains and the attendant U.S. inflation outlook. By the way, I’ve declared Baltimore Orioles’ starting pitchers an endangered species. Please don’t harm the few who remain.
Monday
TSA Checkpoint Travel Numbers
Travel volumes are holding up better than they did at this point in 2023, according to TSA data, but are clearly trending lower, as is normal at this time of year. In short, travel remains hot-hot-hot. At some point, we can’t simply say this is because of pent-up demand from the pandemic being released into the economy. I’m sure that still matters, but people love to travel, and when they have the money to do it, they do.
Tuesday
Gas Prices & Diesel Prices
Gas prices fell to an average of $3.50/gallon and should keep trending lower over the next few weeks. Diesel prices fell again and are below $3.70/gallon for the first time since January 2022. This is obviously good news for consumers and shippers alike.
Wednesday
Mortgage Applications
Mortgage applications fell last week. Purchase applications are down 8% from the same week last year, while refinance applications are up 90% over that span.
Payroll Employment Benchmark Revision...
