US Economy -- August 25, 2022

First, the definition of stagflation again, three components:

• high unemployment:
• low growth;
• high inflation.

US GDP, 2Q22: second reading revised.

The second-quarter decline in U.S. economic output was less severe than initially estimated and unemployment claims fell slightly last week, signs of measured slowing in the overall economy in the face of high inflation and easing consumer demand. 

U.S. gross domestic product contracted at a 0.6% annual rate from April to June, compared with an initial estimate of a 0.9% decline, the Commerce Department said on Thursday. 

One factor was an upward revision of consumer spending, which accounts for the bulk of economic output. 

Jobs: 1Q22 -- jobs market more robust than previously reported.

• government revisions to payroll estimates add almost a half million jobs in the year through March;

That means the economy added an average of nearly 39,000 more jobs each month for the year ended in March than previously thought.

“It was hard to find words to describe how strong the job growth was over those 12 months, and now it’s even stronger,” said Heidi Shierholz, president of the liberal Economic Policy Institute. She said the change didn’t significantly alter what is known about the labor market’s performance.

Companies have added jobs at a rapid pace over the past two years, seeking to fill roles to meet strengthening demand after steep cutbacks at the onset of the pandemic.

The labor market is holding up betterthan many other parts of the economy that are buckling under the weight of high inflation, rising interest rates and shifting consumer spending.

Southern surge: it should be noted that the job growth will not come close to absorbing the record number of folks coming across the southern border. But as long as that's not being reported by the mainstream media, it's probably not happening.

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Southern Copper

A reader reminded me that SCCO paid its quarterly dividend today at a yield of 6.3%, apparently.

SCCO had a good day today, up almost 3%, trading at $50.63, with a P/E of 13 but well off it's 52-week high of $79. According to Yahoo!Finance it's forward dividend, $4.00 / year, yields over 8%.

And, yes, for the record, I accumulate SCCO shares for Sophia, her sisters, and her cousins.

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All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them.   

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New Water-Table For The Boys

The boys made it themselves with help from their dad.

For toy trucks now, but in middle school it will be where they do their chemistry experiments.