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Global business sentiment remains weak.

S&P Global Flash PMI data for November was mixed in terms of m/m changes, but the broader contractionary trend remains in place. Of the seven countries reported so far, only the U.S. and U.K. are above the contraction line at 50.7 and 50.1, respectively. Activity mostly improved on the services side from weak levels, while […]

Credit card delinquency rates increased in 3Q23.

The Household Debt & Credit Report from the Federal Reserve Bank of New York for 3Q23 included further evidence that the consumer debt setup has continued to move in a negative direction. Credit card balances that transitioned into 30+ day delinquency increased to 8.01%, its highest level since 2011. Similarly, credit card balances that transitioned […]

Payroll growth and weekly earnings slowed in October.

When it comes to analyzing the labor market, we are focused on private-sector payroll growth in conjunction with real earnings growth (i.e. do more people have more spending power). For the month of October, private nonfarm payrolls decelerated to 1.7% y/y. Another way to monitor payroll growth is through various rates of change and over […]

Green Buildings – Good for the Environment and the Bottom Line

State and local governments are embracing new building performance standards to combat climate change. Given that buildings are currently responsible for 39% of global energy related carbon emissions, building owners are facing increased pressure to improve energy efficiency and create more sustainable buildings(1). Green buildings are perceived to cost significantly more than conventional buildings. However, […]

Tracking gasoline prices and consumer demand.

The direction of consumer spending has implications for broader economic activity. If income growth slows while gasoline prices rise, overall spending could be negatively impacted as less money becomes available for more discretionary categories. Source: Macrobond. Since the start of the year, the average retail price for regular gasoline has risen from $3.22 to $3.84 […]