The service sector, including finance & insurance, in the New York Fed’s district, reports rising prices and wages, despite further deterioration in business. Weirdest economy ever.
Third month in a row of declining retail sales, “seasonally adjusted.” But the curveball from ecommerce caused me to dig and doubt. 15 whiplash charts of retail sales.
“Lower interest rates reduced our earnings in 2020 and will put pressure on our profitability this year.” After having promised, no layoffs in 2020. But this is 2021.
Corporate cost cutters salivate over working from anywhere. Oh my, the free gourmet cafeteria is gone. Companies already said they’d cut salaries if folks move to cheaper locations.
Bankruptcies, glut of hotels for sale, few buyers, prices plunge. Nobu, de Niro, and Teper take big loss on sale of luxury hotel Nobu Barcelona that was open for only six months.
GM, Toyota, Ford sales down 5th year in a row. Nissan in a death spiral. The Pandemic accelerated what had started in 2016. Long-term view on auto sales.
OK, it’s getting a little crazy: Massive shifts due to working from anywhere and the Pandemic. But some of those shifts started well before the Pandemic.
During the Financial Crisis, consumers deleveraged by walking away from their debts. And now, with 20 million people still claiming unemployment insurance? (transcript of my podcast)
But Tesla’s market capitalization is higher than the combined total of Toyota, Volkswagen, Daimler, GM, BMW, Honda, Ford, and Fiat-Chrysler. The zoo has gone nuts.
During the Financial Crisis, consumers deleveraged by walking away from their debts. And now, with 20 million people still claiming unemployment insurance?
